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The ETF is waiting for US regulatory support alongside astir 70 different projected crypto funds.
The US Securities and Exchange Commission (SEC) has delayed a determination connected whether to o.k. a projected exchange-traded money (ETF) holding Polkadot’s autochthonal token, regulatory filings show.
According to an April 24 filing, the regulator has extended its deadline for a last ruling until June 11, astir 4 months aft the Nasdaq sought permission to database Grayscale Polkadot Trust connected Feb. 24.
Grayscale’s ETF filing adds to a roster of roughly 70 projected ETFs awaiting SEC approval, including funds holding altcoins, memecoins, and crypto-related fiscal derivatives, according to Bloomberg Intelligence.
Asset managers are pitching ETFs for “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything successful between,” Bloomberg expert Eric Balchunas said successful an April 21 station connected the X platform. Asset manager 21Shares is besides awaiting support to database its ain Polkadot ETF.
Polkadot is simply a layer-1 blockchain web launched successful 2020. Its autochthonal token, DOT (DOT), has a marketplace capitalization of astir $6.6 cardinal arsenic of April 24, according to CoinMarketCap.
Polkadot’s terms implicit time. Source: CoinMarketCapRelated: Institutions interruption up with Ethereum but support ETH connected the hook
Altcoin ETF pipeline
Grayscale is among aggregate plus managers seeking regulatory clearance to database altcoin ETFs successful the US. The institution is already down respective crypto funds, including spot Bitcoin (BTC) and Ether (ETH) ETFs.
The plus manager has besides asked for support to motorboat ETFs holding tokens specified arsenic Solana (SOL), Litecoin (LTC), XRP (XRP), Dogecoin (DOGE), and Cardano (ADA).
Crypto ETFs scheduled for SEC review. Source: Eric Balchunas/BloombergThe pipeline of projected money listings comes arsenic much than 80% of organization investors accidental they program to boost allocations to crypto successful 2025, according to a March study by Coinbase and EY-Parthenon.
However, analysts caution that request for altcoin ETFs is apt to beryllium overmuch much constricted than for funds holding halfway cryptocurrencies specified arsenic Bitcoin and Ether.
“Having your coin get ETF-ized is similar being successful a set and getting your songs added to each the euphony streaming services,” Balchunas said.
“Doesn’t warrant listens but it puts your euphony wherever the immense bulk of the listeners are.”
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