Cardano ETF Proposal Acknowledged by SEC: What's Next?

Published: February 24, 2025|Last updated: February 24, 2025

SEC acknowledges NYSE Arca's proposed rule change to offer Cardano ETF product
ADA saw a 2% surge post-filing while being down almost 10% over 24 hours
Grayscale Cardano ETF proposal enters public comment period, final decision in up to 180 days

The future seems bright for Altoinc exchange-traded funds. Just today, the United States Securities and Exchange Commission acknowledged NYSE Arca's proposed rule change to start offering a Cardano ETF product

The filing was posted today, February 24, and acknowledged the February 10 request by NYSE Arca to list and trade Grayscale Cardano Trust under commodity-based trust shares.

After this notice was published, the SEC now has 45 days (or up to 90 days if they need more time and explain why) to either: (A) Approve or reject the proposed rule change, or (B) Start a process to decide if the proposed rule change should be rejected.

Moreover, the filing also states that the distribution and marketing of the Cardano Trust will be managed by Foreside Fund Services, LLC. Its index will be provided by CoinDesk Indices, Inc. The Trust, established as a Delaware statutory trust on January 26, 2018, has no fixed termination date, allowing it to operate indefinitely.

As the request is now under regulatory review, the Grayscale Cardano ETF proposal will now enter a public comment period, lasting up to 30 days. The final decision will be made in up to 180 days.

Since the filing was made public, ADA saw a slight surge of 2% over the last 30 minutes, according to CoinMarketCap. Overall, the altcoin is down by almost 10% over the last 24 hours—still to be seen if the news of the Grayscale Cardano ETF acknowledgment by the SEC will be enough to revert the current bearish trend the cryptocurrency is at.

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The content provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more