Grayscale Ditches ADA, HBAR, DOT ETF Plans Amid Mysterious Withdrawal

Grayscale, one of the largest crypto asset managers in the US, has withdrawn its ETF applications for three major altcoins: Cardano (ADA), Hedera (HBAR), and Polkadot (DOT). The company filed Form RW withdrawal requests with the U.S. Securities and Exchange Commission (SEC) and surprisingly received approval just 190 seconds later.

The SEC approved the registrations despite Grayscale stating that it did not intend to proceed with the planned distribution of ETF shares under these registration statements. The reason for the withdrawal is unclear, leaving many to speculate about Grayscale's intentions.

This move comes as a surprise, especially considering Grayscale's pending applications for other cryptocurrencies like Bittensor (TAO), Aave (AAVE), BNB, Near Protocol (NEAR), and Zcash (ZEC). Experts believe that this indicates Grayscale is becoming more selective in its ETF applications.