Grayscale withdraws SEC registration applications for Cardano, Hedera, and Polkadot spot ETFs.
Regulation & Gov ·
Grayscale Investments has withdrawn three registration statements from the Securities and Exchange Commission, ending efforts to launch exchange-traded funds for Cardano (ADA), Polkadot (DOT), and Hedera (HBAR). The asset manager submitted the withdrawal requests in separate filings late Friday and indicated it does not intend to proceed with distributing shares in these trusts. No securities were issued or sold under any of the registrations, and the withdrawals were initiated by Grayscale rather than rejected by regulators.
The three tokens have experienced substantial losses in recent months. ADA is down more than 41% year-to-date and faced a 70% drawdown since late February 2025, while DOT declined 54% over the year and 80% since the filings began. HBAR has lost 35% year-to-date and more than 70% since late February. Grayscale's initial Cardano proposal came in February 2025, with Polkadot following that month, and the ADA and DOT registrations filed in late August, trailed by HBAR in September.
Grayscale provided no explanation for the decision and retains the option to file new registrations in the future. The company currently maintains 17 ETF products on its website, including offerings tied to Bitcoin and Ethereum staking.