Grayscale filed three RW forms with the SEC on August 7 to withdraw the registration statements for its Cardano, Hedera, and Polkadot ETFs. This administrative withdrawal under Rule 477 of the Securities Act of 1933 is not a regulatory rejection but an economic decision: lower-tier altcoins attract only tens of millions of dollars in assets, insufficient to cover fixed listing costs. Grayscale is now focusing its resources on its Bitcoin, Ethereum, Solana, and XRP ETFs, while over $20 billion have flowed out of the GBTC fund since its conversion in January 2024. Canary Capital and 21Shares remain in the race on Hedera and Polkadot, picking up ground that Grayscale chose to vacate.
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