Grayscale Withdraws Cardano, Hedera and Polkadot ETF Filings

Grayscale Investments withdrew registration statements for its proposed Cardano, Hedera and Polkadot exchange-traded funds.

The asset manager told the U.S. Securities and Exchange Commission that it no longer intended to proceed with distributing shares of the three proposed products.

The withdrawals affected the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF and Grayscale Polkadot Trust ETF.

Grayscale gave the same explanation across the withdrawal requests and did not identify market demand, regulatory concerns or costs as the reason behind the decision.

ADA, HBAR and DOT also traded lower as broader crypto-market weakness continued.

Grayscale Ends Three Altcoin ETF Plans

Grayscale submitted Form RW requests to the US Securities and Exchange Commission for the three proposed funds. The requests cover the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF and Grayscale Polkadot Trust ETF. Grayscale used Rule 477 under the Securities Act of 1933 to request withdrawal of the registration statements.

The company originally filed the Cardano and Polkadot S-1 registration statements on August 29, 2025. Grayscale filed the Hedera S-1 on September 9, 2025. Each proposed trust aimed to give investors regulated market exposure to its underlying token through exchange-listed shares.

The trusts would have held ADA, HBAR and DOT while tracking token values after fees and other trust expenses.

Filings Explain Why Grayscale Pulled the Plans

The withdrawal documents give one direct reason for the decision. Grayscale says the sponsor does not intend to proceed with the planned distribution of each trust’s shares. However, the company does not identify demand, costs, regulations, or market conditions as the specific reason behind that decision.

The SEC never declared any of the three registration statements effective. Grayscale also says it never issued or sold securities under the filings. Therefore, the company asked the regulator to withdraw the S-1 statements, amendments, and related exhibits before any public distribution took place.

Bitwise also withdrew a separate proposed Bitcoin and Ethereum ETF registration in June, showing that issuers continue to reassess pending crypto products.

ADA Faces ETF Pressure and Bearish Chart Risk

ADA fell more than 2% after news of the Cardano ETF withdrawal and traded near $0.196. Futures open interest also rose slightly over four hours, showing that traders kept positions open during the decline.

Cardano also faces technical pressure near the same price area. ADA crypto has rebounded more than 40% from its late-June low near $0.139. However, the token now tests resistance around $0.196, where a Fibonacci level and the 100-day exponential moving average converge.

A rejection from that zone could return ADA crypto toward support near $0.174. A break below that level could expose the June low near $0.139. A wider bear-flag setup also places a lower technical target near $0.098 if sellers break the rising support structure.

HBAR and DOT Fall After ETF Withdrawals

HBAR also moved lower after Grayscale withdrew the Hedera ETF filing. The token dropped about 2.24% to $0.068 in the reported market session. HBAR had already lost more than 30% over the previous two months, leaving the asset under broader price pressure.

DOT fell close to 2% after Grayscale withdrew the Polkadot ETF registration. The token traded near $0.805, with a reported daily range between $0.7976 and $0.8126. Trading volume rose about 27% during the period, showing increased market activity as the price moved lower. The three withdrawals close Grayscale’s current registration process for these proposed products.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets can be highly volatile, and readers should conduct their own research before making investment decisions.