Grayscale withdraws Cardano, Polkadot, and Hedera ETF filings

Grayscale has withdrawn its registration statements for three planned spot cryptocurrency exchange-traded products (ETFs) for Cardano (ADA), Polkadot (DOT), and Hedera (HBAR). The withdrawals were executed via Form RW filings submitted to the U.S. Securities and Exchange Commission (SEC) on August 7, occurring within a 190-second window.

The filings stated that the registrations had not become effective and that no securities had been issued or sold. Grayscale noted that the company simply does not intend to proceed with the planned distribution of shares. The move comes shortly after Cardano reached a regulatory milestone on August 9, having completed 75 days of regulated futures trading on the Chicago Mercantile Exchange, a prerequisite for spot ETF eligibility.

While the withdrawals end the current registration process for these specific funds, they are not SEC rejections. Other Grayscale altcoin filings, including those for Bittensor, Aave, BNB, NEAR, and Zcash, remained in preliminary status as of early August. Previous exchange-specific listing proposals for these assets had already been withdrawn by NYSE Arca and Nasdaq earlier in the process.