Grayscale has withdrawn U.S. registration statements for three proposed altcoin exchange-traded funds tied to Cardano, Hedera and Polkadot, halting the current launch path for those products. The filings were submitted on Aug. 7 through three separate Form RW requests filed with the U.S. Securities and Exchange Commission.
The documents make clear this was a withdrawal of unfinished registrations rather than a rejection by the SEC. Grayscale said the statements never became effective and that no shares were issued or sold under them, meaning the company can still return with new filings later.
Three filings submitted within minutes
SEC records show the withdrawal requests for the Cardano, Hedera and Polkadot products were accepted between 4:33:37 p.m. and 4:36:47 p.m. ET, covering a total span of 190 seconds.
In each filing, Grayscale said it no longer intended to proceed with the planned distribution of shares under the relevant registration statement. Because the registrations had not taken effect and no securities had been sold, the move closes the current process without unwinding an active fund launch.
Why the distinction matters
The withdrawals should not be read as formal SEC denials of the three products. Under Rule 477(b), a request to withdraw an entire registration statement before it becomes effective is deemed granted when filed unless the SEC objects within 15 calendar days.
That procedural point is important because it leaves the door open for Grayscale to refile. The Aug. 7 action ends these specific registrations, but it does not by itself determine the long-term fate of ADA, HBAR or DOT exchange-traded products in the U.S. market.
ETF rules changed after the original proposals
The regulatory setting has shifted since the related exchange listing proposals were first submitted. In September 2025, the SEC approved generic listing standards for qualifying commodity-based trust shares, including digital asset products, allowing them to list without a separate Section 19(b) rule change for each individual fund.
That streamlined exchange path does not eliminate the need for a Securities Act registration. A product sponsor still needs an effective registration statement before shares can be offered, which is why Grayscale's decision to withdraw the S-1 layer is the key event in this case.
The source article also notes that NYSE Arca and Nasdaq had already withdrawn the corresponding listing proposals for these funds during September and November 2025.
Other altcoin products remain in play
The three withdrawals do not appear to signal a broader retreat from altcoin ETF plans by Grayscale. SEC records reviewed on Aug. 10 still showed preliminary registrations for Bittensor, Aave, BNB, NEAR and Zcash at various stages, with the Zcash registration having received its third amendment on July 31.
Some Grayscale altcoin products are also further along than the withdrawn filings. The SEC declared the Grayscale Avalanche Staking ETF registration effective on March 11, and the Grayscale Hyperliquid Staking ETF registration effective on June 2.
What is still unknown
The filings themselves do not explain why Grayscale chose to end all three registrations together. Beyond stating that it no longer intends to proceed with the planned share distributions, the company provided no reason in the withdrawal requests.
As a result, claims about demand, economics or regulatory pressure remain unconfirmed based on the available records. The next confirmed step is procedural: unless the SEC objects within the 15-day window described in Rule 477(b), the withdrawals stand, while Grayscale retains the option to file again in the future.
Source: crypto.news