Grayscale Withdraws Cardano, Polkadot And Hedera ETF Plans
CoinDesk reported that Grayscale withdrew proposed ADA, DOT and HBAR ETF registrations, with no securities sold and no SEC rejection recorded, leaving its single-token product pipeline smaller.
Grayscale Investments has dropped plans for three single-token crypto ETFs tied to Cardano's ADA, Polkadot's DOT and Hedera's HBAR, CoinDesk reported, withdrawing the registrations before any of the products became effective.
The asset manager filed three separate requests with the U.S. Securities and Exchange Commission late Friday, telling the regulator it "does not intend to proceed with the planned distribution" of shares for each trust.
The requests were submitted within four minutes of one another.
The withdrawals were initiated by Grayscale, not rejected by the SEC.
No securities were issued or sold under the registrations, and Grayscale said it had not distributed preliminary prospectuses for the proposed offerings.
The abandoned funds were designed as passive vehicles that would track the value of their respective tokens after fees and expenses.
Grayscale's first Cardano ETF proposal came in February 2025, followed by its Polkadot filing later that month.
The corresponding ADA and DOT registration statements were filed on Aug. 29, and the HBAR registration followed on Sept. 9.
The token backdrop had weakened by the time the filings were pulled.
Year to date, ADA is down more than 41%, DOT has lost 54% of its value and Hedera's HBAR is down 35%.
Since late February 2025, when the filings came in, the declines have been steeper: ADA has endured a 70% drawdown, DOT has fallen 80% and HBAR has dropped more than 70%.
Grayscale did not give a reason for withdrawing the three registrations.
Because the requests were sponsor-initiated, the filings do not prevent the asset manager from submitting new registrations later.
The decision reduces Grayscale's visible pipeline of proposed single-token products.
The firm currently lists 17 ETF products on its website, including the Bitcoin Mini Trust ETF, Ethereum Staking Mini ETF and Hyperliquid Staking ETF.
Grayscale did not immediately respond to CoinDesk's request for comment.
For ADA, DOT and HBAR, the public record now shows withdrawn registrations, no effective offerings and no SEC order rejecting the proposed trust structures.
