Digital asset manager Grayscale Investments has voluntarily ended the registration process for three proposed altcoin exchange-traded products, submitting withdrawal requests for its Cardano, Hedera, and Polkadot funds in rapid succession.
According to Securities and Exchange Commission (SEC) records, Grayscale submitted three separate Form RW filings on Friday, August 7. The filings were accepted between 4:33:37 p.m. and 4:36:47 p.m. ET, a span of precisely 190 seconds. The submissions cover registration statements for the Grayscale Cardano Trust ETF (No. 333-289948), Grayscale Polkadot Trust ETF (No. 333-289949), and Grayscale Hedera Trust ETF (No. 333-290129).
The filings represent voluntary withdrawal applications under SEC Rule 477, rather than Commission rejections. Grayscale explicitly stated in each document that it no longer intends to proceed with the proposed distribution of shares under the specified registration statements. All three applications confirm that the registrations never became effective, no preliminary prospectuses were distributed, and no securities were issued or sold.
The S-1 withdrawals follow previous exchange-side listing developments. NYSE Arca withdrew its proposed rule change for the Cardano Trust on September 29, 2025, while Nasdaq withdrew corresponding listing proposals for the Polkadot and Hedera trusts on November 3, 2025.
The move does not signal a broader retreat from altcoin products. Grayscale maintains active preliminary filings for Bittensor, Aave, BNB, NEAR, and Zcash, while its Avalanche Staking and Hyperliquid Staking ETFs were declared effective earlier this year. Grayscale provided no commercial or regulatory rationale for the synchronized withdrawals.
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