Key dealers
- SEC acknowledged Grayscale’s archiving for a Cardano Trust (ADA) ETF on NYSE Arca.
- A final decision on grayscale Cardano ETF is expected in August 2025.
Today, SEC acknowledged a proposed rule change application of NYSE ARCA to list and trade shares in Grayscale Cardano Trust (ADA), start a legislative process that is expected to end in August 2025.
Nyse arca sent in Initial archiving on February 10, 2025followed by amendment no. 2 on February 20, 2025, which replaced all previous versions.
The proposal aims to list the shares of the trust under the Ticker symbol Gada.
Confidence aims to reflect the value of its ADA holdings, using Coindesk Cardano Price Index (ADX) for price determination, minus fees and expenses.
Calculations of net assets will take place daily at 16:00 New York era, based on price data collected from several trading platforms including Coinbase, Crypto.com, Bitfinex and Kraken.
Coinbase custody will ensure the trust’s ADA holding through security measures with multiple layers, including geographically distributed private key storage in secure vaults and encryption techniques.
Confidence will not actively manage their holdings or try to mitigate price fluctuations.
The regulatory review process includes a public comment period that lasts for 21 to 30 days, followed by continued SEC evaluation of the proposal’s compliance with requirements for investors’ protection, market integrity and fraud prevention.
SEC must make a final decision within 180 days after the filing date.
