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Grayscale Cardano Trust Now Going Forward With 19b-4 Filing

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Grayscale Cardano Trust Advancing Conversion to ETF With 19b-4 Filing

Key Points:

  • Grayscale Investments has applied to convert Grayscale Cardano Trust into ETF to provide investors with exposure to ADA without direct custody.
  • The SEC is reviewing Grayscale’s request, which follows similar filings for Solana and XRP ETFs, amid growing interest in crypto investment products.

Grayscale Investments has filed to launch a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange (NYSE) Arca.

Read more: Grayscale Solana Trust Makes Major Milestone With SEC Acknowledgement  

Grayscale Seeks SEC Approval for Grayscale Cardano Trust

NYSE Arca submitted a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) on Monday, requesting approval for a rule change that would allow trading of the Grayscale Cardano Trust under the ticker symbol “GADA.” The move marks the firm’s first standalone ADA investment vehicle as it seeks to expand its crypto ETF offerings.

If approved, the ETF would provide investors with exposure to ADA, the ninth-largest cryptocurrency by market capitalization, without requiring direct custody of the digital asset. Each share of the Grayscale Cardano Trust would represent proportional ownership of its ADA holdings, with pricing determined by the CoinDesk Cardano Price Index (ADX).

Crypto ETFs on the Horizon

Grayscale initially established the Grayscale Cardano Trust in Delaware nearly six years ago. The firm’s new ETF proposal comes amid a surge of similar crypto investment products, with applications pending for XRP, Solana, Dogecoin, and Litecoin ETFs.

Investor interest in a Cardano ETF appears subdued compared to other major digital assets. However, Grayscale’s filing is significant as it represents the first U.S. spot ETF proposal for ADA, following an earlier application by Tuttle Capital Management for leveraged crypto ETFs that included ADA.

Grayscale has been actively pursuing regulatory approvals for multiple crypto ETFs. On Feb. 6, the SEC acknowledged an amended filing to convert its existing Solana trust into a spot ETF. A similar request for an XRP ETF was submitted on Jan. 30.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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John Kojo Kumi

11 February 2025, 02:07:00 GMT +0000

John Kojo Kumi is a cryptocurrency researcher and writer specializing in emerging startups, tokenomics, and market dynamics within the blockchain ecosystem. With years of experience in crypto journalism and blockchain research, he provides in-depth coverage of decentralized finance (DeFi), NFTs, and Web3 innovations.

He holds a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi, bringing a multidisciplinary perspective to the evolving digital asset space. As a Crypto News Writer, he tracks and reports on industry trends, while his role as a Registrar at the Commission on Human Rights and Administrative Justice reflects his commitment to governance and transparency.

His expertise spans content strategy, SEO optimization, and technical research, enabling him to craft insightful, data-driven analyses. Passionate about blockchain’s transformative potential, he strives to equip readers with the knowledge to navigate the complexities of digital assets and decentralized technologies.

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