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Grayscale has filed to list a Cardano (ADA) ETF on the NYSE, marking the first exchange-traded product for the Cardano blockchain.
Author: Tanishq Bodh
Crypto investment firm Grayscale has officially filed to list a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange (NYSE), marking a significant step toward bringing ADA to mainstream financial markets.
If approved, Grayscale’s Cardano ETF would be the first exchange-traded product for the Cardano blockchain, adding to the firm’s growing lineup of crypto ETFs. Grayscale already offers:
While Grayscale has previously explored ADA investment products, this is its first standalone ADA offering.
The filing states that the ETF’s approval would “promote just and equitable principles of trade”, emphasizing that a considerable amount of ADA price and market data is publicly available. The proposed rule change falls under NYSE Arca Rule 8.201-E, which allows for the listing of Commodity-Based Trust Shares.
Grayscale currently manages over 20 crypto-related investment products, including trusts for Avalanche, Solana, and Dogecoin. The firm pioneered investment vehicles, launching the Grayscale Bitcoin Trust in 2013, which was converted into an ETF in 2023.
So far, only Bitcoin and Ethereum spot ETFs have been approved in the United States. The Securities and Exchange Commission (SEC) remains cautious about approving other crypto-based ETFs, making Grayscale’s filing a pivotal test for Cardano’s acceptance in traditional finance.
With this move, Grayscale aims to expand institutional access to ADA, potentially setting the stage for further crypto ETF approvals in the future.
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