Grayscale Withdraws Cardano, Polkadot and Hedera ETF Plans

Grayscale Investments has dropped plans for exchange-traded funds linked to Cardano’s ADA, Polkadot’s DOT and Hedera’s HBAR. According to CoinDesk, the crypto asset manager submitted three withdrawal requests to the U.S. Securities and Exchange Commission late Friday, saying it no longer intended to proceed with the planned distribution of shares for the trusts.

The development matters because it trims Grayscale’s pipeline of proposed single-token crypto investment products at a time when asset managers have been testing investor and regulatory appetite beyond bitcoin and ether. CoinDesk reported that the withdrawals were sponsor-initiated and were not SEC rejections, meaning the filings were pulled by Grayscale rather than denied by the regulator.

Grayscale had first proposed a Cardano ETF in February 2025 and followed with a Polkadot filing later that month. The related ADA and DOT registration statements were filed on Aug. 29, while the HBAR registration was filed on Sept. 9. The products were intended to operate as passive vehicles tracking the value of their respective tokens after fees and expenses.

In the withdrawal filings, Grayscale said no securities had been sold and no preliminary prospectuses had been distributed under the registrations. CoinDesk also noted that the company did not provide a reason for withdrawing the plans and could submit new registrations in the future.

The report comes after sustained weakness in the three tokens. CoinDesk cited year-to-date declines of more than 41% for ADA, 54% for DOT and 35% for HBAR, with steeper drawdowns since the filings began in early 2025. Grayscale’s listed ETF lineup still includes 17 products on its website, including bitcoin, ethereum staking and Hyperliquid staking funds.