Cardano
Grayscale Withdraws ETF Filings for Cardano, Hedera and Polkadot
Grayscale has ended registration filings for spot ETFs tracking three altcoins, though no SEC rejection was issued.
Grayscale Investment, managing $45 billion in assets, has withdrawn SEC registration filings for proposed spot ETFs tracking Cardano, Hedera, and Polkadot. The company submitted Form RW requests on August 7 to terminate the S-1 registration statements for all three products.
The Cardano and Polkadot filings were originally submitted on August 29, 2025, with the Hedera filing following on September 9, 2025. However, the ETF proposals had already encountered obstacles at an earlier stage. NYSE Arca withdrew the Cardano listing proposal on September 29, 2025, while Nasdaq withdrew the Polkadot and Hedera proposals on November 3, 2025.
A crypto ETF typically requires two SEC approvals: an S-1 registration statement and a 19b-4 filing to permit exchange listing. With the exchange proposals already withdrawn, the S-1 filings could not advance. Grayscale chose to withdraw proactively rather than await a formal SEC decision, using standard Form RW language stating it did not plan to proceed with share distribution.
No formal SEC rejection was issued for these registrations, leaving Grayscale the option to refile if conditions change. Other early-stage applications for Bittensor, Aave, BNB, Near Protocol, and Zcash remain active, suggesting Grayscale's decision was selective rather than a wholesale pullback.
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