Grayscale has withdrawn its US registration statements for proposed exchange-traded funds tracking Cardano, Hedera and Polkadot, abandoning the existing applications for three altcoin investment products as the regulatory framework for listing cryptocurrency ETFs continues to evolve.
The asset manager filed withdrawal requests with the US Securities and Exchange Commission for the proposed Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF and Grayscale Polkadot Trust ETF. The three withdrawals were submitted within minutes of one another on August 7, according to SEC filings and subsequent reports.
Grayscale did not provide a detailed commercial explanation for abandoning the registrations. Importantly, withdrawing the S-1 statements does not prevent the company from submitting new applications in the future, nor does it necessarily mean Grayscale has permanently abandoned plans to offer investment products tied to ADA, HBAR or DOT.
The original applications were filed in 2025. Grayscale submitted its Cardano and Polkadot S-1 registration statements on August 29, 2025, while its Hedera registration followed on September 9, 2025. The products were designed as passive vehicles holding their respective underlying tokens, allowing investors to gain exposure through conventional brokerage accounts.
Regulatory Framework Has Changed Since Original Filings
The timing matters because the US crypto ETF approval process has changed substantially since Grayscale initially submitted the applications.
The SEC approved generic listing standards for commodity-based trust shares in 2025, reducing the need for exchanges to obtain individual approval through the traditional Rule 19b-4 process whenever an eligible crypto product satisfies predetermined requirements.
That change led exchanges to withdraw a number of outstanding 19b-4 applications covering crypto ETFs, because qualifying products could instead proceed through the streamlined listing framework. Registration under the Securities Act remains a separate requirement before shares can be offered to investors.
Grayscale’s withdrawals concern those registration statements rather than an SEC rejection of the underlying cryptocurrencies. There was no adverse SEC order declaring that ADA, HBAR or DOT could not support exchange-traded products.
That distinction is particularly important for Hedera. Canary Capital already operates a separate HBAR ETF registration structure, demonstrating that Grayscale’s decision is issuer-specific rather than a blanket prohibition on HBAR investment vehicles. SEC records show Canary filed a post-effective amendment to its HBAR ETF registration in May 2026.
Grayscale Remains Active Across Crypto ETFs
The withdrawals also do not indicate a broader retreat by Grayscale from altcoin ETFs. The company continues operating and developing multiple digital-asset investment products, including vehicles tied to Bitcoin, Ethereum, Solana and Dogecoin. Its Solana Staking ETF, for example, was preparing further changes in August to distribute net cash proceeds generated from staking rewards to shareholders.
Grayscale’s earlier Polkadot application also contemplated staking DOT if specified regulatory and tax conditions were satisfied, illustrating how the design of crypto ETFs has expanded beyond simply holding tokens in custody.
The withdrawal of three registrations at nearly the same time therefore raises the possibility of portfolio rationalization or a future restructuring under the newer regulatory framework, although Grayscale has not publicly confirmed either explanation.
For ADA, HBAR and DOT holders, the immediate consequence is straightforward: the three specific Grayscale ETFs proposed under the withdrawn registrations will not proceed in their current form.
The broader implication is less definitive. With US crypto ETF rules changing rapidly and competing issuers continuing to pursue products beyond Bitcoin and Ethereum, Grayscale could return with revised filings if market demand and regulatory conditions justify doing so.
For now, the move removes three prospective funds from Grayscale’s ETF pipeline while leaving the door open to another attempt under a substantially different US digital-asset regulatory environment.
