Key Takeaways
- • Grayscale Investments withdrew registration statements for three proposed spot ETFs tracking Cardano (ADA), Polkadot (DOT), and Hedera (HBAR) from the SEC late Friday, August 8, 2026, after filing them between late February and September 2025.
- • The withdrawals were initiated voluntarily by Grayscale and were not SEC rejections; the firm stated it "does not intend to proceed with the planned distribution" of shares in each trust.
- • All three underlying tokens have experienced severe drawdowns since filing: ADA declined 70% since late February 2025, DOT fell 80%, and HBAR dropped more than 70%, with year-to-date losses of 41%, 54%, and 35% respectively.
- • The three withdrawals reduce Grayscale's ETF pipeline, though the firm currently maintains 17 listed ETF products including Bitcoin Mini Trust ETF, Ethereum Staking Mini ETF, and Hyperliquid Staking ETF.
- • Grayscale did not distribute securities or preliminary prospectuses under any of the three registrations prior to withdrawal.
Summary
Grayscale Investments, the crypto asset manager with $45 billion in assets under management, has quietly withdrawn three registration statements from the U.S. Securities and Exchange Commission for proposed single-token ETFs tracking Cardano, Polkadot, and Hedera. The company submitted withdrawal requests on August 8, 2026, through three separate filings executed within minutes of each other, according to CoinDesk's reporting.
The filings originated over an extended period: Grayscale's initial Cardano ETF proposal came in February 2025, with a Polkadot filing following that same month. The corresponding registration statements for ADA and DOT were filed with the SEC on August 29, 2025, while the HBAR registration came on September 9, 2025. The proposed funds were structured as passive vehicles designed to track the value of their respective tokens after accounting for fees and expenses. Importantly, the withdrawals were voluntary actions initiated by Grayscale rather than SEC rejections, and no securities had been sold or preliminary prospectuses distributed under any of the three registrations.
The timing and performance backdrop of the withdrawal is noteworthy. All three tokens have sustained substantial losses in the months preceding the withdrawal. Year-to-date through the filing date, ADA declined more than 41%, DOT lost 54%, and HBAR dropped 35%. The declines have been more severe since the original filings in late February 2025: ADA has endured a 70% drawdown, DOT saw an 80% downward move, and HBAR also dropped more than 70% over that period. These sustained losses in the underlying assets likely made the proposed ETF products less commercially viable.
Grayscale maintains a substantial pipeline of crypto ETF products despite the three withdrawals. The firm currently lists 17 ETF products on its website, including Bitcoin Mini Trust ETF, Ethereum Staking Mini ETF, and Hyperliquid Staking ETF. The company did not provide immediate public commentary on the strategic rationale behind the withdrawals when approached for comment by CoinDesk.
The filings originated over an extended period: Grayscale's initial Cardano ETF proposal came in February 2025, with a Polkadot filing following that same month. The corresponding registration statements for ADA and DOT were filed with the SEC on August 29, 2025, while the HBAR registration came on September 9, 2025. The proposed funds were structured as passive vehicles designed to track the value of their respective tokens after accounting for fees and expenses. Importantly, the withdrawals were voluntary actions initiated by Grayscale rather than SEC rejections, and no securities had been sold or preliminary prospectuses distributed under any of the three registrations.
The timing and performance backdrop of the withdrawal is noteworthy. All three tokens have sustained substantial losses in the months preceding the withdrawal. Year-to-date through the filing date, ADA declined more than 41%, DOT lost 54%, and HBAR dropped 35%. The declines have been more severe since the original filings in late February 2025: ADA has endured a 70% drawdown, DOT saw an 80% downward move, and HBAR also dropped more than 70% over that period. These sustained losses in the underlying assets likely made the proposed ETF products less commercially viable.
Grayscale maintains a substantial pipeline of crypto ETF products despite the three withdrawals. The firm currently lists 17 ETF products on its website, including Bitcoin Mini Trust ETF, Ethereum Staking Mini ETF, and Hyperliquid Staking ETF. The company did not provide immediate public commentary on the strategic rationale behind the withdrawals when approached for comment by CoinDesk.
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