Grayscale Axes ADA, DOT, and HBAR ETF Plans Amid Market Turmoil

Grayscale Investments has withdrawn plans to launch three cryptocurrency ETFs tied to Cardano (ADA), Polkadot (DOT), and Hedera (HBAR). The decision comes after these assets have experienced significant losses in value. According to Grayscale, the withdrawals were submitted to the SEC on Friday, with each registration statement stating that it had not become effective.

The proposed funds would have been passive products designed to track the value of their respective tokens after fees and expenses. None of the registrations became effective, and no securities were issued or sold. The withdrawals narrow Grayscale's pipeline of proposed single-token funds while ADA, DOT, and HBAR remain under sustained market pressure.

Year to date, ADA has fallen more than 41%, DOT has lost 54%, and HBAR is down 35%. Losses since late February 2025 have been deeper, with ADA down about 70%, DOT falling roughly 80%, and HBAR losing more than 70%. Grayscale did not cite those declines as the reason for withdrawing the ETFs.