According to The Block, NYSE Arca, a fully electronic exchange under the New York Stock Exchange, has submitted an application on behalf of Grayscale to create a Cardano spot exchange traded fund (ETF).

NYSE Arca submitted a 19b-4 document on Monday to establish the proposed Grayscale Cardano Trust. According to the application documents, the custodian of the ETF will be Coinbase Custody, while BNY Mellon Asset Serving will be responsible for fund management. NYSE Arca states in the document:

The exchange pointed out that the proposed rule changes will facilitate the listing and trading of a new type of exchange traded product, which is also the first ADA based product. It will enhance competition among market participants, thereby benefiting investors and the market

The 19b-4 form is submitted by the exchange on behalf of the issuing institution and is the second step in the two-step process of proposing the listing of a cryptocurrency ETF to the US Securities and Exchange Commission (SEC). Once accepted by the SEC, the document will be published in the Federal Register, initiating the agency's approval process.

Cardano It is a Layer 1 memory blockchain founded by Charles Hoskinson, co-founder of Ethereum. According to CoinGecko's data, Cardano's native token, Adacoin (ADA), is the ninth largest cryptocurrency by market capitalization, with a price increase of approximately 11% in the past 24 hours and a trading price of $0.74 as of the deadline.

Recently, multiple companies have submitted applications for various cryptocurrency ETFs, including ETFs based on Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and SOL. Bloomberg analysts predict that the probability of approval, in descending order, is LTC, DOGE, SOL, and XRP.