Polkadot
Grayscale Withdraws ETF Filings for Cardano, Hedera, and Polkadot
The asset manager ended registration applications for three spot ETFs after exchange listing proposals had already been withdrawn months earlier.
Grayscale, which manages $45 billion in assets, submitted three Form RW requests on August 7 to withdraw its S-1 registration statements for proposed Cardano, Hedera, and Polkadot ETFs. The Cardano and Polkadot filings had been submitted on August 29, 2025, with the Hedera filing following on September 9, 2025.
The withdrawal came after the underlying exchange listing proposals had already stalled. NYSE Arca withdrew the Cardano listing proposal on September 29, 2025, while Nasdaq withdrew both the Polkadot and Hedera proposals on November 3, 2025. Without active exchange filings, the registration statements could not proceed.
Grayscale did not receive a formal SEC rejection for these ETF registrations. Instead, the company chose to voluntarily end the filings using standard Form RW language, stating it did not plan to continue with the planned share distribution. The filings noted that the registrations had not become effective and no shares had been issued or sold. This leaves the door open for Grayscale to file new applications if regulatory or market conditions shift.
Meanwhile, other early-stage ETF filings from Grayscale covering Bittensor, Aave, BNB, Near Protocol, and Zcash remain active, indicating the withdrawal was selective rather than a broad pullback from crypto ETF efforts.
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