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GRAYSCALE FILES FOR CARDANO ($ADA) SPOT ETF WITH NYSE ARCA
The Feb. 10 SEC filing proposes listing and trading shares of the Grayscale Cardano Trust, making it the first standalone ADA investment product in the U.S.
Grayscale Investments has officially filed for a Cardano ($ADA) exchange-traded fund (ETF) with NYSE Arca, marking a significant step toward institutional adoption of the blockchain’s native asset.
The filing, submitted as a proposed rule change (Form 19b-4) to the U.S. Securities and Exchange Commission (SEC) on February 10, seeks approval to list and trade shares of the Grayscale Cardano Trust as a spot ETF.
If approved, this would be Grayscale’s first standalone Cardano investment product and the first spot ADA ETF in the U.S. market.
Institutional Partners and Market Reaction
According to the filing, the Coinbase Custody Trust Company would serve as the custodian for the ETF’s assets, while BNY Mellon Asset Servicing would act as its administrator. The Delaware Trust Company has been named as the trustee.
A Cardano ETF would allow institutional and retail investors to gain regulated exposure to ADA without directly purchasing or storing the cryptocurrency. It would also add credibility to Cardano as an investment asset and open the door for broader adoption in traditional finance.
Grayscale is already a major player in the crypto ETF market, managing products like the Grayscale Bitcoin Trust ETF and Grayscale Ethereum Trust ETF. Adding Cardano to its lineup would further diversify its offerings and provide investors with more blockchain-based investment options.
Regulatory Hurdles and Market Landscape
So far, the SEC has only approved spot ETFs for Bitcoin and Ethereum. Other cryptocurrencies, including Solana (SOL) and XRP, have faced delays due to regulatory uncertainty. The SEC previously classified ADA as a security in its 2023 lawsuits against Binance and Coinbase, which could pose additional challenges for approval.
Despite these hurdles, interest in crypto ETFs continues to grow. Recent filings for XRP, Solana, Dogecoin, and Litecoin ETFs suggest that more assets could soon enter the regulated investment space.
Cardano Joins the Growing ETF Race
Grayscale’s move follows a wave of crypto ETF applications in recent months:
XRP Spot ETFs:
WisdomTree, Bitwise, 21Shares, and Canary Capital submitted four 19b-4 applications to the SEC.
Bitwise filed an initial spot XRP ETF application in October 2024.
WisdomTree launched the Physical XRP ETP (XRPW) in Europe.
Cardano Exchange-Traded Products (ETPs):
Virtune AB launched a Cardano ETP on Nasdaq Helsinki in February 2025.
Tuttle Capital filed for a 2x leveraged ADA ETF in January 2025.
Worth noting, Grayscale is also working to convert its XRP Trust into an ETF.
@ Newshounds News™
Source: BSC News
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BRICS: RUSSIA AND INDIA CUT DOLLAR USE: 90% OF DIRECT TRANSACTIONS IN NATIONAL CURRENCIES
Russia and India now conduct nearly 90% of direct transactions in their national currencies, deepening financial ties and accelerating the global shift away from the U.S. dollar.
Moscow and New Delhi Tighten Financial Ties—Is the Dollar Era Ending?
Countries worldwide are increasingly shifting away from reliance on the U.S. dollar in international trade, a process known as dedollarization. Russia and India have strengthened their financial cooperation, with nearly 90% of direct transactions now conducted in their respective national currencies.
Russian Ambassador to India Denis Alipov stated in an interview with Tass:
Mutual payments in national currencies are stable. As of today, national currencies account for around 90% of direct payments between Russia and India.
He also noted that discussions are ongoing about the mutual recognition of Russia’s Mir and India’s RuPay payment systems, a step that could further enhance financial integration between the two countries.
Trade between Russia and India has continued to expand, with Indian statistics showing an 8.6% increase in the first 11 months of 2024. “According to Indian statistics, bilateral trade added 8.6% in 11M 2024 and amounted to $64.5 bln,” Alipov said.
He further detailed the contributions from each country, emphasizing: “Russian exports reached $60 bln (up by 7.7%), while supplies of Indian goods rose to $4.5 bln (up by 23.3%).
Russia is one of India’s four biggest trade partners, while in terms of the volume of products supplied it is the second-largest after China.” These figures highlight Russia’s growing importance as a key trading partner for India.
The increasing use of national currencies in trade between Russia and India reflects a broader global shift toward reducing dependence on the dollar amid evolving geopolitical and economic conditions.
As both countries work to integrate their financial systems, the potential recognition of the Mir and Rupay payment networks could simplify trade settlements and further strengthen economic ties between Moscow and New Delhi. With Russia securing its position as India’s second-largest supplier after China, these developments signal deeper financial and trade cooperation between the two nations.
@ Newshound News™
Source: Bitcoin News
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