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NYSE Arca has made a significant move by filing with the SEC on behalf of Grayscale to launch the first-ever Cardano spot ETF. The submission proposes the listing and trading of shares for the new Grayscale Cardano Trust which marks a pioneering step for Grayscale’s portfolio expansion into Cardano. Coinbase Custody Trust Company is set to manage the assets while BNY Mellon Asset Servicing will take on the role of administrator.
The acceptance of this ETF would introduce a unique investment product centered around ADA enhancing competition and providing benefits to both investors and the broader market. NYSE Arca emphasizes that this initiative will foster innovation and diversify options within the cryptocurrency exchange-traded space.
This ambitious effort follows recent actions by Grayscale which include an amended filing to convert its Solana trust into a spot ETF recognized by the SEC and another filing aimed at transforming its XRP trust similarly. These developments highlight a robust push towards expanding ETF offerings in the crypto market indicating a positive trajectory for investor opportunities in digital currencies.
