Grayscale Withdraws S-1 Filings for Three Altcoin ETFs
The voluntary filings signal the end of a year-long registration process for Grayscale’s trio of trusts for top altcoins, further transforming the makeup of the US crypto ETF pipeline:
Three Altcoin ETFs Exit Grayscale’s SEC Pipeline as Firm Refines Strategy
SEC EDGAR accepted all three Form RW filings in a batch between 4:33:37 p.m. and 4:36:47 p.m. ET on Aug. 7, 2026. The filings end the trusts’ ongoing S-1 registration process.
The filings are withdrawals, not denials from the SEC. In each filing, Grayscale noted that the registrant has not issued, offered, sold or distributed any shares of the relevant trust with the filing of a preliminary prospectus.
In December 2025, Grayscale’s cryptocurrency exchange partners withdrew their listing requests for the ETFs. At this point, the S-1 registration layer is now orphaned from exchange listings.
While Grayscale withdrew registration for these ETFs, the firm still has effective approvals (registration statements on Form S-8) for two other staking ETFs (Avalanche, Hyperliquid) and has active preliminary registrations for Bittensor, Aave, BNB, NEAR, and Zcash.
Documents Behind the 3-Minute Form RW Filings
According to filings in SEC.gov, Grayscale filed the three Form RW filings consecutively late Friday afternoon. Each filing for Cardano, Hedera and Polkadot is identical except for the dates and boilerplate language stating that the sponsor has no present intention of offering shares under the above mentioned registration statements. Grayscale gave no business reason, market demand reason, nor regulatory reason as to the timing of these withdrawals. If a request to withdraw is filed for registration statements that have not yet become effective, then per SEC Rule 477(b), such requests are automatically approved upon filing unless the Commission objects within 15 calendar days.
The withdrawal of the S-1 comes after previous modifications to the exchange listing side of things. According to SEC documents, NYSE Arca withdrew its proposed rule change filed under Section 19(b) for the Grayscale Cardano Trust on September 29, 2025. Nasdaq followed shortly after with withdrawals of similar listing proposals for the Polkadot and Hedera trusts on November 3, 2025.
Generic Listing Standards Built on Existing Framework
On September 20, 25, the SEC adopted generic listing standards for qualifying shares of commodity-based trusts. This development is noteworthy for digital asset ETPs because, under the revised rules, exchanges will be able to list qualifying digital asset products without having to file a separate set of Section 19(b) exchange rule changes for each individual fund.
Still, standard exchanges aren’t exempt from the core principles of the 1933 Securities Act. Prior to selling shares to the public, fund sponsors need to obtain a valid S-1 registration statement. With exchange listing proposals already withdrawn by late 2025, Grayscale’s S-1s sat idle until August 7th’s cleanup.
Grayscale Maintains Broader Altcoin ETF Strategy Despite ADA, HBAR and DOT Exits
The discontinuation of the ADA, HBAR, and DOT filings is not indicative of a wider retreat from altcoin products. Grayscale still has active filings for Grayscale Avalanche Staking ETF (effective date March 11, 2026) and Grayscale Hyperliquid Staking ETF (effective date June 2, 2026). As of August 10, SEC documents also show that preliminary registrations for Bittensor, Aave, BNB, NEAR, and Zcash are still active.
Conclusion: Strategic Pipeline Maintenance
It’s worth noting that Grayscale’ being withdrawn in just 190 seconds isn’t necessarily a loss, but rather maintenance. As they also withdrew their exchange applications for their unlinked S-1s, Grayscale is scrubbing registrations that are no longer necessary and may re-submit when/if the form evolves to a more generic standard or when/if the market shifts. The fact that institutional interest is becoming concentrated in certain crypto verticals means fund providers are redeploying assets/priorities accordingly.