Grayscale has withdrawn its registration for a spot Cardano ETF, filing days before ADA cleared the technical milestone meant to open the door to a listing. The token slipped over the weekend but is holding near $0.2, with traders now watching whether a rebound from Monday's low can hold.
Grayscale has pulled its registration for a spot Cardano ETF, days before the token cleared the technical hurdle that was supposed to open the door to a listing. Cardano is trading near $0.2 after an earlier weekend decline, and the price reaction has stayed relatively contained.
Grayscale exits days before the eligibility clock ran out
The withdrawal came via a Form RW submission filed on August 7, pulling the S-1 registration statements for the Grayscale Cardano Trust ETF. The move came before Cardano hit its own milestone: on August 9, the network marked six months of regulated CME futures trading, a requirement under the SEC's Generic Listing Standards that puts spot ADA ETFs on a path to streamlined listing.
Market observers had been anticipating an ETF decision in late October if the Grayscale fund, ticker GADA, became effective shortly after the August 9 eligibility date. That timeline is now off the table. In its filing, Grayscale confirmed the registration statement had not been declared effective, adding that it had neither issued nor sold securities under the statement or its prospectus.
ADA holds near $0.2 despite the setback
ADA was down 0.5% over the previous 24 hours to $0.195, having touched an intraday high of $0.199. The token fell during the weekend but rebounded early Monday from a low of $0.194, and it remains to be seen whether that recovery can hold.
A move back to $0.211 would be expected to further target $0.232, the daily 200 SMA. Support is expected around $0.17 if the decline continues.
Source: U.Today
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