Grayscale withdrew its Cardano Trust ETF registration in the United States on August 7, leaving Cardano without its only dedicated U.S. spot ETF filing. Two days later, on August 9, ADA crossed the six-month CME futures milestone, a regulatory threshold that would have allowed it to use the SEC’s generic listing framework for faster commodity-based ETP approval. This timing leaves ADA with no active spot ETF filing in the U.S. despite becoming eligible for an accelerated review process. ADA has fallen more than 41% year-to-date and approximately 70% since Grayscale’s original ETF application. A new sponsor will need to step in for Cardano to regain that dedicated institutional demand channel on U.S. markets.
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