In just 190 seconds, Grayscale quietly pulled the plug on three major altcoin ETFs

Three Grayscale ETF registrations for planned altcoin products were withdrawn in filings accepted just 190 seconds apart on Aug. 7.The sequence began with the Grayscale Cardano Trust ETF at 4:33:37 p.m. ET, followed by the Grayscale Hedera Trust ETF at 4:34:55 p.m. and the Grayscale Polkadot Trust ETF at 4:36:47 p.m., according to EDGAR filing records.The Cardano, Hedera and Polkadot Form RWs give the same operative explanation: Grayscale does not intend to proceed with the proposed distribution of shares. The requests also state that the registration statements had not been declared effective, that no securities had been or would be issued or sold under them, and that no preliminary prospectus had been distributed.The documents are requests to withdraw the three S-1 registration statements under Rule 477, not SEC orders rejecting the proposed ETFs. They provide no separate commercial or regulatory reason for ending the registrations.The related product-specific exchange rule proposals were already inactive. SEC records show NYSE Arca withdrew the Cardano proposal on Sept. 29, 2025, while Nasdaq's records list the Polkadot and Hedera proposals as withdrawn on Nov. 3, 2025.Those pro...