Grayscale has withdrawn registration filings for three crypto exchange-traded funds tied to Cardano (ADA), Polkadot (DOT) and Hedera (HBAR), according to CoinDesk. The three withdrawals were submitted within four minutes of each other late last Friday.
Three withdrawals filed within minutes
The three ETF proposals were filed at different stages in 2025. Grayscale put forward the Cardano and Polkadot products in February and submitted registration documents for both on Aug. 29. The Hedera filing followed on Sept. 9.
Between Aug. 7 and Aug. 8, Grayscale then submitted the withdrawal requests in a four-minute span. The firm said only that it had no intention of continuing with the originally planned launches, without offering a more specific reason.
Timing matched deep declines in the underlying tokens
The report noted that the timing of the withdrawals lined up with sharp drawdowns in the three tokens. Since February 2025, ADA has fallen about 70%, DOT about 80%, and HBAR more than 70%.
All three withdrawn products were single-asset ETFs tied to smaller altcoins that had seen heavier losses.
Bitcoin and Ethereum products remain in place
Grayscale has not pulled back from ETFs more broadly. The company still maintains 17 listed ETF products, including a Bitcoin Mini Trust, an Ethereum staking mini ETF and a Hyperliquid staking ETF.
In contrast, the products that were withdrawn were all single-asset ETFs linked to smaller altcoins. The report said the move points to cooling demand for small-cap altcoin ETFs during a prolonged period of weak token prices, while Bitcoin- and Ethereum-related products continue to expand.
ABMedia also cited an earlier report from Chain News saying Bitcoin and Ethereum ETFs had once pulled in $1.1 billion in a single week, adding another sign that capital has been concentrating in the largest crypto assets.