Key Highlights
- Grayscale filed to withdraw registration statements for its Cardano, Polkadot, and Hedera Trust ETFs under SEC Rule 477.
- The three registration statements had not become effective, and no shares had been issued, sold, or distributed under them.
- Grayscale gave no specific reason beyond stating that it no longer intends to proceed with the planned distributions.
Grayscale Investments Sponsors, LLC, a subsidiary of Grayscale Investments, submitted three separate Form RW requests for withdrawal to the U.S. Securities and Exchange Commission (SEC) on August 7, 2026. The filings concern the Grayscale Cardano Trust ETF, Grayscale Polkadot Trust ETF, and Grayscale Hedera Trust ETF.
For the Grayscale Cardano Trust ETF, the sponsor requested consent to withdraw the Registration Statement on Form S-1, File No. 333-289948. That registration statement was initially filed with the Commission on August 29, 2025, and later amended.
For the Grayscale Polkadot Trust ETF, the sponsor submitted an identical request structure for File No. 333-289949. The registration statement was also initially filed on August 29, 2025, and subsequently amended.
For the Grayscale Hedera Trust ETF, the sponsor requested withdrawal of the Registration Statement on Form S-1, File No. 333-290129. That filing was initially submitted on September 9, 2025, and later amended.
The Crypto Times tried to reach out to Grayscale for a comment on the matter, but it did not respond at the time of publication.
Details of the withdrawal
The requests were made pursuant to Rule 477 under the Securities Act of 1933.
Grayscale said it no longer intends to proceed with the planned distribution of the shares registered under the respective registration statements.
The sponsor confirmed that the Registration Statement has not been declared effective, that no securities have been or will be issued or sold pursuant to the Registration Statement or the prospectus contained therein, and that no preliminary prospectus contained in the Registration Statement has been distributed.
Each request identifies Grayscale Investments Sponsors, LLC, as the sponsor of the respective trust, and each letter is signed by the sponsor in that capacity.
The documents contain no additional explanations for the decision beyond the statement that the sponsor does not intend to proceed with the planned distribution.
Other crypto ETF withdrawals
Grayscale joins the list of companies withdrawing ETFs.
In November 2025, CoinShares filed requests to withdraw its proposed XRP ETF, Solana Staking ETF, and Litecoin ETF. The letters confirmed that no securities had been sold under the registrations.
In May 2026, Yorkville America Equities withdrew registration statements for the Truth Social Bitcoin ETF, Truth Social Bitcoin & Ethereum ETF, and Truth Social Crypto Blue Chip ETF. The sponsor stated it would not pursue the public offerings at that time and noted the statements had not been declared effective.
Bitwise withdrew the registration for its Bitcoin & Ethereum ETF (File No. 333-283463) in June 2026, citing a transaction that was not completed. No shares were sold.
Meanwhile, KraneShares requested withdrawal of its CF Large Cap Crypto Index ETF registration (File No. 333-288411) in May 2026, stating it had determined not to proceed with the offering.
Ethereum staking mini ETF structure update
Grayscale Investments has also updated the structure of its Ethereum Staking Mini ETF (NYSE: ETH) after filing a prospectus supplement with the U.S. Securities and Exchange Commission (SEC) on August 7, allowing the fund to begin distributing cash generated from Ethereum staking rewards to shareholders.
The filing follows the execution of a revised trust agreement on August 6, which requires the ETF to periodically convert staking rewards into cash and distribute the proceeds to investors. According to the filing, Grayscale currently intends to make those distributions monthly, although payouts will occur at least once every quarter.
The withdrawals of the Cardano, Polkadot, and Hedera Trust ETF registrations come as Grayscale separately updates the structure of its Ethereum Staking Mini ETF. The SEC filings do not provide further details on whether or when Grayscale may pursue registration of the three withdrawn products again.
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