Grayscale Ditches ADA, HBAR, and DOT ETF Plans in Surprise Move

Grayscale Investments quietly withdrew its plans to list three spot ETFs for Cardano (ADA), Hedera (HBAR), and Polkadot (DOT) on August 7, 2026. The company submitted Form RW withdrawal requests for all three funds within a span of just 190 seconds.

The original S-1 registrations for the Cardano and Polkadot ETFs were submitted to the SEC on August 29, 2025, while the Hedera filing followed shortly after on September 9, 2025. Grayscale's decision to withdraw these applications may indicate that the products are no longer a priority.

Interestingly, Grayscale had already withdrawn exchange-listing applications for these ETFs several months prior to withdrawing the S-1 registrations. This unusual sequence of events suggests that Grayscale may have been pruning lower-priority products from its lineup rather than making a strategic retreat.