PANews reported on February 25 that the SEC accepted the Cardano (ADA) spot ETF application submitted by New York Stock Exchange Arca on behalf of Grayscale. Previously, the SEC has accepted a large number of cryptocurrency ETFs, including Cboe's XRP ETF, Grayscale's spot XRP and DOGE ETF.

Earlier news, NYSE Arca submitted a 19b-4 form on behalf of Grayscale on February 11 to form the proposed Grayscale Cardano Trust Fund. According to the document, the custodian will be Coinbase Custody Trust Company, LLC, and the manager will be BNY Mellon Asset Servicing.