Grayscale Investments withdrew three S-1 registration statements for its proposed Cardano, Hedera, and Polkadot Trust products on Tuesday, halting a push to bring additional single-asset crypto ETFs to U.S. markets before the SEC could complete its review.
The asset manager filed Form RW withdrawal requests for the Grayscale Cardano Trust (ADA), Grayscale Hedera Trust (HBAR), and Grayscale Polkadot Trust (DOT), according to SEC Edgar records. All three had been filed in late 2024 and early 2025 but had not yet received approval orders or trading effective dates.
The filings pulled
| Trust Product | Ticker | Filing Date | Status |
|---|---|---|---|
| --- | --- | --- | --- |
| Grayscale Cardano Trust | ADA | Dec 2024 | Withdrawn |
| Grayscale Hedera Trust | HBAR | Jan 2025 | Withdrawn |
| Grayscale Polkadot Trust | DOT | Jan 2025 | Withdrawn |
The move mirrors Grayscale's 2023 withdrawal of its Filecoin and Decentraland trust registrations after the SEC signaled reluctance to approve non-Bitcoin, non-Ether spot products. Bitcoin and Ether ETFs remain the only approved single-asset crypto funds in the U.S., with combined net assets above $100 billion.
Price reaction muted
ADA changed hands at $0.188, down 1.5% in the past 24 hours and 2.5% over seven days, with $274.5 million in daily volume and a $7.01 billion market cap ranking it 17th globally. DOT traded at $0.794, off 1.4% on the day and 7% on the week, on $63.4 million of volume and a $1.35 billion market cap at rank 53.
Neither token showed outsized volatility relative to the broader market, which slipped 0.02% to $2.27 trillion in total capitalization. Bitcoin dominance held at 56.3%, Ethereum at 10.0%.
Institutional context
Grayscale's Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) conversions to ETPs set the template: register a trust, seek SEC approval, then list on NYSE Arca or Cboe. The firm manages over $30 billion across its crypto products but has faced repeated SEC pushback on assets beyond BTC and ETH.
Custody for the withdrawn trusts would have been handled by Coinbase Custody Trust Company, the same custodian for GBTC and ETHE. The withdrawals suggest Grayscale is recalibrating its pipeline rather than abandoning it — the firm still holds active filings for a Solana Trust and a XRP Trust, both pending SEC review.
The SEC has until October to rule on 21Shares' Solana ETF filing and Bitwise's XRP ETF application. Canary Capital's Litecoin and Hedera ETF proposals face similar timelines. Market participants are watching whether the new SEC leadership under Chair Paul Atkins will adopt a more permissive stance on altcoin ETFs, but Tuesday's withdrawals indicate issuers are not waiting for clarity.