PANews reported on February 11 that according to The Block, NYSE Arca, a subsidiary of the New York Stock Exchange, has submitted a 19b-4 document to the U.S. Securities and Exchange Commission (SEC), applying on behalf of Grayscale to launch a Cardano (ADA) spot exchange-traded fund (ETF). The ETF will be custodianed by Coinbase Custody Trust Company, LLC and managed by BNY Mellon Asset Servicing. This is the first ADA-based ETF on the market.

This application is the second step in submitting a spot crypto ETF to the SEC. Once it is accepted by the SEC and published in the Federal Register, the approval process will officially start. Recently, the market has submitted a variety of crypto ETF proposals, including products based on Dogecoin, XRP, Litecoin and Solana.