Grayscale Seeks NYSE Approval for Cardano ETF, ADA Surges 12%

Grayscale Investments, a leading digital asset manager, has filed for approval to launch a Cardano exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). The company submitted a 19b-4 form for a proposed rule change on Monday, February 11, 2025, on behalf of the issuer, as reported on the NYSE website.

Following the news of the Cardano ETF filing, the ninth-largest cryptocurrency by market capitalization, Cardano (ADA), has seen a significant surge in price. ADA has jumped by 12% to $0.748, making it the largest gainer among the top 10 coins by market cap, according to CoinGecko.

If approved, Grayscale's Cardano ETF would be the first exchange-traded product for the blockchain and would join the firm's lineup of crypto ETFs, which includes the Grayscale Bitcoin Trust ETF, Bitcoin Mini Trust ETF, Ethereum Trust ETF, and Ethereum Mini ETF.

Grayscale has filed for a spot Cardano ETF, which would be the first of its kind in the United States and the 60th crypto ETF filed this year so far. The firm stated in the Cardano ETF filing that the proposed rule change is designed to promote just and equitable principles of trade and to protect investors and the public interest, as there is a considerable amount of ADA price and market information available on public websites and through professional and subscription services.

Grayscale currently offers over 20 crypto-related investment products, including trusts for Avalanche, Solana, and Dogecoin. The firm launched the Bitcoin Trust in 2013, which was later converted into an ETF last year.

To date, only Bitcoin and Ethereum spot ETFs have been approved for trading in the United States, with the SEC giving both the green light last year. The proposed rule change for the Cardano ETF falls under NYSE Arca Rule 8.201-E, which allows the listing of "Commodity-Based Trust Shares." The Delaware Trust Company serves as the trustee of the Cardano ETF, while the Coinbase Custody Trust Company holds the Trust’s ADA in cold storage.

As investors await the