The ETF is among nearly 70 proposed crypto funds currently awaiting approval from U.S. regulators.
Regulatory filings reveal that the U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to approve an exchange-traded fund (ETF) backed by Polkadot’s native token.
An April 24 filing shows the SEC has pushed its deadline for a final decision to June 11, nearly four months after Nasdaq filed to list the Grayscale Polkadot Trust on February 24.
Grayscale’s ETF application joins a list of around 70 proposed crypto ETFs pending SEC approval, which include funds tied to altcoins, memecoins, and crypto-based financial derivatives, according to Bloomberg Intelligence.
According to Bloomberg analyst Eric Balchunas in an April 21 post on X, asset managers are proposing ETFs for a wide range of assets, from XRP, Litecoin, and Solana to Penguins, Doge, 2x Melania, and more. Additionally, asset manager 21Shares is waiting for approval to list its own Polkadot ETF.
Polkadot, a layer-1 blockchain network launched in 2020, has a native token, DOT, which holds a market capitalization of around $6.6 billion as of April 24, according to CoinMarketCap.
Grayscale is among multiple asset managers seeking regulatory clearance to list altcoin ETFs in the US. The company is already behind several crypto funds, including spot Bitcoin
Grayscale is one of several asset managers seeking regulatory approval to list altcoin ETFs in the U.S. The company is already behind a number of crypto funds, including a spot Bitcoin ETF.
The asset manager has also requested approval to launch ETFs that hold tokens like Solana.
The surge in proposed fund listings comes as over 80% of institutional investors plan to increase their crypto allocations in 2025, according to a March report by Coinbase and EY-Parthenon.
However, analysts warn that demand for altcoin ETFs is expected to be significantly lower than for funds focused on core cryptocurrencies like Bitcoin and Ether.
“Getting your coin ETF-listed is like being in a band and having your music added to every major streaming platform,” Balchunas explained.
“It doesn’t guarantee plays, but it places your music where most of the listeners are.”
