Grayscale Investments withdrew deliberate ETFs tied to Cardano (ADA), Polkadot (DOT) and Hedera (HBAR), ending three proposals earlier than any fund reached the market.
Key Factors:
- Grayscale filed three ETF withdrawal requests with the SEC late Friday.
- Not one of the registrations turned efficient, and no securities have been issued or offered.
- ADA, DOT and HBAR have all posted steep losses throughout 2026.
Grayscale ETF Withdrawals
Grayscale submitted three withdrawal requests to the U.S. Securities and Alternate Fee inside 4 minutes late Friday, telling the regulator it “doesn’t intend to proceed with the deliberate distribution” of shares for every belief. The withdrawals got here from Grayscale, not the SEC.
The Cardano and Polkadot registration statements have been initially filed on Aug. 29, 2025, whereas Hedera’s registration adopted on Sept. 9, 2025, after earlier ETF proposals for ADA and DOT arrived in February. The deliberate funds have been passive merchandise designed to trace the worth of their respective tokens after charges and bills.
In every Type RW submitting, Grayscale mentioned the registration assertion had not develop into efficient, no securities had been issued or offered and no preliminary prospectus had been distributed. Traders by no means obtained shares in any of the three funds.
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Crypto ETF Context
The withdrawals slender Grayscale’s pipeline of proposed single-token funds whereas ADA, DOT and HBAR stay beneath sustained market stress. 12 months thus far, ADA has fallen greater than 41%, DOT has misplaced 54% and HBAR is down 35%.
Losses since late February 2025 have been deeper, with ADA down about 70%, DOT falling roughly 80% and HBAR shedding greater than 70%. Grayscale didn’t cite these declines as the explanation.
Grayscale nonetheless lists 17 ETF and ETP merchandise on its web site, together with merchandise tied to Bitcoin (BTC), Ethereum (ETH) and Hyperliquid (HYPE). These present merchandise stay unaffected.
Grayscale first pursued a Cardano ETF in February 2025 and adopted with a Polkadot proposal later that month, whereas the Hedera registration arrived in September. By August 2026, none had taken impact after roughly a yr of labor. None ever reached the market.
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Murtuza is a seasoned finance journalist with in depth expertise masking cryptocurrencies and blockchain know-how. He has contributed to Benzinga and Cointelegraph, amongst different publications, reporting on rising traits, the regulatory panorama, and extra. Discover him at @murtuza_merc on Twitter and mmerchant001 on Telegram.
Disclosure: Murtuza holds ATOM, AKT, TIA, INJ, and OSMO.
