Grayscale Withdraws Altcoin ETF Filings Amid Price Slump

Grayscale Investments has withdrawn its registration statements for three proposed altcoin ETFs targeting Cardano (ADA), Hedera (HBAR), and Polkadot (DOT). The move, which was quietly made without explanation from Grayscale, comes as the crypto asset management firm cited Rule 477 under the Securities Act of 1933 to withdraw the respective Form S-1 registration statements.

The withdrawal of these ETF filings has led to a price slump for ADA, with its value falling more than 2% in the past 24 hours. The current price is $0.196, with 24-hour lows and highs of $0.194 and $0.199, respectively.

Grayscale also withdrew its registration statements for proposed Hedera and Polkadot ETFs, with HBAR dropping 2.24% to $0.068 and DOT falling nearly 2%. Notably, the prices of these altcoins have been trending downward over the past two months.