Grayscale Abandons Plans for Cardano, Hedera, and Polkadot ETFs
Grayscale has pulled back its plans to launch three altcoin ETFs tied to Cardano (ADA), Hedera (HBAR), and Polkadot (DOT). The company submitted the filings to withdraw all three spot altcoin ETFs on August 7, 2026.
The move comes after nearly a year of waiting for SEC approval. Grayscale filed the S-1 registration statements with the SEC for the Cardano and Polkadot ETFs on August 29, 2025, followed by the Hedera ETF on September 9, 2025. However, no decision has been made yet.
Grayscale's altcoin ETF strategy is under scrutiny following this recent development. The company stated in its HBAR filing: 'The grounds upon which the Sponsor is making this application for withdrawal are that the Sponsor does not intend to proceed with the planned distribution of the Trust’s shares registered by the Registration Statement.'
Despite Grayscale's move, prices for ADA, HBAR, and DOT have maintained a relatively stable trend. At press time, ADA was trading at $0.1973, down 0.5% in a day but up 7% and 18% over the past week and month, respectively.
The company's recent decision to pull back its altcoin ETF filings has raised concerns about the future demand for these assets. Grayscale had already launched several large altcoin ETFs, including the XRP Trust ETF (GXRP) and Dogecoin Trust ETF (GDOG), which are listed on the NYSE Arca.