The SEC has postponed its decision on a proposed exchange-traded fund (ETF) that would hold Polkadot’s native token, according to recent regulatory filings.
A filing dated April 24 reveals that the SEC has extended its deadline for making a final ruling until June 11. This delay comes almost four months after Nasdaq initially sought approval for listing the Grayscale Polkadot Trust on February 24.
Grayscale’s ETF application adds to a growing list of approximately 70 proposed ETFs awaiting SEC approval, including those focused on altcoins, memecoins, and crypto-related financial instruments, as reported by Bloomberg Intelligence.
Eric Balchunas, a Bloomberg analyst, commented on April 21 via the X platform that asset managers are pitching ETFs for a wide range of tokens, from XRP, Litecoin, and Solana to more niche offerings like Penguins, Dogecoin, and even a Melania token.
21Shares, another asset manager, is also seeking approval for its own Polkadot ETF.
Launched in 2020, Polkadot is a layer-1 blockchain network, and its native token, DOT, had a market cap of approximately $6.6 billion as of April 24, based on data from CoinMarketCap.
Grayscale is part of a group of asset managers seeking regulatory approval to list altcoin ETFs in the US, alongside its existing crypto funds, including spot Bitcoin and Ether ETFs. The company is also seeking approval to offer ETFs for tokens like Solana, Litecoin, XRP, Dogecoin, and Cardano.
This surge in ETF proposals comes as over 80% of institutional investors plan to increase their crypto allocations in 2025, according to a March report from Coinbase and EY-Parthenon.
However, analysts caution that demand for altcoin ETFs may be more limited compared to those focused on major cryptocurrencies like Bitcoin and Ether.
Balchunas compared the process of getting a coin included in an ETF to having songs added to music streaming services: “It doesn’t guarantee listens, but it puts your music where most of the listeners are.”
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