Grayscale Files for Cardano ($ADA) Spot ETF with NYSE Arca

Grayscale Investments has officially filed for a Cardano ($ADA) exchange-traded fund (ETF) with NYSE Arca, marking a significant step toward institutional adoption of the blockchain’s native asset. The filing, submitted as a proposed rule change (Form 19b-4) to the U.S. Securities and Exchange Commission (SEC) on February 10, seeks approval to list and trade shares of the Grayscale Cardano Trust as a spot ETF.

If approved, this would be Grayscale’s first standalone Cardano investment product and the first spot ADA ETF in the U.S. market.

Institutional Partners and Market Reaction

According to the filing, the Coinbase Custody Trust Company would serve as the custodian for the ETF’s assets, while BNY Mellon Asset Servicing would act as its administrator. The Delaware Trust Company has been named as the trustee.

A Cardano ETF would allow institutional and retail investors to gain regulated exposure to ADA without directly purchasing or storing the cryptocurrency. It would also add credibility to Cardano as an investment asset and open the door for broader adoption in traditional finance.

Grayscale is already a major player in the crypto ETF market, managing products like the Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF. Adding Cardano to its lineup would further diversify its offerings and provide investors with more blockchain-based investment options.

Regulatory Hurdles and Market Landscape

So far, the SEC has only approved spot ETFs for Bitcoin and Ethereum. Other cryptocurrencies, including Solana (SOL) and XRP, have faced delays due to regulatory uncertainty. The SEC previously classified ADA as a security in its 2023 lawsuits against Binance and Coinbase, which could pose additional challenges for approval.

Despite these hurdles, interest in crypto ETFs continues to grow. Recent filings for XRP, Solana, Dogecoin, and Litecoin ETFs suggest that more assets could soon enter the regulated investment space.

Cardano Joins the Growing ETF Race

Grayscale’s move follows a wave of crypto ETF applications in recent months:

XRP Spot ETFs:

• WisdomTree, Bitwise, 21Shares, and Canary Capital submitted four 19b-4 applications to the SEC.

• Bitwise filed an initial spot XRP ETF application in October 2024.

• WisdomTree launched the Physical XRP ETP (XRPW) in Europe.

Cardano Exchange-Traded Products (ETPs):

• Virtune AB launched a Cardano ETP on Nasdaq Helsinki in February 2025.

• Tuttle Capital filed for a 2x leveraged ADA ETF in January 2025.

Worth noting, Grayscale is also working to convert its XRP Trust into an ETF.