Grayscale Ditches Altcoin ETF Plans in Record Time

Grayscale's plans to list altcoin-based ETFs have hit a roadblock after three registration statements were withdrawn in rapid succession on August 7. The filings for the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF were submitted just 190 seconds apart, starting at 4:33:37 p.m. ET with the Cardano filing. According to EDGAR records, each of the withdrawals cited a lack of intention to proceed with the proposed distribution of shares.

The documents also stated that the registration statements had not been declared effective and that no securities would be issued or sold under them. This is distinct from SEC orders rejecting the proposals, which would have provided more information on the reasoning behind the decision. Instead, these withdrawals appear to be a strategic move by Grayscale to remove the current registration statements.

It's worth noting that related exchange rule proposals for these products were already inactive, with NYSE Arca withdrawing the Cardano proposal in September 2025 and Nasdaq listing the Polkadot and Hedera proposals as withdrawn in November 2025. These withdrawals did not affect the current registration statements, which have now been withdrawn.