Grayscale Pulls Cardano, Hedera and Polkadot ETF Filings Within 190 Seconds

Grayscale has withdrawn its exchange-traded fund (ETF) registration efforts tied to Cardano (ADA), Hedera (HBAR) and Polkadot (DOT), ending three separate attempts to bring the tokens to U.S. markets without offering an explanation. SEC records show the firm filed Form RW requests on Aug. 7 between 4:33 p.m. and 4:36 p.m. ET to withdraw the S-1 registration statements for the Grayscale Cardano Trust ETF, the Grayscale Hedera Trust ETF and the Grayscale Polkadot Trust ETF. The timestamps came in rapid succession: 4:33:37 p.m. for Cardano, 4:34:55 p.m. for Hedera and 4:36:47 p.m. for Polkadot—roughly a 190-second span. The three Form RW filings used the same wording, stating that "Grayscale does not intend to proceed with the proposed distribution of shares." The requests were made voluntarily under SEC Rule 477, not the result of SEC rejection. None of the registrations had been declared effective, no securities were issued or sold, and no preliminary prospectus was circulated. The move marks a notable change in direction from earlier this year, when Grayscale filed for Cardano and Polkadot trust registrations in the spring amid a broader wave of altcoin ETF applications. The related exchange listing proposals had already faced setbacks: NYSE Arca withdrew its Cardano listing proposal in September last year, and Nasdaq pulled its Polkadot and Hedera proposals a few months later. Grayscale has not commented publicly. Market participants point to several possible drivers, including limited demand for single-asset ADA, HBAR and DOT products, a decision to focus resources on higher-priority filings, or a broader reassessment of which altcoins currently justify a dedicated U.S.-listed vehicle. The withdrawals do not indicate an exit from crypto ETFs overall. Grayscale filed a preliminary S-1 for a Worldcoin ETF as recently as July, and its Hyperliquid Staking ETF launched a couple of months ago with the lowest sponsor fee among U.S.-listed HYPE products. Two days before the withdrawals, Grayscale's head of research warned that the U.S. could face a crypto "exodus" if the CLARITY Act fails to pass the Senate, arguing that investment and startup activity may migrate to more favorable jurisdictions without comprehensive market-structure rules. For ADA, HBAR and DOT holders looking for a U.S.-listed spot product, a Form RW withdrawal does not preclude a future refile. Grayscale or another issuer could return if demand strengthens or regulatory conditions shift.