Grayscale Abandons Cardano, Polkadot, Hedera ETF Plans Amid Market Declines

Grayscale Investments has withdrawn its planned ETFs tied to Cardano (ADA), Polkadot (DOT), and Hedera (HBAR) after all three assets posted significant losses in recent months.

The withdrawals came after Grayscale submitted three withdrawal requests to the U.S. Securities and Exchange Commission on Friday, stating that it 'does not intend to proceed with the planned distribution' of shares for each trust.

None of the registrations became effective, and no securities were issued or sold. The Cardano and Polkadot registration statements were initially filed on Aug. 29, 2025, while Hedera's registration followed on Sept. 9, 2025.

The planned funds were passive products designed to track the value of their respective tokens after fees and expenses. Grayscale did not cite the steep losses in its withdrawal requests, saying only that it no longer intends to proceed with the distribution of shares.