Grayscale Withdraws Cardano, Polkadot and Hedera ETF Filings

Grayscale Investments has given up on three of its planned altcoin funds, asking the SEC on Friday to withdraw the registration statements behind spot Cardano, Polkadot and Hedera exchange-traded funds.

The three Form RW letters, signed by interim Chief Financial Officer Kathryn Masci on Aug. 7, carried the same one-line explanation: the “Sponsor does not intend to proceed with the planned distribution of the Trust’s shares.”

The bids had been going nowhere for months before Grayscale closed them. NYSE Arca pulled its rule-change proposal for the Cardano fund on Sept. 29, 2025, and Nasdaq withdrew the Hedera proposal on Nov. 3, 2025. Nasdaq’s Polkadot proposal has shown no movement on its SEC docket since a notice last September.

ADA most recently near $0.196, DOT near $0.8 and HBAR near $0.068.

Grayscale is not backing away from altcoins across the board. It already lists products tracking XRP, Solana, Dogecoin and Chainlink, and registrations for Aave, NEAR, Bittensor and a Zcash fund are still live.

Whether Grayscale will drop any of the remaining applications remains to be seen.

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