Grayscale Drops Altcoin Spot ETF Filings for ADA, HBAR and DOT

Asset manager Grayscale Investments has reportedly dropped its plans for Cardano, Hedera, and Polkadot spot ETFs within just three minutes. The company submitted the filings to withdraw all three spot altcoin ETFs on August 7, 2026.

Although this is a bearish development, it hasn't delivered a shock to the price of ADA, HBAR and DOT.

Grayscale withdraws three altcoin ETF filings

According to an X post shared by Wu Blockchain earlier today, investment giant Grayscale has pulled back its applications to launch three altcoin ETFs linked to Cardano, Hedera, and Polkadot. All three applications were withdrawn on the same day, with only a few minutes between each filing.

It is worth noting that the company filed the S-1 registration statements with the SEC for the Cardano and Polkadot ETFs on August 29, 2025. A few weeks later, on September 9, 2025, it filed for the Hedera ETF. As the SEC hasn’t approved the applications even after nearly one year, the company withdrew them without citing actual reasons for the move.

Grayscale had also submitted separate 19b-4 filings to get the proposed altcoin ETFs listed on the Nasdaq and NYSE Arca. However, the company had withdrawn these applications several months before its move to drop the SEC filings.

In the latest filings, the asset manager has made it clear that it is not moving forward with these altcoin ETFs. For example, Grayscale stated in its HBAR filing:

“The grounds upon which the Sponsor is making this application for withdrawal are that the Sponsor does not intend to proceed with the planned distribution of the Trust’s shares registered by the Registration Statement.”

Grayscale’s altcoin ETF strategy

Significantly, Grayscale’s latest move has sparked growing concerns about Grayscale’s broader altcoin ETF strategy. But it should be noted that the ADA, HBAR, and DOT ETF withdrawals do not necessarily mean that the company is moving away from altcoins altogether.

While the Bitcoin and Ethereum funds of Grayscale remain active, the company also has other altcoin ETFs and filings in the works. This indicates that the investment manager is reassessing its altcoin ETFs rather than making a broader exit from the market.

Despite the recent withdrawal, the company has already launched several large altcoin ETFs. Grayscale’s XRP Trust ETF (GXRP) and Dogecoin Trust ETF (GDOG) are officially launched and listed on the NYSE Arca. The firm also offers funds linked to altcoins such as Solana, Avalanche, and Hyperliquid, including staking-focused ETFs. In addition, Grayscale’s Digital Large Cap Fund (GDLC) provides investors exposure to multiple assets like XRP, Solana, and Cardano.

ADA, HBAR, and DOT prices react differently to the ETF withdrawals

Grayscale’s move to pull back the altcoin ETF filings has not made a significant impact on prices. However, it does raise concerns about the future demand and institutional interest in ADA, HBAR, and DOT.

As of press time, the ADA price is marked at $0.1973, down by a marginal 0.5% in a day. However, ADA has seen notable upticks of 7% and 18% over the past week and month, respectively. This indicates that the altcoin has maintained a larger positive trend despite Grayscale’s recent move.  

At the same time, the HBAR price maintains a modestly negative sentiment. The token is currently valued at $0.068, down by less than 1% in the last 24 hours. The token's price is down roughly 2% in the last month.

Meanwhile, Polkadot is seeing mixed price action. The DOT price has fallen by about 8% over the last 30 days, but has seen a 2.5% increase in the last 7 days.