Grayscale has withdrawn three U.S. Securities and Exchange Commission registration filings for its proposed Cardano, Hedera, and Polkadot ETFs, formally ending the registration process after related exchange listing proposals had already been pulled. The move narrows the pipeline of pending U.S. altcoin ETF applications at a time when the SEC has approved spot exchange-traded products for only a handful of digital assets, including Bitcoin and Ethereum.

The crypto asset manager submitted three Form RW withdrawal requests to the SEC on Aug. 7, 2026, completing all three filings within approximately 190 seconds. Grayscale cited Rule 477 — a standard Securities Act provision that allows issuers to withdraw registration statements before they become effective — and stated that it would not proceed with planned share distributions, without providing further explanation.

Three Trust ETF Registrations Pulled in Rapid Succession

The SEC filings covered the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF, and Grayscale Polkadot Trust ETF. Grayscale confirmed that none of the registration statements had become effective prior to the withdrawals.

The Cardano withdrawal was filed at 4:33:37 p.m. ET, followed by the Hedera request at 4:34:55 p.m. ET. The Polkadot withdrawal was submitted at 4:36:47 p.m. ET, placing all three requests within just over three minutes.

Exchange Listing Proposals Previously Withdrawn

Grayscale initially filed the Cardano and Polkadot S-1 registrations on Aug. 29, 2025. The company filed the Hedera S-1 registration on Sept. 9, 2025. However, the corresponding exchange listing proposals — known as 19b-4 filings, which exchanges submit to request SEC approval to list and trade the fund shares — were subsequently withdrawn, leaving the registration process without active paths to listing.

NYSE Arca withdrew the Cardano listing proposal on Sept. 29, 2025. Nasdaq then withdrew the Polkadot and Hedera listing proposals on Nov. 3, 2025. Grayscale later withdrew the remaining S-1 registrations under Rule 477.

ADA, HBAR, and DOT Prices Decline

The withdrawal filings coincided with price declines across all three assets. ADA fell more than 2% over a 24-hour period, trading around $0.196, with an intraday low of $0.194 and a high of $0.199. Coinglass data showed ADA futures open interest rising nearly 1% over four hours, reaching approximately $477.88 million, with buying activity across derivatives exchanges.

HBAR dropped 2.24% to $0.068, bringing its two-month decline to more than 30%. DOT also fell nearly 2%, trading around $0.805, with a 24-hour low of $0.7976 and a high of $0.8126. DOT trading volume increased 27% over the same period, according to the data.

Grayscale still holds other early-stage altcoin ETF registrations tied to Bittensor, Aave, BNB, Near Protocol, and Zcash, leaving open whether those filings will advance or meet a similar fate. The SEC filing for the Polkadot withdrawal is available here.