Grayscale withdrew SEC registration statements for its Cardano, Hedera and Polkadot ETFs on Aug. 7 in a span of 190 seconds. The moves follow earlier exchange-rule withdrawals.
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Grayscale pulled the plug on three planned altcoin exchange-traded products on Aug. 7, withdrawing SEC registration statements for its Cardano, Hedera and Polkadot funds in a span of 190 seconds.
SEC records show the three Form RW submissions were accepted between 4:33:37 p.m. and 4:36:47 p.m. ET. Each is a withdrawal request, not an SEC rejection. Grayscale said it no longer intends to proceed with the planned distribution of shares under those registration statements and confirmed that none had become effective and that no securities had been issued or sold.
The Cardano filing covered registration statement No. 333-289948, originally filed in August 2025. The Hedera request covered No. 333-290129, filed in September 2025. The Polkadot filing covered No. 333-289949, also first filed in August 2025.
Each request gives the same core explanation: the sponsor does not intend to proceed. The documents provide no separate commercial, demand-related or regulatory reason. They also state that no preliminary prospectus had been distributed.
The withdrawals follow earlier exits on the exchange listing side. SEC records show NYSE Arca withdrew its proposed rule change for the Grayscale Cardano Trust on Sept. 29, 2025. Nasdaq's proposed rule changes for the Grayscale Polkadot Trust and Hedera Trust were both withdrawn on Nov. 3, 2025. Those exchange proposals were separate from the S-1 registrations withdrawn on Aug. 7.
The regulatory backdrop shifted after those original exchange proposals were filed. In September 2025, the SEC approved generic listing standards allowing qualifying commodity-based trust shares, including digital asset products, to list without a separate Section 19(b) rule change for each fund.
That faster exchange route does not replace Securities Act registration. A sponsor still needs an effective registration statement before selling shares. That distinction matters here because Grayscale withdrew the S-1 layer itself.
Under Rule 477(b), an application to withdraw an entire registration statement before effectiveness is deemed granted when filed unless the SEC objects within 15 calendar days. The three requests therefore take effect without a separate approval order unless the Commission intervenes during that window.
The withdrawals do not establish that the SEC rejected ADA, HBAR or DOT products. They do not prevent Grayscale from filing again later. SEC records reviewed Aug. 10 show preliminary registrations for Bittensor, Aave, BNB, NEAR and Zcash at different stages. The Zcash registration received its third amendment on July 31.
Grayscale also has altcoin products further along. The SEC declared the Grayscale Avalanche Staking ETF registration effective on March 11 and the Grayscale Hyperliquid Staking ETF registration effective on June 2. Those differing statuses show the Aug. 7 filings are not evidence of a companywide retreat from altcoin exchange-traded products.
What remains unknown is why Grayscale ended these three registrations together. The filings give no explanation beyond the decision not to proceed, leaving claims about investor demand, economics or regulatory resistance unconfirmed.
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