- SEC extends Grayscale Cardano Trust decision to October 26, 2025.
- NYSE Arca filing remains under review following proceedings initiated May 28, 2025.
The US Securities and Exchange Commission extended its deadline to rule on NYSE Arca’s proposal to list and trade shares of the Grayscale Cardano Trust. The Commission set October 26, 2025 as the new date to approve or disapprove the proposed rule change.
Commission Designates October 26, 2025 as New Decision Date
Publication of the amended filing in the Federal Register on February 28, 2025 started the statutory review clock. The initial 180 day period would have expired on August 27, 2025, so the Commission has taken a 60 day extension to continue its review under the Exchange Act.
Under Section 19(b)(2), the Commission may extend its decision period by up to 60 days after instituting proceedings to consider whether to approve or disapprove a proposed rule change.
The agency said the additional time is appropriate to evaluate the proposal and the issues it raises. The extension preserves the option to issue either an approval order or a disapproval order on or before the new deadline.
Publication on February 28, 2025 Triggered 180-Day Clock
NYSE Arca’s filing seeks to list the shares as Commodity Based Trust Shares under Rule 8.201 E. The trust would provide exchange traded access to ADA exposure through shares that reflect the performance of Cardano held by the trust, less fees and expenses.
The exchange would be responsible for listing standards, disclosure and continued monitoring in accordance with its commodity based trust share rules. Grayscale’s application remains active following the Commission’s decision on May 28, 2025 to institute proceedings.
That step signaled a deeper review that typically focuses on whether the listing exchange can meet obligations around market surveillance and the detection of manipulative activity. The October date sets a clear outer bound for the current review stage.
If approved, the trust could commence trading on NYSE Arca once the exchange satisfies any operational and disclosure conditions in the Commission’s order. If disapproved, the sponsor could amend the filing or pursue alternative structures under existing rules.
Trading firms that make markets in commodity based trust shares are preparing for either outcome given the defined timetable.
The notice was issued on August 25, 2025 under delegated authority and identifies the proceeding as File No. SR NYSEARCA 2025 12. It states that the Division of Trading and Markets will act for the Commission and that the Secretary, Vanessa A. Countryman, recorded the designation.
The procedural timeline therefore runs from the February 28, 2025 publication date to the new October 26, 2025 decision point, encompassing the 180 day review period and the 60 day extension now designated.
At the time of this update, the live price of Cardano (ADA) is $0.841504 USD, representing a –7.21% change over the past 24 hours.
