ADA, SOL Underperform as Robinhood Gets Set to Delist Them Amid SEC Crackdown

The popular trading app will no longer support the trading of Cardano, Solana and Polygon after Tuesday.

AccessTimeIconJun 27, 2023 at 4:38 p.m. UTC
Updated Jun 27, 2023 at 4:53 p.m. UTC
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Cryptocurrencies Cardano (ADA) and Solana (SOL) fell more than the broader crypto market on Tuesday, just before trading app Robinhood was set to delist them later in the day at 6:59 p.m. ET.

On June 9, Robinhood said that it would end support for ADA, SOL and MATIC on June 27 “based on [their] latest review.” The decision came right after the three tokens were named as securities in the Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase.

ADA and SOL were down about 2.3% and 1.8%, respectively, over the past 24 hours, according to CoinDesk data, while the broader CoinDesk Market Index (CMI) was up 0.6% over the same time period. Polygon (MATIC), the native cryptocurrency that powers the Polygon Network, was flat. Since Robinhood announced it was ending support for the three tokens on June 9, the prices for the three crypto assets have dropped more than 5% while the CMI is up about 9% over the same period.

After Tuesday, users of Robinhood’s app will be able to trade 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE), and avalanche (AVAX), none of which were named as securities in the SEC’s lawsuits.

Edited by Nelson Wang.

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Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.


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