Grayscale Axes ADA, HBAR, and DOT ETF Registrations Amid Product Pruning Efforts
Grayscale Investments made a surprise move on August 7, quietly withdrawing its S-1 filings for funds tied to Cardano (ADA), Hedera (HBAR), and Polkadot (DOT). The withdrawals were submitted within a 190-second window, with the first one landing at 4:33:37 p.m. ET for Cardano.
The original registrations for the Cardano and Polkadot ETFs were submitted to the SEC on August 29, 2025, followed by Hedera's filing on September 9, 2025. However, Grayscale had already withdrawn the exchange-listing applications several months prior to pulling the S-1 filings.
This move suggests that Grayscale is pruning its product lineup, prioritizing other assets such as Bitcoin and Ethereum. Five other altcoin ETF registrations are still in preliminary stages as of August 8, 2026. The market reaction was muted, with no significant price movement observed in ADA, HBAR, or DOT following the announcement.