Grayscale Axes Plans for Cardano, Polkadot, and Hedera ETFs Amid Market Shift

Grayscale Investments has withdrawn its plans to launch three single-asset exchange-traded funds (ETFs) tied to Cardano's ADA, Polkadot's DOT, and Hedera's HBAR. The asset manager filed Form RW requests with the US Securities and Exchange Commission on August 7, stating it 'does not intend to proceed' with the planned distribution of shares for these trusts.

The withdrawals were made under Rule 477 of the Securities Act of 1933, indicating a change in Grayscale's product priorities rather than a regulatory defeat. The SEC had yet to make a decision on the filings.

Grayscale continues to operate a portfolio of around 17 ETF products, including its Bitcoin Mini Trust and Ethereum Staking Mini ETF.