Grayscale Abruptly Axes Three Major Altcoin ETF Registrations
Grayscale quietly withdrew its registration for three major altcoin ETFs in just 190 seconds. The withdrawals included Cardano, Hedera, and Polkadot. According to EDGAR records, the sequence began with the Grayscale Cardano Trust ETF at 4:33:37 p.m. ET on August 7, followed by the Grayscale Hedera Trust ETF at 4:34:55 p.m., and the Grayscale Polkadot Trust ETF at 4:36:47 p.m.
The Form RWs for each of the withdrawn registrations stated that Grayscale does not intend to proceed with the proposed distribution of shares. The registration statements were not declared effective, and no securities had been or would be issued or sold under them.
The withdrawals do not provide a reason for ending the registrations, but related product-specific exchange rule proposals for these altcoins had already been inactive since last year. SEC records show that NYSE Arca withdrew the Cardano proposal on September 29, 2025, and Nasdaq's records list the Polkadot and Hedera proposals as withdrawn on November 3, 2025.