The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale’s filing for a spot Cardano (ADA) exchange-traded fund (ETF). This step marks the beginning of the SEC’s review process, which will determine whether the proposed ETF can be listed and traded on the New York Stock Exchange (NYSE) Arca.

According to a recent filing, the SEC has acknowledged Grayscale’s application to list and trade its Cardano ETF on NYSE Arca. This ETF aims to provide investors with regulated exposure to Cardano (ADA), the cryptocurrency of the Cardano blockchain network.

Grayscale seeks to offer shares representing proportional interests in the ADA holdings of its proposed Grayscale Cardano Trust.

Grayscale submitted this application as part of its broader strategy to expand its cryptocurrency ETF offerings. In addition to the Cardano ETF, the firm is also pursuing ETFs based on other digital assets, including Solana (SOL), XRP, and Litecoin (LTC).

This move comes amid easing crypto regulations and dropping of crypto cases like Coinbase and Robinhood as a result of new leadership for the agency under acting US SEC chair Mark Uyeda.

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