Grayscale, the crypto asset manager that’s about as subtle as a bull in a china shop, has filed to launch a spot Cardano ETF. This is like a cat chasing a laser pointer: they just can’t stop. They’ve filed to convert their existing trusts into spot ETFs for SOL and XRP. But, apparently, the SEC is still stuck in the Stone Age, dragging their feet and generally acting like they haven’t heard of the internet. 🙄
In its defense, the SEC probably hasn’t slept in a couple of decades. Why? Because every other asset manager on the planet has been filing to launch their own crypto ETFs. It’s like a giant game of “who can file the most 19b-4 filings before the SEC wakes up from their crypto coma.” 😴
The filing for the Cardano ETF, which is apparently a thing, mentions Coinbase Custody Trust Company as the custodian and BNY Mellon Asset Servicing as the administrator. No word on who the designated “crypto hype person” will be, but my money is on the guy who wore a Bitcoin t-shirt to his grandma’s birthday party. 👔
Seriously though, is the SEC even trying to keep up? They’re like the last kid at the pool party who hasn’t yet heard about the giant inflatable slide. The rest of us are already enjoying the ride. If they keep dragging their feet, they’re going to miss out on the whole thing. And, frankly, I can’t imagine anyone really wants to be the one who missed out on the crypto boom. 🏄
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2025-02-11 04:02