NYSE Arca, a subsidiary of NYSE Group, has submitted to launch Spot Cardano Exchange-Traded Fund (ETF) on behalf of Crypto Asset Manager GrayScale.
In the submission of rules proposed on February 10, NYSE Arca proposed a list of securities exchanges and trade stakes in the new Grayscale Cardano Trust.
If approved, the product is the first standalone Cardano (ADA) investment product.
According to the report, Coinbase Custody Trust Company will be an asset manager and BNY MELLON’s asset service will serve as a manager.
NYSE Arca submitted to launch Cardano ETF on behalf of GrayScale. source: Nyse
NYSE said, “The change of proposed rules will promote the listing and transactions of additional types of exchange of exchange, and the first product based on ADA will improve competition among market participants. Arca to submit.
Requests to list Grayscale’s Cardano ETFs occur in recent weeks of similar submissions and modifications of asset managers.
On February 6, the SEC recognized GrayScale’s modified submission to convert the existing Solana trust into the Spot Solana (SOL) ETF.
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James Seyffart, an analyst of Bloomberg ETF, said, “This is actually worth the news because the SEC refused to do this in the document attempts on the SOL.”
On January 30, NYSE Arca submitted a 19B-4 submission to convert GrayScale’s XRP trust into SPOT ETF.
After Donald Trump’s presidential election, other asset administrators’ oaths rushed to submit applications for similar encryption ETF products.
On February 6, CBOE BZX Exchange submitted a 19B-4 submission on behalf of four asset managers (Canary Capital, WisDomtree, 21Share and Bitwise) to list the first point XRP ETF in the United States.
21Shares, Bitwise, Vaneck, and Canary Capital also enumerate Spot Solana ETF after CBOE BZX Exchange re-made 19B-4 in January 28.
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