The Grayscale altcoin ETF withdrawals covering Cardano, Polkadot and Hedera were filed voluntarily on 7 August, with all three Form RW submissions accepted by the SEC in a span of 190 seconds, between 4:33:37 p.m. and 4:36:47 p.m. ET. The filings were not rejections and leave the door open for re-filings.
Three Registrations Gone, No Securities Ever Sold
The withdrawals, made by Grayscale Investments Sponsors, LLC, a subsidiary of Grayscale Investments, cover registration statement No. 333-289948 (Cardano, originally filed August 2025), No. 333-289949 (Polkadot, August 2025), and No. 333-290129 (Hedera, September 2025).
Each Form RW gives the same explanation: the sponsor does not intend to proceed with the planned share distribution. None of the three registrations had become effective, no preliminary prospectus had been distributed, and no securities were issued or sold. The filings provide no commercial, demand-related, or regulatory rationale.
Under Rule 477(b) of the Securities Act, a withdrawal request filed before effectiveness is deemed granted automatically unless the SEC objects within 15 calendar days. Barring Commission intervention, all three are effectively closed.
What the Grayscale Altcoin ETF Withdrawals Actually Mean for the Regulatory Picture
The exchange-listing proposals for these products had already been wound down before the S-1 layer was pulled. SEC records for SR-NYSEARCA-2025-12 show NYSE Arca’s proposed rule change for the Grayscale Cardano Trust, governed by NYSE Arca Rule 8.201-E and modified by Amendment No. 2, was withdrawn on 29 September 2025. Nasdaq’s corresponding proposals for the Polkadot and Hedera trusts followed on 3 November 2025.
The regulatory context shifted after those proposals were filed. On 17 September 2025, the SEC approved generic listing standards covering proposed rule changes from Nasdaq (SR-NASDAQ-2025-056), Cboe BZX Exchange (SR-CboeBZX-2025-104), and NYSE Arca (SR-NYSEARCA-2025-54), published as Exchange Act Release No. 34-103995 at 90 Fed. Reg. 45414 on 22 September 2025.
The practical consequence: qualifying crypto products can now list on those exchanges without a separate Section 19(b) rule change for each fund. Goodwin Law’s analysis of the order described it as effectively removing the mechanism the SEC had used for years to block crypto ETPs. Dechert’s review noted, however, that some ETPs fall outside the generic standards’ scope and will still require separate SEC listing approval.
The faster listing route does not bypass Securities Act registration. A sponsor still needs an effective S-1 before shares can be sold, which is precisely the layer Grayscale removed on 7 August. The SEC’s generic listing standards order specifies that each commodity held by a qualifying trust must meet at least one of three eligibility criteria before the streamlined path applies.
What Remains in the Grayscale Pipeline
The three withdrawals are not evidence of a companywide retreat. As of 10 August, SEC records show preliminary registrations for Bittensor, Aave, BNB, NEAR and Zcash at various stages; the Zcash registration received its third amendment on 31 July. Further along, the SEC declared the Grayscale Avalanche Staking ETF registration effective on 11 March and the Grayscale Hyperliquid Staking ETF effective on 2 June.
What the ADA, DOT and HBAR filings share is a conspicuous absence: no explanation. Investor demand, unit economics, and regulatory resistance are all unconfirmed as drivers. The 190-second window in which three separate Form RWs were accepted suggests a co-ordinated, deliberate clean-up rather than a reaction to any single external event.
Grayscale can re-file for any of these three at any time. Whether it does may depend on how the generic listing standards perform in practice for the products currently sitting at the effective stage, and whether ADA, DOT or HBAR clear the commodity-eligibility criteria when the next application is assessed.
