Grayscale Withdraws Cardano ETF Filing Amid ADA Price Stall
Grayscale has withdrawn its registration statement for a proposed Cardano ETF, citing it no longer intends to proceed with the distribution of shares. This move comes as the price of ADA struggles to reclaim $0.20.
The withdrawal was voluntary and not an SEC rejection, removing one potential route for direct institutional exposure. Grayscale also withdrew registration statements for proposed Hedera and Polkadot ETFs within minutes of the Cardano filing, suggesting a broader reassessment of its products.
Despite this setback, regulated CME ADA futures have now completed six months of trading, which could satisfy one futures-market condition relevant to the SEC's generic listing framework. However, recent participation remains limited with only five ADA futures contracts traded on August 7 and unchanged open interest at 207 contracts.