Grayscale Seeks Cardano ETF Approval After Filing for Solana, XRP and Dogecoin Funds

Grayscale Investments is intended to launch a Cardano Exchange-treated Fund on the New York Stock Exchange, according to a document Posted on the NYSE website. NYSE ARCA submitted the 19B-4 form for a proposed change of rule on Monday on behalf of the Emittent.

Cardano (ADA), the ninth largest cryptocurrency by market capitalization, rose on the day from 12% to $ 0.748 on news about the Cardano ETF entry, according to Coetecko. It is the biggest profit in the past day in the top 10 coins per market capitalization.

If approved, Grayscale’s Cardano ETF would be the first exchange -bound product For the blockchain, and would participate in Grayscale’s line -up of crypto ETFs, including the Grayscale Bitcoin Trust ETF, Bitcoin Mini Trust ETF, Ethereum Trust ETF and Ethereum Mini ETF.

“The proposed change of rule is designed to promote fair and fair trade principles and to protect investors and public interest, because there is a considerable number of ADA prize and market information available on public websites and via professional and subscription services,” said Grayscale in the Cardano ETF invoice.

Grayscale currently offers more than 20 crypto-related investment products, including trusts for Avalanche, Solana and Dogecoin. The company launched the Bitcoin Trust in 2013, which was converted into an ETF last year.

Only Bitcoin and Ethereum spot ETFs have so far been approved for trade in the United States, where the SEC gives both green light last year.

According to the submission, the proposed change of rule for the Cardano ETF falls under NYSE ARCA Rule 8.201-E, which makes it possible to mention “Troubles-based treasurers based on raw materials.

The Delaware Trust Company serves as a trustee of the Cardano ETF, while the Coinbase Custody Trust Company has the Ada of the Trust in cold storage.

Grayscale did not immediately respond to requests for comments Decrypt.

While investors wait to see if the Cardano ETF has been approved, the crypto believers are optimistic that other ETFs – including Dogecoin, XRP and Solana ETFs – will be approved in the coming months.

Grayscale itself has submitted to converting other existing trusts into spot ETFs, including trusts for Solana, XRP and Dogecoin.

Published by Andrew Hayward