The registration statements for three new cryptocurrency ETFs that target Cardano, Hedera, and Polkadot have been discreetly withdrawn by Grayscale Investments. Following the crypto asset manager’s withdrawal without offering a thorough explanation, the values of ADA and other cryptocurrencies fell by 2%.
Grayscale submitted three Form RWs to the Securities and Exchange Commission of the United States. The Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF S-1 filings were asked to be removed by the regulator by the cryptocurrency asset management company.
In order to remove the corresponding Form S-1 registration statements, revisions, and exhibits, it used Rule 477 of the Securities Act of 1933. In the midst of a huge push for cryptocurrency ETFs, the S-1s were first submitted in late August and early September of last year.
Grayscale did not specify the reasons for the removal of the Cardano, Hedera, and Polkadot ETFs, although they offered the same justifications. According to the papers, “The Sponsor does not intend to proceed with the planned distribution of the Trust’s shares registered by the Registration Statement.”
🚨BREAKING: GRAYSCALE WITHDRAWS ETF FILINGS FOR ALTCOINS CARDANO, HEDERA AND POLKADOT
Grayscale said “The Sponsor does not intend to proceed with the planned distribution of the Trust’s shares registered by the Registration Statement.”
cardano:native hedera-hashgraph:native… pic.twitter.com/4ol19yg0X7— Rednirav (@CryptoRednirav) August 10, 2026
Additionally, Grayscale verified that none of the registration statements were deemed to be in effect. It further stated, “No preliminary prospectus contained in the Registration Statement has been distributed, and no securities have been or will be issued or sold pursuant to the Registration Statement or the prospectus contained therein.”
Bitwise also withdrew its S-1 registration statement for a planned Bitcoin & Ethereum ETF, as CoinGape previously reported. Notably, given growing competition and limited inflows, the number of SEC withdrawal requests for cryptocurrency ETFs has surged recently.
As Grayscale filed to remove the Cardano ETF, the price of ADA dropped more than 2% in the last day. With 24-hour lows and highs of $0.194 and $0.199, respectively, the price is presently trading at $0.196. Analysts predict that after its breakout, the price of ADA might rise to $0.47, although little whale activity could hamper progress.
According to Coinglass statistics, the futures market shown mixed mood and purchasing during the past few hours. Over the past four hours, open interest in ADA futures has increased by about 1% to $477.88 million, with purchasing observed on all derivatives cryptocurrency exchanges.
As the Grayscale Hedera Trust ETF was removed, the price of HBAR fell 2.24% to $0.068. Notably, within the past two months, HBAR has decreased by almost 30%.
Additionally, DOT dropped by about 2% as a result of Grayscale Polkadot Trust ETF’s withdrawal; it is presently trading at $0.805. The 24-hour high and low were $0.8126 and $0.7976, respectively. Nonetheless, a 27% rise in trading volume suggested that traders were interested in purchasing the decline.
The top cryptocurrency futures trading platforms that enable complex contract types allow traders to short assets or hedge their holdings in order to manage these high-volatility situations.
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