TechFlow news, according to The Block, NYSE Arca, a subsidiary of the New York Stock Exchange (NYSE), filed an application with the SEC on behalf of Grayscale on February 10 for a spot Cardano ETF. According to the filing, Coinbase Custody Trust Company will serve as custodian for the product, while BNY Mellon Asset Servicing will act as administrator.
As the ninth-largest cryptocurrency with a market capitalization exceeding $25 billion, the Cardano ETF application marks the latest development in the ongoing race for cryptocurrency ETFs. In recent weeks, multiple ETF applications have emerged for cryptocurrencies including Dogecoin, XRP, Litecoin, and Solana. The SEC is currently advancing several crypto ETF-related proposals, including reviewing Cboe BZX Exchange's physical creation and redemption mechanisms for the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF.
