Altcoin Spot ETF Expected to Be Approved Was Quietly Withdrawn – An Overlooked Development

Grayscale’s long-awaited Hedera (HBAR) ETF application has been quietly and suddenly withdrawn.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), covered the rule change process required for Nasdaq to list Grayscale Hedera Trust. However, a “Withdrawn on November 3, 2025” note in the status section of the filing revealed that the process had been completely halted.

This development means Grayscale has withdrawn its application before the November 12th decision deadline. With the application no longer active, the SEC has no more filings to approve, reject, or postpone. This effectively eliminates the anticipated HBAR ETF decision. The market’s days-long countdown has ended without a decision being announced, and the process is closed unless a new application is submitted.

This ETF initiative, which generated great anticipation in the cryptocurrency community, has ended in this way and is seen as a serious disappointment for investors.

So far, no official statement has been released by Grayscale or Nasdaq. However, the SEC filings clearly indicate that the application has been withdrawn, indicating that the process has been definitively concluded. However, the possibility of a new application has not been ruled out.

*This is not investment advice.