TLDR
- Grayscale withdrew SEC registration filings for proposed Cardano, Hedera and Polkadot ETFs on August 7.
- The Cardano and Polkadot ETF registrations were filed in August 2025, followed by Hedera’s September filing.
- Related exchange listing proposals had already been withdrawn before Grayscale removed the remaining ETF registrations.
- Grayscale’s filings indicate voluntary withdrawals rather than formal SEC rejection of the proposed cryptocurrency ETFs.
- ADA, HBAR and DOT prices declined as Grayscale ended the current registration process for all three ETFs.
Grayscale has withdrawn registration filings for proposed Cardano, Hedera and Polkadot ETFs, ending three applications that had remained active after related exchange listing proposals were withdrawn months earlier by U.S. exchanges.
Grayscale Withdraws Three Altcoin ETF Registrations
Grayscale Investments submitted three Form RW requests to the U.S. Securities and Exchange Commission on August 7, seeking to withdraw registration statements for its Cardano Trust ETF, Hedera Trust ETF and Polkadot Trust ETF.
The Cardano and Polkadot S-1 registrations were filed on August 29, 2025, while the Hedera registration followed on September 9, 2025. The filings were part of a broader wave of proposed cryptocurrency exchange-traded funds submitted during the previous year.
The withdrawals came after the related exchange listing proposals had already been removed. NYSE Arca withdrew its proposal for the Cardano ETF on September 29, 2025, while Nasdaq withdrew the Polkadot and Hedera listing proposals on November 3, 2025.
Without active exchange proposals, the remaining registration statements could not advance toward a potential listing. Grayscale’s latest filings therefore remove the outstanding S-1 registrations associated with the three proposed products.
No SEC Rejection Was Issued
The Form RW filings indicate that Grayscale voluntarily withdrew the registrations rather than responding to a formal SEC rejection. The company used Rule 477 under the Securities Act of 1933 to request withdrawal of the S-1 statements, amendments and related exhibits.
Grayscale stated that “the Sponsor does not intend to proceed with the planned distribution of the Trust’s shares registered by the Registration Statement.” The filings also said the registrations had not been declared effective.
The company further stated that “no securities have been or will be issued or sold pursuant to the Registration Statement.” The filings added that no preliminary prospectus had been distributed under the registrations.
The withdrawals therefore close the current registration process for the three proposed funds. They do not represent an SEC decision that Cardano, Hedera or Polkadot ETFs cannot be approved in the future.
ADA, HBAR and DOT Face Market Pressure
Cardano’s ADA traded around $0.196 after falling more than 2% over the previous 24 hours, based on the supplied market data. ADA recorded an intraday range between about $0.194 and $0.199 as traders assessed the ETF filing withdrawal.
ADA futures open interest rose nearly 1% over a four-hour period to about $477.88 million, according to the supplied derivatives data. The movement indicates continued activity in the derivatives market despite the decline in the spot price.
Hedera’s HBAR also declined, falling about 2.24% to around $0.068. The token had already lost more than 30% over the previous two months based on the supplied market figures.
Polkadot’s DOT was also affected by the withdrawal of its proposed ETF registration. However, the available filings do not identify a specific market reason for Grayscale’s decision.
Grayscale’s withdrawal leaves open the possibility of future filings if the company chooses to pursue the three products again. Any new ETF plans would require fresh regulatory and exchange filings before a potential launch.
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