Grayscale quietly drops Cardano, Polkadot and Hedera ETF plans
The asset manager said it no longer intends to proceed with the offerings. None became effective, and no securities were issued or sold.
Grayscale Investments has abandoned its plans to create ETFs tied to Cardano (ADA), Polkadot (DOT) and Hedera (HBAR), the crypto asset manager announced on Friday. The three registration statements for the proposed trusts were withdrawn from the U.S. Securities and Exchange Commission (SEC) in a decision made by Grayscale itself.
The withdrawals were not a result of SEC rejections. Grayscale had initially proposed the ETFs for ADA and DOT in February 2025, followed by the HBAR proposal later that month. The proposed funds were intended to passively track the value of their respective tokens, minus fees and expenses. However, all three tokens have been experiencing significant declines in value over the past few months.
ADA has fallen over 41% so far this year, DOT has lost 54%, and HBAR has dropped by 35%. Since the filing of the registrations in late February, the performance has been even poorer, with ADA down 70%, DOT down 80%, and HBAR down more than 70%. This move reduces Grayscale's portfolio of proposed single-token ETF products, which currently stands at 17, including Bitcoin Mini Trust ETF, Ethereum Staking Mini ETF and Hyperliquid Staking ETF.
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