The filing of NYSE ArcA for a spot cardano exchange-traded funds has been accepted by the United States of Securities and Exchange Commission.
According to 24 February Information From the regulator, it has formally accepted the proposal of listing and trading shares of Grassscale Cardano Trust under NYSE ARCA Rule 8.201-E. This turns off the review process, where SEC will eventually decide whether the ETF has to be approved or rejected.
From here, the 240-day review window begins after the filing is published in the Federal Register, which usually occurs within a few days of SEC acknowledgment.
Nyse Arca initially filed a proposal through 19B-4 form earlier this month, marking the 60th Crypto ETF filing so far this year. The filing acts as a formal request for a rule change, after which it must secure the S-1 registration details before starting trading.
If approved, the Grassscale Cardano Trust will give the risk to investors for the cardano (ADA) without directly conducting the assets. Instead, investors will buy the shares of the trust, with the value to track the price of ADA in major exchanges such as coinbase, crackon, Crypto.com and Bitfinux.
Interestingly, despite Bitfinex not having any American license, it was still involved in the index as it meets liquidity requirements.
The coinbase custody trusts to protect the assets of the company fund, while BNY will serve as a melan transfer agent and administrator.
The ADA has failed to react to the latest development and was more than 8% when writing. In contrast, when Grassscale initially filed 19B-4, Altcoin shot 11%.
Meanwhile, SEC obstacles approved by Cardano ETF in 2025 have increased by more than 10% on polymercate on the previous day, showing 65% of the approval possibility.
With the crypto-friendly leadership within the SEC, the industry hopes that the commission will be more open towards the approval of digital asset investment products.
This acknowledgment of Grassscale’s cardano ETF filing is the latest in a series of similar tricks by SEC in recent weeks. In February alone, the Commission formally recognized several crypto ETF filing.
A few days ago, SEC accepted the 19B-4 filing from 21Shares via the CBOE BZX exchange, the purpose that allows staking of Etreum within ETF. If approved, it will mark the first example of an Etreum ETF that awards the prize to American investors.
The filing for LiteCoin (LTC) and XRP spot ETF from coinshares was also officially accepted, as well as with a proposal of Grassscale for a spot XRP and Dogecoin ETF.
Grassscale also amended its application for a Solana (Sol) spot ETF, which was accepted by SEC on 6 February.
