NYSE Arca has just filed a rule change proposal to the SEC on behalf of crypto asset manager Grayscale to allow it to launch a Cardano ETF.
If approved, this would be Grayscale's first standalone investment product for Cardano. The filing indicates that Coinbase Custody Trust Company will act as custodian of the assets, while BNY Mellon Asset Servicing will act as administrator.
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In the filing, NYSE Arca stated this proposed rule change will introduce a new exchange-traded product based on ADA that will increase competition among market players and ultimately benefit investors and the market as a whole.
Grayscale's application for approval of a Cardano ETF comes amid multiple similar filings and amendments from the company in recent weeks.