NYSE Arca Apply for Cardano ETF for Grayscale

PANews February 11th news, according to The Block, NYSE Arca, a subsidiary of the New York Stock Exchange, has filed a 19b-4 document with the U.S. Securities and Exchange Commission (SEC), applying for the launch of Cardano (ADA) spot exchange-traded fund (ETF) on behalf of Grayscale. ). The ETF will be managed by Coinbase Custody Trust Company, LLC and BNY Mellon Asset Servicing. This is the first ADA-based ETF on the market.

This application is the second step in submitting spot encrypted ETFs to the SEC. Once accepted by the SEC and published in the Federal Gazette, the approval process will be officially launched. Recently, the market has submitted a variety of crypto ETF proposals, including products based on Dogecoin, XRP, Litecoin and Solana.