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Grayscale withdraws Cardano, Polkadot and Hedera ETF registration plans

The asset manager said none of the proposed filings became effective and it had not sold securities or distributed preliminary prospectuses.

Reported · Written up by our desk · Regulation

Grayscale has withdrawn its plans for spot-style exchange traded funds tied to Cardano’s ADA, Polkadot’s DOT and Hedera’s HBAR, according to CoinDesk. In late Friday filings, the firm asked the U.S. Securities and Exchange Commission to withdraw three ETF registration statements, saying it no longer intends to proceed with the planned distribution of trust shares.

Grayscale said the withdrawals were sponsor-initiated rather than SEC rejections, and that none of the registrations became effective. The company also stated it had not sold securities or distributed preliminary prospectuses under those registrations, and it gave no reason for the decision while saying it could submit new filings later.

CoinDesk reported that Grayscale’s initial Cardano ETF proposal was filed in February 2025, followed by Polkadot later that month. It submitted the ADA and DOT registration statements on Aug. 29, then filed the HBAR registration on Sept. 9.

CoinDesk added that the three underlying tokens have been falling in recent months. Year to date, ADA is down more than 41%, DOT lost 54% and HBAR is down 35%, while performance since late February 2025 has included drawdowns of about 70% for ADA and 80% for DOT, and more than 70% for HBAR.

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