Grayscale Withdraws Applications to Launch Three Crypto Funds in the US

• Grayscale has withdrawn applications for three ETFs.
• The funds are tied to Cardano, Polkadot, and Hedera.

Grayscale Investments has filed requests with the U.S. Securities and Exchange Commission (SEC) to withdraw registration statements for three crypto-asset-based ETFs tied to Cardano, Polkadot, and Hedera.

These are the Grayscale Cardano Trust ETF, Grayscale Polkadot Trust ETF, and Grayscale Hedera Trust ETF.

In all three documents, Grayscale Investments Sponsors, LLC, which serves as the sponsor of the funds, asks the SEC to withdraw the relevant Form S-1 registration statements pursuant to Rule 477 under the U.S. Securities Act of 1933.

The company said the decision was driven by the fact that it does not intend to proceed with the planned offering of shares of these trusts.

Grayscale filed the registration statements for Cardano and Polkadot with the SEC on August 29, 2025, and the application for Hedera on September 9, 2025. The filings were subsequently amended.

The company also confirmed that none of the registration statements has become effective. No securities were issued or sold under them, and no preliminary prospectuses were distributed.

As a reminder, earlier Hashdex announced the liquidation of the Hashdex Bitcoin ETF (DEFI), with the closure of trading and delisting scheduled for August 17, 2026. This will be the first spot bitcoin ETF to exit the market. 

Also in July 2026, SEC Division of Investment Management Director Brian Daly admitted that the regulator “did a poor job” with cryptocurrency ETFs.