Grayscale Investments has officially filed for a Cardano ETF with NYSE Arca, a significant step towards institutional adoption of this blockchain. The filing submitted to the SEC calls for the listing and trading of shares of Grayscale Cardano Trust as a spot ETF.
Institutional Partners and Market Reaction
According to the filing, Coinbase Custody Trust Company would serve as the custodian of the ETF’s assets, while BNY Mellon Asset Servicing would act as its administrator. Delaware Trust Company has been appointed trustee. A Cardano ETF would allow institutional and retail investors to gain regulated exposure to ADA without directly purchasing or storing the cryptocurrency, adding investment credibility to this asset.
Regulatory Hurdles and Market Landscape
So far, the SEC has only approved spot ETFs for Bitcoin and Ethereum. Other cryptocurrencies, such as Solana (SOL) and XRP, have faced delays due to regulatory uncertainty. In 2023, the SEC classified ADA as a security in its lawsuits against Binance and Coinbase, which could pose additional challenges for approval.
Cardano Joins the ETF Race
Grayscale’s move follows a wave of crypto ETF applications in recent months. For instance, WisdomTree, Bitwise, and others filed for spot XRP ETFs. In February 2025, Virtune AB launched a Cardano ETP on Nasdaq Helsinki, and Tuttle Capital filed for a 2x leveraged ADA ETF in January 2025.
Grayscale's filing for a Cardano ETF reflects the growing interest in cryptocurrencies as investment assets. Despite existing regulatory hurdles, the potential introduction of a Cardano ETF in the market could significantly boost its popularity among investors.
