Grayscale pulls Cardano, Hedera and Polkadot ETF filings

On Aug. 7, Grayscale filed three Form RW submissions with the Securities and Exchange Commission to withdraw S-1 registration statements for single-asset exchange-traded funds tied to Cardano (ADA), Hedera (HBAR) and Polkadot (DOT). The withdrawals were submitted within a 190-second window: the Cardano filing at 4:33:37 p.m. ET, Hedera at 4:34:55 p.m. ET, and Polkadot at 4:36:47 p.m. ET.

Each Form RW used identical language stating that “Grayscale does not intend to proceed with the proposed distribution of shares.” The filings were voluntary requests made under SEC Rule 477. According to the filings, none of the three registration statements had been declared effective, no securities were issued or sold and no preliminary prospectus had been distributed to investors.

The withdrawals covered the Grayscale Cardano Trust ETF, Grayscale Hedera Trust ETF and Grayscale Polkadot Trust ETF. Exchanges had previously removed related listing proposals: NYSE Arca withdrew a Cardano listing last September and Nasdaq removed Polkadot and Hedera listings in the months that followed.

Grayscale did not provide a public explanation for the withdrawals. Two days earlier, a Grayscale research note warned that the United States risks a crypto “exodus” if the CLARITY Act does not pass the Senate, saying investment and startup activity could move to more permissive jurisdictions.

The firm has continued other ETF activity. In July it filed a preliminary S-1 for a Worldcoin ETF. Grayscale also launched a Hyperliquid Staking ETF in recent months and described that product as having a low sponsor fee within its HYPE lineup.

Because Form RW withdrawals are voluntary, Grayscale or other issuers may refile registration statements for ADA, HBAR and DOT in the future if investor demand or regulatory conditions change. The SEC records and the text of the Form RW filings are the primary public documentation of the action.