Grayscale withdraws ETF applications for Cardano, Hedera, and Polkadot: what is behind the decision
Asset management firm Grayscale has officially withdrawn registration statements for exchange-traded funds (ETFs) based on Cardano, Hedera, and Polkadot. This strategic decision, documented in filings submitted to the U.S. Securities and Exchange Commission (SEC), signals a reassessment of priorities within the company's product lineup.
This concerns three Form RW filings submitted on August 7, 2026, for the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF. All three documents use identical wording: the firm "does not intend to proceed with the proposed offering of shares." It is important to emphasize that this is not a rejection by the regulator, but a voluntary decision by the company itself. The filings also note that the registration statements did not take effect, no securities were issued or sold, and no preliminary prospectus was distributed.
Notably, by the time of the withdrawal, the corresponding exchange listings were already inactive. According to SEC data, NYSE Arca removed the Cardano proposal on September 29, 2025, and Nasdaq withdrew the Polkadot and Hedera applications on November 3, 2025. This indicates that Grayscale was acting within an already established situation, rather than responding to sudden market pressure.
Focus on Promising Assets
Despite the withdrawal of three applications, Grayscale continues to await full approval for exchange-traded products based on Bittensor, Aave, BNB, NEAR, and Zcash. Moreover, this year the SEC has already approved registration statements for the Grayscale Avalanche Staking ETF and the Grayscale Hyperliquid Staking ETF. This demonstrates that the company is not winding down its ETF program, but rather concentrating resources on assets with higher potential for approval and market demand.
Earlier, in June, Grayscale analysts called the AAVE token "undervalued," setting a base price target for the next year at $179. This move underscores that the company is betting on projects with strong fundamental indicators and clear adoption scenarios.
My analysis: The withdrawal of ETF applications for Cardano, Hedera, and Polkadot is a pragmatic step, not a sign of weakness. Grayscale, as an experienced player, is clearly reallocating resources toward assets where the likelihood of SEC approval is higher, and liquidity and institutional interest are more significant. For investors, this is a signal: not all altcoins will receive ETF products in the near term, and the market must account for this factor when assessing long-term dynamics.