Grayscale’s Cardano ETF proposal officially acknowledged by SEC

The deposit of NYSE ARCA for a fund translated by Cardano on the stock market has been recognized by the United States Securities and Exchange Commission.

According to a February 24 notice From the regulator, he officially recognized the proposal to list and negotiate the actions of the Cardano trust in gray levels under rule 8.201-e of NYSE Arca. This starts the examination process, where the dry will eventually decide to approve or reject the ETF.

From there, a 240 -day examination window begins once the file has been published in the Federal Register, which generally occurs within a few days of the recognition of the dry.

NYSE Ark Initially deposited The proposal through a form 19B-4 earlier this month, marking the 60th deposit of Crypto ETF so far this year. The filing serves as an official request for a change of rule, after which it must secure an S-1 registration declaration before you can start trade.

If it is approved, the Grayscale Cardano Trust will give investors an exposure to Cardano (ADA) without having to keep the asset directly. Instead, investors would buy actions from the trust, the price linked to an index according to the value of ADA on the main exchanges like Coinbase, Kraken, Crypto.com and Bitfinex.

Interestingly, although Bitfinex does not hold any American license, it was always included in the index because it met the liquidity requirements.

Coinbase Pustody Trust Company would manage custody of the assets of the fund, while Bny Mellon would serve as an agent and transfer administrator.

Ada failed to react to the last development and dropped by more than 8% during writing. On the other hand, when Grayscale initially deposited the 19B-4, Altcoin increased by 11%.

Meanwhile, the chances that the SEC approves an ETF from Cardano in 2025 increased by more than 10% during the last day on Polymarket, currently reflecting 65% of approval.

With a friendly leadership of crypto within the SEC, the industry hopes that the Commission would be more open to the approval of digital asset investment products.

This recognition of the Cardano ETF ranking in Graycale is only the last of a series of similar movements in the dry in recent weeks. In February alone, the Commission has officially recognized several Crypto ETF deposits through a range of assets.

A few days before, the dry recognized A 19B-4 deposit of 21Shares via the CBOE BZX exchange, aimed at allowing Ethereum’s development in Son ETF. If it is approved, it would mark the first example of an ETF ETF offering awards for staining American investors.

Deposit for Litecoin (LTC) and XRP Spot ETF of Corners have also been officially recognized, alongside Graycale proposal For an XRP and Dogecoin ETF spot.

Gray levels too revised his request For a Solana (GROUND) ETF Spot, which was recognized by the dry on February 6.