Grayscale Investments has withdrawn its SEC registrations for Cardano (ADA), Hedera (HBAR) and Polkadot (DOT) crypto ETFs. The crypto asset manager claimed it does not intend to proceed with the planned distribution. The prices of HBAR, ADA and DOT all fell in the last 24 hours following Grayscale’s ETF application withdrawals.

Grayscale filed three Form RWs with the U.S. Securities and Exchange Commission (SEC). The crypto asset management firm requested the regulator to remove S-1 submissions for the Grayscale Cardano Trust ETF, then the Grayscale Hedera Trust ETF, and the Grayscale Polkadot Trust ETF. The investment manager company cited Rule 477 under the Securities Act of 1933 to withdraw the respective Form S-1 registration statements, amendments, and exhibits. The S-1s were initially filed in late August and early September last year amid a massive push for crypto ETFs.

In addition, Grayscale also confirmed that none of the registration statements were declared effective. “No securities have been or will be issued or sold pursuant to the Registration Statement or the prospectus contained therein, and no preliminary prospectus contained in the Registration Statement has been distributed,” it added in a statement.

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The crypto market in 2026 has been very difficult to navigate. New reports show that cryptocurrencies are the worst-performing assets so far this year. Bitcoin (BTC) has dipped by 34.6%, while Ethereum (ETH) has fallen by 47%. The larger cryptocurrency market, meanwhile, has fallen by 57.5%. Traditional stocks and precious metals, on the other hand, have rebounded despite geopolitical issues worldwide.