Grayscale Investments has withdrawn the registration statements for its proposed Cardano, Hedera and Polkadot exchange-traded funds, submitting three Form RW requests to the U.S. Securities and Exchange Commission on August 7. The filings arrived within a 190-second window and formally close registration efforts that began in late summer 2025.

SEC records show the Cardano Trust ETF withdrawal was accepted at 4:33:37 p.m. ET, followed by the Hedera Trust ETF at 4:34:55 p.m. and the Polkadot Trust ETF at 4:36:47 p.m. Each document cites Rule 477 of the Securities Act of 1933 and states that the sponsor does not intend to proceed with the planned distribution of the trusts’ shares.

The company also confirmed that none of the three registration statements had been declared effective, that no securities had been issued or sold under them, and that no preliminary prospectus had been distributed.

Original Filings and Earlier Exchange Withdrawals

The Cardano and Polkadot S-1 registration statements were first submitted on August 29, 2025. The Hedera S-1 followed on September 9, 2025. Separate exchange listing proposals, required at the time to enable trading, were later withdrawn by the exchanges themselves.

NYSE Arca pulled its proposed rule change for the Cardano product on September 29, 2025. Nasdaq withdrew its proposals for the Polkadot and Hedera products on November 3, 2025. Those actions left the S-1 registrations without active exchange pathways.

In September 2025 the SEC approved generic listing standards for qualifying commodity-based trust shares, including certain digital-asset products. The new framework allows eligible products to list without a separate product-specific 19b-4 filing. It does not, however, eliminate the need for an effective Securities Act registration statement before shares can be sold. Grayscale’s decision to withdraw the S-1 layer itself therefore ends the current registration process regardless of the generic listing option.

No Formal Rejection and Remaining Pipeline

The Form RW submissions are voluntary withdrawals, not SEC rejections or denials. Under Rule 477(b),an application to withdraw an entire registration statement before effectiveness is generally deemed granted when filed unless the Commission objects within 15 calendar days. The three requests therefore take effect in the ordinary course absent intervention.

Grayscale continues to maintain other altcoin-related registrations at varying stages. Preliminary filings for Bittensor, Aave, BNB, NEAR and Zcash remain on record. Two staking-linked products have already reached effectiveness: the Avalanche Staking ETF on March 11, 2026, and the Hyperliquid Staking ETF on June 2, 2026. Bitcoin and Ethereum trust products were unaffected by the August 7 actions.

Market data around the announcements showed mixed short-term price movement in the three tokens, with some reports noting declines of roughly 2 percent and others recording limited reaction. Trading volume in one of the assets rose notably in the following session.

Administrative Close-Out After Long Inactivity

The registrations had sat inactive for many months after the related exchange proposals were withdrawn. Keeping the S-1 statements open offered limited practical benefit once the listing track had closed. The simultaneous Form RW filings close those dormant processes in a single administrative step.

Nothing in the documents provides a commercial, demand-related or regulatory rationale beyond the stated decision not to proceed. The withdrawals do not prevent Grayscale from submitting new registration statements for the same or similar products at a later date if conditions change.

The 15-day window under Rule 477(b) for potential SEC objection runs into late August. Attention now turns to the status of Grayscale’s remaining active altcoin registrations and any future exchange-side developments rather than to the three closed filings.