Grayscale Withdraws Plans for ADA Spot ETF Listing

Asset management firm Grayscale submitted withdrawal applications on August 7th, local time, for spot exchange-traded funds (ETFs) of three assets: Cardano (ADA), Polkadot (DOT), and Hedera (HBAR). The applications stated that the sponsor has no intention of proceeding with the planned distribution of trust shares. This withdrawal is a voluntary decision, not a rejection by the U.S. Securities and Exchange Commission (SEC), and the withdrawal application form RW was signed by Interim Chief Financial Officer Kathryn Maschke.

The withdrawal occurred just two days before the August 7th deadline to meet listing qualification requirements. Two days after the withdrawal application, on August 9th, local time, Cardano met the SEC's listing criterion of 'six months of regulated futures trading history.' Cardano futures began trading on the Chicago Mercantile Exchange (CME) on February 9th.

The initial proposal for the Cardano ETF was announced in February 2025, with registration statements for Cardano and Polkadot filed on August 29th of the same year, followed by Hedera's registration statement on September 9th. However, NYSE Arca later withdrew its proposed rule change related to the Cardano fund, and Nasdaq also dropped its listing proposal for Hedera.