Grayscale Withdraws Three Altcoin ETF Registrations

Grayscale has withdrawn registration statements for proposed exchange-traded funds tracking Cardano, Hedera and Polkadot. The asset manager submitted all three withdrawal requests to the U.S. Securities and Exchange Commission on August 7.

The filings ended the current registration process for the three proposed products. Grayscale did not provide a broader explanation for withdrawing the registrations or indicate whether it could pursue similar products later.

Cardano, Hedera and Polkadot Filings Withdrawn

The Grayscale Cardano Trust ETF and Grayscale Polkadot Trust ETF registration statements were initially filed on August 29, 2025. The Grayscale Hedera Trust ETF followed with its initial registration statement on September 9, 2025.

SEC records show the Cardano, Hedera and Polkadot withdrawal filings were submitted within minutes of each other. The SEC accepted all three withdrawal filings within minutes of each other.

Grayscale Says Planned Distributions Will Not Proceed

Each Form RW gives the same reason for the withdrawal. Grayscale said it “does not intend to proceed with the planned distribution” of shares covered by the registration statements.

The filings also state that none of the registration statements had become effective and that no securities had been issued or sold under them.

Withdrawals Apply to the Proposed ETF Registrations

The filings formally withdraw the S-1 registration statements for the three proposed funds rather than announcing changes to the Cardano, Hedera or Polkadot networks themselves. Grayscale also did not cite regulatory rejection, market conditions or demand for the tokens as reasons for its decision.

The withdrawals come while Grayscale continues pursuing other digital asset products. SEC records show separate registration filings for products linked to assets including Aave, BNB, NEAR and Zcash, indicating the three withdrawals do not represent an exit from altcoin-focused ETFs more broadly.