The Securities and Exchange Commission (SEC) has recognized Grayscale’s proposal for a spot exchange-traded fund (ETF) based on Cardano (ADA), a significant step towards the potential launch of this new product. This recognition, issued on February 24, 2025, marks the beginning of the SEC’s review process which will determine whether the ETF meets required standards before approval. The SEC has officially recognized Grayscale’s proposal to list and trade shares of the Grayscale Cardano Trust on NYSE Arca. This would offer investors an indirect way to gain exposure to Cardano without needing to directly hold it, providing a more convenient approach while potentially increasing security.