Grayscale, one of the largest crypto asset managers in the United States, has withdrawn its applications to create ETFs for three major altcoins.
At this stage, Grayscale has withdrawn its applications to create ETFs for Cardano, Hedera, and Polkadot — three altcoins that have recently caused significant disappointment with their price drops.
Grayscale filed three withdrawal of registration requests, Form RW, with the U.S. Securities and Exchange Commission (SEC), requesting the withdrawal of the registration statements on Form S-1 for the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF.
The Securities and Exchange Commission (SEC) responded to this request in record time, providing data indicating that the ETF registration was accepted just 190 seconds after the application was submitted.
Why Did Grayscale Withdraw Its Applications for ADA, HBAR, and DOT Approvals?
The documents filed with the U.S. Securities and Exchange Commission (SEC) showed that all three applications contained standard and general justifications. Grayscale stated that it does not intend to proceed with the planned distribution of ETF shares under these registration statements. It was also noted that the registration has not yet become effective, and no shares have been issued or sold.
In this context, neither Grayscale nor the U.S. Securities and Exchange Commission explained the actual and clear reason for withdrawing the decision.
Finally, Grayscale is currently considering applications to include Bittensor (TAO), Aave (AAVE), BNB, Near Protocol (NEAR), and Zcash (ZEC) in its ETF portfolio. According to experts, this indicates that Grayscale is becoming more selective regarding applications to include assets in its ETF portfolio.
*This is not investment advice.
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