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Cardano is currently trading near $0.2 after an earlier decline over the weekend following the news that Grayscale had withdrawn its registration application for a Cardano ETF.
According to SEC filings, Grayscale filed a Form RW submission on August 7, withdrawing the S-1 registration statements for the Grayscale Cardano Trust ETF.
The withdrawal came before Cardano hit its ETF eligibility milestone. On August 9, Cardano celebrated a six-month milestone after completing six months of regulated CME futures trading, a critical requirement under the SEC's Generic Listing Standards, which puts spot ADA ETFs on the path to streamlined listing.
Cardano community members rejoiced at the milestone, but the celebration was short-lived upon news of Grayscale's withdrawal of its Cardano ETF.
Market observers were already anticipating an ETF decision in late October 2026 if the Grayscale Cardano ETF with ticker GADA were to become effective shortly after the ETF eligibility date of August 9, but this will no longer be the case.
In its filing, Grayscale confirmed that the Cardano ETF Registration Statement has not been declared effective. Furthermore, the company said it had neither issued nor sold securities under the registration statement or the accompanying prospectus.
What to watch now?
At the time of writing, ADA was down 0.5% in the last 24 hours to $0.195, having touched an intraday high of $0.199. Cardano fell during the weekend but saw a rebound early Monday from a low of $0.194. It remains to be seen whether the current recovery can sustain; a return to $0.211 would be expected, which would further target $0.232 (daily 200 SMA). Support is expected at $0.17 in the event of further declines.
In a positive development for the blockchain, the Dijkstra hard fork scope for the first phase is now frozen, with the current objective to deliver Phase 1 (Nested Transactions and Linear Leios) to Mainnet by the end of 2026, providing an incremental rollout of key Dijkstra capabilities, with Phase 2 (Peras) being activated in an intra-era hard fork in Q2 2027.
In a fresh interoperability milestone, Cardano is now connected to Injective, allowing ADA and INJ to move across both ecosystems.
U.Today Editorial Team
Dan Burgin
