21Shares, a firm focused on exchange-traded funds (ETFs), has submitted a filing for a spot Polkadot ETF. This filing is aimed at gaining approval from the U.S. Securities and Exchange Commission (SEC).
The proposed fund, named the 21Shares Polkadot Trust, will be the first of its kind. It is set to trade on the Cboe BZX Exchange and will track the performance of DOT, the native token of the Polkadot Network. The custody of DOT will be managed by Coinbase Custody Company.
Earlier this week, Tuttle Capital also filed for ten leveraged crypto ETFs, which include one that tracks Polkadot. Many firms are seeking to introduce new crypto products in the U.S. due to a potential shift in regulatory attitudes under the Trump administration.
Previously, former SEC Chair Gary Gensler was reluctant to approve spot bitcoin ETFs. However, a court ruling led to the approval of these ETFs. Following this, the SEC also approved spot Ethereum ETFs.
On January 30, the SEC approved a filing from NYSE Arca, allowing a new ETF to be listed and traded. This fund will invest based on the market capitalization of Bitcoin and Ethereum, holding only these two cryptocurrencies along with some cash reserves. The SEC indicated that this ETF qualified for fast-track approval because it is similar to other spot crypto ETFs that have already received approval.
This decision comes after the SEC approved the first combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton in December 2024. Bloomberg ETF analyst James Seyffart noted that this approval was expected due to previous similar filings.
