Grayscale Issues Quick Reversal, Ending Three Altcoin ETF Bids
TL;DR:
- Grayscale withdrew in just 190 seconds the ETF registration requests for its Cardano, Hedera and Polkadot funds before the SEC.
- The three Form RW filings submitted on August 7 used identical language and offered no justification for the withdrawal.
- Two days earlier, Grayscale’s research team had warned that the U.S. will suffer a crypto exodus if the CLARITY Act fails to advance in the Senate.
Grayscale withdrew on August 7 three ETF registration requests before the U.S. Securities and Exchange Commission (SEC), reversing its plans to list exchange-traded funds based on Cardano, Hedera and Polkadot in the American market. The three Form RW filings were submitted within an interval of just 190 seconds, between 4:33 and 4:36 p.m. ET, and the firm issued no public statement explaining the decision.
The withdrawals were made under SEC Rule 477, which allows issuers to voluntarily abandon a registration before it is approved. None of the three products had been declared effective, no securities had been issued or sold, and no preliminary prospectus had reached investors. Each form used identical language, stating that “Grayscale does not intend to proceed with the proposed distribution of shares.”
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