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Grayscale, one of the largest crypto asset managers based in the US, has withdrawn its ETF applications for three major altcoins.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