NEW YORK—Grayscale Investments withdrew three proposed altcoin exchange-traded funds from U.S. Securities and Exchange Commission review, killing products tied to three tokens that have shed between 35 and 80 percent of their value since the filings went in.
The asset manager filed separate withdrawal requests late Friday, confirming it would not proceed with trusts tracking Cardano's ADA, Polkadot's DOT and Hedera's HBAR. The filings landed within minutes of each other on Aug. 7. These were voluntary withdrawals—not SEC rejections.
Grayscale first proposed a Cardano ETF in February 2025, followed by a Polkadot filing that same month. The company submitted registration statements for ADA and DOT on Aug. 29, 2025. An HBAR registration followed on Sept. 9, 2025. Each fund was designed as a passive vehicle tracking its token's value after fees. Grayscale said it had not sold any securities or distributed preliminary prospectuses under these registrations.
The price action since those initial proposals tells the story. ADA posted a 70 percent drawdown from late February 2025 to present. DOT dropped 80 percent over the same stretch. HBAR fell more than 70 percent from the February 2025 timeframe. Year-to-date, ADA is down over 41 percent, DOT has lost 54 percent and HBAR has fallen 35 percent.
The withdrawals leave Grayscale with 17 other ETF products, including the Bitcoin Mini Trust ETF, the Ethereum Staking Mini ETF and the Hyperliquid Staking ETF.
