Altcoin Spot ETF Expected to Be Approved Was Quietly Withdrawn – An Overlooked Development

Grayscale's long-awaited Hedera (HBAR) ETF application has been quietly and suddenly withdrawn. File number SR-NASDAQ-2025-021, a legal filing with the U.S. Securities and Exchange Commission (SEC), was meant to cover the rule change process required for Nasdaq to list the Grayscale Hedera Trust. However, the status section of the filing now includes a note stating “Withdrawn on November 3, 2025”, which reveals the process has been completely halted.

This development means that Grayscale has chosen to withdraw its application before the November 12th decision deadline. With the application no longer active, the SEC has no filings to approve, reject, or postpone. The anticipated HBAR ETF decision has thus been effectively eliminated. The market's days-long countdown has ended without any decision being announced, and the process is now closed unless a new application is submitted.

This ETF initiative had generated great anticipation in the cryptocurrency community, but its abrupt conclusion is seen as a serious disappointment for investors. The project's ending has left many in the industry questioning the motives behind Grayscale's withdrawal.

So far, no official statement has been issued by either Grayscale or Nasdaq. However, the SEC filings provide a clear indication that the application has been withdrawn, marking the process as definitively concluded.

Despite the withdrawal, the possibility of a new application has not been entirely ruled out by Grayscale. Investors and industry observers remain eager to see if the company will make a renewed effort in the future.