Grayscale Abandons Altcoin ETF Plans Amid Shift in Regulatory Landscape

Grayscale withdrew its plans to list three altcoin exchange-traded funds (ETFs) on major US exchanges. The company filed Form RW submissions with the Securities and Exchange Commission (SEC) to withdraw the registration statements for the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF.

The withdrawals were accepted by the SEC within 190 seconds, marking a swift end to the current registration process. According to the filings, Grayscale no longer intends to proceed with the planned distribution of shares under those registration statements, stating that none had become effective and that no securities had been issued or sold.

This move follows earlier withdrawals of exchange listing proposals for these funds by NYSE Arca and Nasdaq in September and November 2025. The SEC's approval of generic listing standards in September 2025 allowed qualifying digital asset products to list without a separate Section 19(b) rule change, potentially streamlining the process.