Grayscale Ditches Three Major Altcoin ETF Registrations

Grayscale quietly withdrew its registrations for three major altcoin ETFs in a span of just 190 seconds on August 7, according to EDGAR filing records. The affected products were the Grayscale Cardano Trust ETF, the Grayscale Hedera Trust ETF, and the Grayscale Polkadot Trust ETF. The withdrawals were made through Form RW filings, which stated that the registrations were not effective and no shares had been issued or sold.

The EDGAR records show that the sequence of withdrawals began with the Cardano ETF at 4:33:37 p.m. ET, followed by the Hedera ETF at 4:34:55 p.m., and finally the Polkadot ETF at 4:36:47 p.m. The Form RWs for each product cited the same operative explanation, stating that Grayscale did not intend to proceed with the proposed distribution of shares.

Other Grayscale altcoin registrations remain in a preliminary stage, including those for Bittensor, Aave, BNB, NEAR, and Zcash. However, two other products, the Grayscale Avalanche Staking ETF and the Grayscale Hyperliquid Staking ETF, had reached a later registration milestone and were declared effective by the SEC on March 11 and June 2, respectively.

The withdrawals reduce the number of Grayscale ETF registrations while leaving other filings at different stages. The reason for the withdrawals is not specified beyond Grayscale's decision not to proceed with the proposed distribution of shares.