SEC Weighs Listing Grayscale Cardano Trust on NYSE Arca
Published Date: 6/3/2025
Notice
Summary
The SEC is deciding whether to approve NYSE Arca’s plan to let people buy and sell shares of the Grayscale Cardano Trust (ADA), a crypto-based investment. This affects investors interested in Cardano and could open new ways to trade this digital asset on a big stock exchange. The SEC’s decision deadline is May 29, 2025, which could impact how soon these shares hit the market and potentially influence investment money flow.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
SEC Reviewing Listing of ADA Trust Shares
The SEC has instituted proceedings to decide whether NYSE Arca can list and trade shares of the Grayscale Cardano Trust (ADA). The Exchange filed the proposal on February 10, 2025 and Amendment No. 2 on February 20, 2025, and the Commission designated May 29, 2025 as the date by which it must approve, disapprove, or institute proceedings to disapprove the proposal.
Trust Structure: ADA Holdings and Share Mechanics
The proposed Grayscale Cardano Trust would hold only ADA and seek to have each share reflect the U.S. dollar value of ADA per the CoinDesk Cardano Price Index (calculated at 4:00 p.m. New York time each business day), minus the Trust's expenses and liabilities. The Trust would create and redeem shares in cash with authorized participants in one or more blocks of 10,000 shares.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-09969 — Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF To Permit Staking of the Ether Held by the Trusts
The SEC is deciding whether to approve a change that would let the Grayscale Ethereum Trust ETF and Mini Trust start staking the Ether they hold. This affects investors in these ETFs by potentially boosting returns through staking rewards. The SEC’s decision deadline is June 1, 2025, and the outcome could impact how these funds grow your money.
Next: 2025-09971 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 7, Sections 114 and 118
Nasdaq is shaking up some fees to make trading smoother and cheaper! They’re lowering a key fee from $0.0030 to $0.0025, adding new credits and fees, and getting rid of an old Excess Order Fee. These changes affect traders and brokers right away, helping save money and encouraging smarter trading moves.