According to a declaration of 24 February from the regulator, the SEC, Grayscale Cardano Trust shares officially accepted the proposal to be listed and traded within the scope of 8.201-e. This initiates the review process and the SEC will eventually decide whether to approve the ETF.

After that, a 240 -day examination period begins after the application is published in the Federal Register; This usually occurs a few days after the acceptance of the SEC.

Nyse Arca made this application with 19b-4 forms in the early this month, and this was the 60th Crypto ETF application so far. The application is an official request for a change of rule and must receive a S-1 registration declaration before starting trade.

In the event of approved, Grayscale Cardano Trust will provide investors the opportunity to be exposed to the island without having to hold their Cardano (Ada) assets directly. Instead, investors will receive Trust shares and the price will depend on a index that is monitored in large stock exchanges such as Coinbase, Crane, Crypto.com and Bitfinex.

Interestingly, although Bitfinex does not have any US license, the index was included in the liquidity requirements.

Coinbase Custody Trust Company will be obliged to ensure the security of the assets of the fund, and Bny Mellon will serve as a transfer agent and administrator.

Ada did not react to the latest development and showed more than 8 %decrease at the time of writing. However, when Grayscale first submitted the 19b-4 application, Altcoin increased by 11 %.

Meanwhile, the probability of confirmation of the SEC in Polymarket in 2025 increased by more than 10 %in the last 24 hours and reflects the probability of approval at the moment. With the crypto -friendly leadership in the SEC, the sector continues to hopes that the commission will be more clear to approve digital asset investment products.

The adoption of Grayscale’s Cardano ETF application is the newest of the similar moves of SEC in recent weeks. Only in February, the Commission officially accepted more than one crypto ETF application for a number of different beings.

A few days ago, the SEC accepted 21shares’ application for an ETF containing Ethereum Stinging through the CBOE BZX stock exchange. If approved, this will be the first Ethereum ETF to offer Staking Awards to US investors.

Litecoin (LTC) and XRP Spot ETF applications by Coinshares were officially accepted, and Grayscale’s Spot XRP and Dogecoin ETF application were also accepted.

Grayscale revised his application for Solana Spot ETF on 6 February and was accepted by the SEC.