Grayscale quietly drops Cardano, Polkadot and Hedera ETF plans

Grayscale quietly drops Cardano, Polkadot and Hedera ETF plans

Finance

Grayscale quietly drops Cardano, Polkadot and Hedera ETF plans

The asset manager said it no longer intends to proceed with the offerings. None became effective, and no securities were issued or sold.

By

Francisco Rodrigues

|

Edited by

Aoyon Ashraf

Updated

1 hr ago

Published

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Grayscale drops Cardano, Polkadot and Hedera ETF plans. (Grayscale)

Summary

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Grayscale asked the SEC to withdraw proposed Cardano, Polkadot and Hedera ETF registrations in three filings submitted within four minutes late Friday.

The asset manager said it no longer intends to proceed with the offerings. None became effective, and no securities were issued or sold.

The withdrawals were sponsor-initiated, not SEC rejections. Grayscale gave no reason and could later submit new registrations.

Crypto asset manager Grayscale Investments has dropped plans for exchange-traded funds tied to Cardano’s ADA, Polkadot’s DOT and Hedera’s HBAR, withdrawing three registration statements from the U.S. Securities and Exchange Commission (SEC) late Friday.

Through

three

separate

requests

with the regulator, Grayscale told the SEC it “does not intend to proceed with the planned distribution” of the shares of each trust.

The withdrawals were initiated by Grayscale and weren’t SEC rejections.

Grayscale’s initial

Cardano ETF proposal

came in February 2025, and its

Polkadot filing

later that month. Grayscale filed the corresponding ADA and DOT registration statements on Aug. 29, followed by

its HBAR registration

on Sept. 9.

The proposed funds were designed as passive vehicles that would track the value of their respective tokens after fees and expenses. Grayscale said it had not sold securities or distributed preliminary prospectuses under the registrations.

All three tokens have been losing value over the last few months. Year-to-date, ADA is down more than 41%, while DOT lost 54% of its value and Hedera’s HBAR lost 35%.

Since late February 2025, when the filings came in, performance has been worse. ADA endured a 70% drawdown, while DOT saw an 80% downward move. HBAR also dropped more than 70%.

The three withdrawals reduce Grayscale’s pipeline of proposed single-token products. Currently, Grayscale has 17 ETF products listed on its

website

, including Bitcoin Mini Trust ETF, Ethereum Staking Mini ETF and Hyperliquid Staking ETF.

CoinDesk has reached out to Grayscale for comment and didn’t receive a response immediately.

Grayscale

Cardano

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