SEC · CoinDesk
Grayscale quietly drops Cardano, Polkadot and Hedera ETF gears up
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Crypto asset manager Grayscale Investments has dropped plans for exchange-traded funds tied to Cardano’s ADA, Polkadot’s DOT and Hedera’s HBAR, withdrawing three registration statements from the U.S. Securities and Exchange Commission (SEC) late Friday.
Key facts
- ADA endured a 70% drawdown, while DOT saw an 80% downward move
- Crypto asset manager Grayscale Investments has dropped plans for exchange-traded funds tied to Cardano’s ADA, Polkadot’s DOT and Hedera’s HBAR, withdrawing three registration statements from the U.S
- Grayscale’s initial Cardano ETF proposal came in February 2025, and its Polkadot filing later that month
- Since late February 2025, when the filings came in, performance has been worse
Summary
Grayscale asked the SEC to withdraw proposed Cardano, Polkadot and Hedera ETF registrations in three filings submitted within four minutes late Friday. The asset manager said it no longer intends to proceed with the offerings. The withdrawals were sponsor-initiated, not SEC rejections. Securities and Exchange Commission (SEC) late Friday. Through three separate requests with the regulator, Grayscale told the SEC it “does not intend to proceed with the planned distribution” of the shares of each trust.