What to know:
- Grayscale withdrew Cardano, Hedera, and Polkadot ETF registrations on August 7, removing three proposed offerings.
- SEC accepted the three Grayscale ETF withdrawal filings just 190 seconds apart on August 7.
- No shares were issued or sold, while Bittensor, Aave, BNB, NEAR, and Zcash filings remain under review.
Grayscale ETF registrations for planned Cardano, Hedera, and Polkadot products have been withdrawn, removing three proposed altcoin offerings from the company’s current pipeline. In addition to the withdrawal of the respective registrations, SEC filings accepted in 190 seconds on August 7 cannot be regarded as regulatory rejection orders concerning the products.
The process began with the Grayscale Cardano Trust ETF (registration removed at 4:33:37 p.m. Eastern Time). The following ETFs were withdrawn at 4:34:55 p.m. and 4:36:47 p.m. Eastern Time, Grayscale Hedera Trust ETF and Grayscale Polkadot Trust ETF, respectively. Form RW filings indicated Rule 477 and showed that the shares would not be distributed under the registrations, which had been ineffective.
The filings further stated that no securities had been issued or sold under the registrations and that no preliminary prospectuses had been distributed. As for Grayscale, the company did not provide any explanation why the proposed products were removed from the pipeline of its ETFs. Therefore, the withdrawal does not mean anything about the reason for it.
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Grayscale ETF Withdrawals Follow Earlier Exchange Actions
The latest Grayscale ETF withdrawals followed earlier changes involving exchange-level proposals for the three products. According to the SEC records, the Cardano listing proposal was withdrawn by NYSE Arca on September 29, 2025. According to the Nasdaq records, the proposals for the Polkadot and Hedera products were withdrawn on November 3, 2025.
These proposals and ETF registration statements played different roles in the regulation. The former dealt with the issues of listing and trading of the products, whereas the latter related to their offering. The mentioned August 7 withdrawals mean an independent regulatory action that results in the removal of the current registration statements from consideration.
The broader regulatory environment has also changed since Grayscale began pursuing several altcoin products. In September 2025, the SEC approved generic listing standards for qualifying commodity-based trust shares. Eligible spot digital-asset products can potentially use those standards without separate product-specific Section 19(b) proposals, although issuers must still satisfy Securities Act registration requirements before launching.
Other Grayscale ETF Filings Remain Under Review
As of Aug. 8, other Grayscale altcoin registrations remained at different stages. Proposed products tied to Bittensor, Aave, BNB, NEAR, and Zcash were still preliminary, while the Grayscale Avalanche Staking ETF and Hyperliquid Staking ETF had already reached effectiveness milestones. The withdrawals narrow one part of Grayscale’s pipeline rather than ending its altcoin ETF strategy.
The withdrawals remove registration statements but do not establish that Grayscale ETF has abandoned ADA, HBAR, or DOT products. The filings provide no evidence identifying demand, regulation, or another factor as the reason. Next developments to watch are replacement registrations, revised structures, or additional exchange filings for these assets.
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