Grayscale Abandons Registration for ADA, HBAR, and DOT ETFs Amid Regulatory Shift
Grayscale, a well-known asset manager in the crypto space, has withdrawn its US registration statements for three proposed exchange-traded funds (ETFs) tracking Cardano (ADA), Hedera (HBAR), and Polkadot (DOT). This move comes as the regulatory framework for listing cryptocurrency ETFs continues to evolve.
The withdrawals were submitted within minutes of each other on August 7, according to SEC filings and subsequent reports. Grayscale did not provide a detailed commercial explanation for abandoning the registrations, but withdrew its S-1 statements for the proposed Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF.
The timing of this move is significant, as the US crypto ETF approval process has changed substantially since Grayscale initially submitted the applications in 2025. The SEC approved generic listing standards for commodity-based trust shares in 2025, reducing the need for exchanges to obtain individual approval through the traditional Rule 19b-4 process.
The withdrawals do not necessarily mean that Grayscale has permanently abandoned plans to offer investment products tied to ADA, HBAR, or DOT. In fact, the company continues to operate and develop multiple digital-asset investment products, including vehicles tied to Bitcoin, Ethereum, Solana, and Dogecoin.