Cardano finally cleared the SEC shortcut for a spot ETF, but its last remaining sponsor quit two days too early
Grayscale voluntarily withdrew its Cardano Trust ETF registration on Aug. 7, saying it did not plan to proceed. The withdrawal came just before ADA crossed a key SEC threshold: CME-regulated ADA futures had traded for six months by Aug. 9, which can qualify an asset for spot commodity ETP listing under generic standards. Grayscale’s exit left no active dedicated U.S. spot ETF filing for ADA, and because no fund ever became effective, nothing had to be unwound. Other Grayscale altcoin registrations stayed active, suggesting a broader product decision rather than a Cardano-specific issue. ADA’s weak price performance may have influenced the calculus, but Grayscale gave no reason. Existing ADA exposure is limited to futures-based or multi-asset products that do not create direct ADA purchase demand on their own terms. Without a dedicated spot sponsor, that direct demand channel is now absent, though a new issuer could still file using ADA’s qualifying futures history.
