Grayscale Withdraws Cardano, Hedera, and Polkadot Trust Registration Statements

Grayscale has withdrawn its registration statements for Cardano, Hedera, and Polkadot Trust products. The withdrawals were filed on Form RW on August 7, 2026, with Grayscale stating that it does not intend to proceed with the planned distributions.

This is a significant development in the altcoin ETF space, where speculation has been running high. A Grayscale trust-to-ETF path would have been a meaningful development for these assets, which have large communities and long histories.

However, it's essential to note that this withdrawal does not mean SEC rejection or ETF approval. The filing itself says Grayscale is no longer pursuing those specific distributions under the filed registration statements.

The withdrawals also matter for HBAR and DOT holders, as they have institutional-style narratives around enterprise networks and governance council history, respectively. ETF access would have given these narratives a regulated investment wrapper, but that wrapper is not moving forward through these Grayscale filings for now.