Grayscale Withdraws Registration for Three Altcoin ETFs in Under 200 Seconds

Grayscale Withdraws Registration for Three Altcoin ETFs in Under 200 Seconds

On August 7, 2026, Grayscale announced the withdrawal of its registration statements for three proposed U.S. altcoin exchange-traded funds (ETFs): the Cardano (ADA) Trust, the Hedera (HBAR) Trust, and the Polkadot (DOT) Trust. This decision marks the conclusion of their registration efforts and was executed through three Form RW filings.

Details of the Withdrawal

The submissions for the withdrawals were processed by the SEC between 4:33:37 p.m. and 4:36:47 p.m. ET, taking exactly 190 seconds. According to Grayscale, the companies involved will not pursue the planned distribution of shares associated with these ETFs. Importantly, the filings clarify that the registrations never became effective and no securities were issued or sold.

Previous Listing Proposals

Grayscale’s actions follow earlier withdrawals of corresponding listing proposals from NYSE Arca and Nasdaq. Specifically, NYSE Arca canceled its proposed rule change for the Grayscale Cardano Trust in September 2025, while Nasdaq withdrew similar proposals for the Polkadot and Hedera trusts in November 2025.

Regulatory Changes Impacting ETFs

The SEC has recently modified its regulatory framework, allowing qualifying crypto products to bypass certain rule change filings necessary for listing. This regulatory shift, implemented in September 2025, has paved the way for a faster listing process for commodity-based trust shares, including those linked to digital assets. However, this does not eliminate the need for an effective registration statement prior to share distribution.

Future Implications for Grayscale

The withdrawals do not signify a rejection by the SEC regarding Cardano, Hedera, or Polkadot funds and do not prevent Grayscale from reapplying in the future. Currently, Grayscale is still pursuing other altcoin products, as indicated by ongoing preliminary registrations for tokens such as Bittensor, Aave, BNB, NEAR, and Zcash.

As it stands, the latest withdrawals do not denote a comprehensive retreat from altcoin ETF offerings at Grayscale, yet the motivation behind withdrawing these three specific registrations remains unclear. The lack of additional context raises questions surrounding market demand or regulatory challenges that may have influenced this decision.