In just 190 seconds, Grayscale quietly pulled the plug on three major altcoin ETFs
Three Grayscale ETF registrations for deliberate altcoin merchandise have been withdrawn in filings accepted just 190 seconds aside on Aug. 7.
The sequence started with the Grayscale Cardano Trust ETF at 4:33:37 p.m. ET, adopted by the Grayscale Hedera Trust ETF at 4:34:55 p.m. and the Grayscale Polkadot Trust ETF at 4:36:47 p.m., in response to EDGAR submitting data.
The Cardano, Hedera and Polkadot Form RWs give the similar operative rationalization: Grayscale doesn’t intend to proceed with the proposed distribution of shares. The requests additionally state that the registration statements had not been declared efficient, that no securities had been or can be issued or offered below them, and that no preliminary prospectus had been distributed.
The paperwork are requests to withdraw the three S-1 registration statements below Rule 477, not SEC orders rejecting the proposed ETFs. They present no separate industrial or regulatory cause for ending the registrations.
The associated product-specific trade rule proposals have been already inactive. SEC data present NYSE Arca withdrew the Cardano proposal on Sept. 29, 2025, whereas Nasdaq’s data record the Polkadot and Hedera proposals as withdrawn on Nov. 3, 2025.
Those proposals lined whether or not an trade may record and commerce the merchandise, whereas the three Grayscale ETF registrations lined the proposed public providing of their shares. The Aug. 7 withdrawals have been due to this fact a separate step that removes the present registration statements.
The SEC had accepted generic exchange listing standards for qualifying commodity-based belief shares in September 2025. Eligible spot digital-asset merchandise can use these requirements with no product-specific Section 19(b) proposal, however the change didn’t make a registration assertion efficient or remove Securities Act necessities.
Other Grayscale ETF registrations stay preliminary
Other proposed Grayscale altcoin registrations stay at an earlier stage.
As of an Aug. 8 overview of EDGAR data, registration statements for proposed Bittensor, Aave and BNB exchange-traded merchandise remained preliminary and had not turn into efficient.
Cited registration statements for proposed NEAR and Zcash merchandise additionally remained preliminary. That standing doesn’t set up trade approval or launch readiness.
Two Grayscale altcoin staking products had reached a later registration milestone. The SEC declared the registration statements for the Grayscale Avalanche Staking ETF and Grayscale Hyperliquid Staking ETF efficient on March 11 and June 2, respectively. The effectiveness notices alone don’t set up when both product started buying and selling.
The withdrawals scale back the variety of Grayscale ETF registrations whereas leaving different filings at totally different levels. Because the requests state no motive past the choice to not proceed, they don’t present whether or not demand, regulation or one other consideration drove the withdrawals.
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