Grayscale has withdrawn its ETF applications for Cardano, Hedera, and Polkadot, stating no intention to proceed with the offerings.
Grayscale, a prominent asset management company, has officially withdrawn its applications for exchange-traded funds (ETFs) tied to Cardano, Hedera, and Polkadot.
Documents submitted to the U.S. Securities and Exchange Commission (SEC) reveal that this includes the proposals for the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF. All three applications included a statement indicating that the firm "does not intend to continue with the proposed offering of shares."
These filings also clarify that the registration statements were ineffective, meaning no securities were issued or sold, and no preliminary prospectus was circulated.
The withdrawal is officially recorded as a retraction of three S-1 registration statements through Form RW. Notably, this action does not imply that the SEC rejected the ETF proposals.
Prior to this withdrawal, related exchange offerings had already been inactive. The NYSE Arca had withdrawn its offer for Cardano on September 29, 2025, while Nasdaq documents show that offers for Polkadot and Hedera were retracted on November 3, 2025. These applications were specifically for listings and trading, in contrast to Grayscale's registration statements for public share offerings.
Despite this setback, Grayscale remains optimistic about receiving full approval for exchange products related to Bittensor, Aave, BNB, NEAR, and Zcash.
This year, the SEC has granted approval for Grayscale's registration statements for the Avalanche Staking ETF and the Hyperliquid Staking ETF.
In a related note, analysts at Grayscale had previously described the AAVE token as "undervalued," projecting a target price of $179 for the next year.
