Grayscale, the asset management firm, has retracted its registration statements for ETFs based on Cardano, Hedera, and Polkadot.
According to documents submitted to the SEC, this includes the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF. All three filings contain the same statement: the firm "does not intend to continue with the proposed offering of shares."
The filings also indicate that the registration statements were never effective, and no securities were issued or sold. A preliminary prospectus was not circulated.
The withdrawal is recorded as the retraction of three S-1 registration statements via Form RW. This action does not reflect a regulatory decision to deny ETF launches.
At the time of the withdrawal, related exchange offerings were already inactive. According to the regulator, NYSE Arca withdrew its offer for Cardano on September 29, 2025. Nasdaq documents indicate that the offers for Polkadot and Hedera were withdrawn on November 3, 2025. These applications pertained to listings and trading, while Grayscale's registration statements were for public offerings of shares.
The firm still anticipates full approval for exchange products based on Bittensor, Aave, BNB, NEAR, and Zcash.
This year, the SEC has also approved registration statements for the Grayscale Avalanche Staking ETF and Grayscale Hyperliquid Staking ETF.
It’s worth noting that in June, analysts at Grayscale referred to the AAVE token as "undervalued," with a target price of $179 for the coming year.