Grayscale applies for the first Cardano spot ETF in the United States! Solana and XRP are also on the way, and the attitude of the SEC is the key

The New York Stock Exchange (NYSE Arca) on 2/10 represented asset management firm Grayscale in submitting an application to the U.S. Securities and Exchange Commission (SEC) and plans to launch the first Cardano (ADA) spot ETF in the U.S.

NYSE Represents Grayscale Submitting Cardano Spot ETF

According to the "Rule Change Proposal" submitted by NYSE Arca on 2/10, NYSE Arca hopes to allow the listing and trading of Grayscale Cardano Trust's ETF product on this exchange. If approved by the SEC, this will be Grayscale's first launch of a cryptocurrency spot ETF focused solely on Cardano.

The application document shows that the ETF's assets will currently be custodied by Coinbase Custody Trust Company, and BNY Mellon's asset servicing division will serve as the fund's administrator.

NYSE Arca stated in the application document: "This rule change will facilitate the listing and trading of ADA-based ETF products, enhance market competition, and ultimately benefit investors and market development."

Solana, XRP are also on Grayscale's Spot ETF List

In addition to the Cardano ETF, Grayscale has also been actively pushing for applications for other cryptocurrency ETFs:

• The SEC on 2/6 accepted Grayscale's amended application to convert its existing Solana Trust into a spot Solana (SOL) ETF. This move has attracted much attention, as the SEC has previously rejected similar applications multiple times.
• NYSE Arca on 1/30 represented Grayscale in submitting a 19b-4 application to convert its existing XRP Trust into a spot XRP ETF.

(Will Grayscale's Litecoin ETF be Approved Soon? SEC Officially Seeks Comments, Concurrent with Solana Spot ETF Application)

Cryptocurrency ETF Competition is Fierce, Many Institutions Scramble to Occupy the Market

In addition to Grayscale, other asset management companies are also competing to apply for cryptocurrency ETFs, with the competition becoming increasingly fierce:

• The Cboe BZX Exchange, representing Canary Capital, WisdomTree, 21Shares, and Bitwise, submitted a 19b-4 application on 2/6 to launch the first spot XRP ETF in the U.S.
• The Cboe BZX Exchange, representing 21Shares, Bitwise, VanEck, and Canary Capital, resubmitted a 19b-4 application on 1/28 to list a spot Solana (SOL) ETF.

This wave of cryptocurrency ETF enthusiasm is related to policy changes after the election of former U.S. President Donald Trump. Many asset management firms have accelerated their application process, hoping to seize the market opportunity for spot ETFs while the market is hot and regulations are relaxed.

Currently, the SEC's attitude towards cryptocurrency ETFs remains conservative, with the approval criteria for spot ETFs being relatively strict. However, with the successful launch of BTC and ETH spot ETFs, the regulatory environment for the cryptocurrency market is undergoing changes.

(Will Grayscale's Litecoin ETF be Approved Soon? SEC Officially Seeks Comments, Concurrent with Solana Spot ETF Application)