Grayscale Withdraws ETF Plans for Cardano, Polkadot, and Hedera

Grayscale Withdraws ETF Plans for Cardano, Polkadot, and Hedera

Grayscale Investments has recently decided to abandon its plans for exchange-traded funds (ETFs) related to the cryptocurrencies Cardano (ADA), Polkadot (DOT), and Hedera (HBAR). This decision was formally communicated through three separate filings submitted to the U.S. Securities and Exchange Commission (SEC) late Friday.

Withdrawal of ETF Registrations

The asset manager notified the SEC that it “does not intend to proceed with the planned distribution” of shares for each of the proposed trusts. These withdrawals were initiated by Grayscale, and there were no rejections or objections from the SEC regarding these applications.

Timeline of Proposed Funds

Grayscale’s ETF proposal for Cardano was originally filed in February 2025, followed by Polkadot’s filing later that same month. The corresponding registration statements for both ADA and DOT were submitted on August 29, along with the HBAR registration on September 9. Grayscale had structured these funds as passive vehicles aimed at tracking the respective token values after accounting for fees and expenses.

No Securities Sold

According to Grayscale, no securities have been issued or sold under these registrations. The decision to withdraw comes as all three cryptocurrencies have experienced significant declines in value over recent months, with Cardano down more than 41% year-to-date, Polkadot losing 54%, and Hedera’s HBAR dropping 35%.

Impact on Grayscale’s Product Pipeline

The withdrawal of these three proposed ETFs reduces Grayscale’s offerings in the single-token product segment. Currently, Grayscale maintains a listed portfolio of 17 ETF products, which includes offerings such as the Bitcoin Mini Trust ETF and the Ethereum Staking Mini ETF.

CoinDesk has reached out to Grayscale for further comments but has yet to receive a response.