Grayscale Withdraws Filing for Planned Spot Cardano ETF

Grayscale has withdrawn its filing for a planned spot Cardano exchange-traded fund, according to CryptoRank. The withdrawal ends the effort under that filing to bring a product tied to Cardano’s native ADA token to the exchange-traded fund market.

A spot crypto ETF is designed to provide exposure to the underlying digital asset rather than to derivatives such as futures contracts. Grayscale is a digital-asset investment manager that has pursued exchange-traded products tied to several cryptocurrencies.

Cardano is a blockchain network whose native token is ADA. A spot Cardano ETF, if launched, could have offered investors a regulated-market vehicle for gaining exposure to ADA without directly holding the token. The withdrawal means that proposed route is no longer moving forward under the filing that was submitted.