Grayscale Investments has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a Cardano (ADA) exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). This move is part of the firm’s broader strategy to expand its crypto-focused ETF offerings.
Grayscale Leaps Forward in Crypto ETF Race
The latest filing follows Grayscale’s recent attempts to introduce ETFs based on various digital assets. On February 8, the company sought regulatory approval to convert its existing XRP Trust into an ETF, aiming to provide a regulated investment vehicle for XRP. In addition, Grayscale has submitted ETF applications for other cryptocurrencies, including Solana (SOL) and Litecoin (LTC).
Grayscale is not alone in pursuing ADA and XRP ETFs. Several asset managers have recently submitted applications for similar products. On February 7, Cboe lodged four separate 19b-4 filings with the SEC to facilitate the listing of spot XRP ETFs on behalf of firms such as WisdomTree, Bitwise, 21Shares, and Canary Capital. These filings indicate growing institutional interest in offering direct exposure to XRP through regulated financial instruments.
Beyond the U.S. market, European investment firms have also been introducing exchange-traded products (ETPs) linked to major cryptocurrencies. On February 6, Swedish asset manager Virtune AB rolled out a Cardano-based ETP on Nasdaq Helsinki, targeting institutional investors seeking ADA exposure.
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