Grayscale Drops Cardano, Hedera, and Polkadot ETF Filings

Grayscale has withdrawn registration statements for three proposed exchange-traded funds (ETFs) tracking Cardano, Hedera, and Polkadot. The company submitted Form RW requests to the U.S. Securities and Exchange Commission on August 7, seeking to withdraw S-1 registration statements for the Grayscale Cardano Trust, Grayscale Hedera Trust, and Grayscale Polkadot Trust.

The withdrawals were voluntary and do not represent SEC rejections, according to Grayscale. The company stated that the registration statements never became effective, and no shares were issued or sold under the filings. This means the current registration process is stopped, but it doesn't preclude future filings by Grayscale.

The move comes after NYSE Arca withdrew its proposed rule change for the Grayscale Cardano Trust in September 2025, and Nasdaq withdrew listing proposals for Polkadot and Hedera in November 2025. The withdrawals followed declines in the associated tokens: Cardano's ADA traded around $0.196, while HBAR and DOT traded near $0.068 and $0.8065, respectively.