Grayscale has filed Form RW submissions with the U.S. Securities and Exchange Commission requesting permission to withdraw the registration statements for its Cardano, Hedera, and Polkadot Trust ETFs. The filings, submitted on August 7, apply to three separate products. None of the registration statements had become effective, and no securities were issued or sold under any of them.

The withdrawals mark the latest step in a regulatory process that began in early 2025 and was subsequently altered by a shift in SEC listing rules. Grayscale, one of the most prolific crypto ETF issuers following its spot Bitcoin and Ethereum ETF conversions, had been among a wave of asset managers pursuing altcoin-linked ETF products amid shifting regulatory sentiment in Washington.

Exchange-Listing Proposals Began in Early 2025

The regulatory timeline traces back to February 2025, when exchanges first moved to list the products. NYSE Arca filed a proposed rule change for the Cardano ETF that month, while Nasdaq submitted separate 19b-4 proposals for Polkadot and Hedera around the same time. Under the framework then in effect, each product required its own exchange-rule approval from the SEC before it could be listed.

The registration statements followed several months later. Grayscale filed the Cardano S-1 and Polkadot S-1 on August 29, 2025, and submitted the Hedera registration statement on September 9.

Final SEC decision deadlines under the original 19b-4 process had been scheduled for October 26 for Cardano, November 8 for Polkadot, and November 12 for Hedera. None of those deadlines were reached. NYSE Arca withdrew the Cardano proposal on September 29, and Nasdaq pulled the Polkadot and Hedera filings on November 3.

Generic Listing Standards Reshaped the Approval Process

By the time those withdrawals occurred, the regulatory landscape had already changed. On September 17, 2025, the SEC approved generic listing standards for qualifying commodity-based exchange-traded products. The move represented a structural shift in how the commission approaches crypto ETPs, effectively streamlining the path for products that meet standardized criteria rather than requiring bespoke commission review for each filing.

Under the previous system, an exchange seeking to list a new crypto ETF typically had to file a separate 19b-4 proposed rule change for that specific product and await SEC approval. The issuer's S-1 registration statement proceeded in parallel with that exchange-listing process.

The new generic standards modified the first part of that equation. An ETF satisfying the predefined requirements can now be listed by an exchange without a product-specific 19b-4 approval. However, issuers still must file the appropriate registration statement, meaning the S-1 process remains in place.

Registration Statements Remained on File into 2026

This distinction is relevant to Grayscale's current situation. The withdrawal of the earlier 19b-4 proposals for Cardano, Hedera, and Polkadot did not automatically terminate the corresponding S-1 registrations, which remained on file with the SEC into 2026.

The company is now seeking to withdraw those specific registration statements as well. The SEC filings do not indicate that the commission rejected or denied any of the three products.

The withdrawal of the current registrations does not necessarily preclude Grayscale from returning with new Cardano, Hedera, or Polkadot ETF registrations designed to operate under the generic listing framework. The company has not indicated whether it plans to do so. For the broader altcoin ETF sector, the filings illustrate how the transition to generic listing standards has created a transitional period in which earlier applications launched under the prior regime are being unwound or restructured, even as the pathway for new filings under the updated rules remains available.