21Shares Bets On Polkadot, Files For Spot ETF With SEC
21Shares has submitted a spot Polkadot (DOT) exchange-traded fund (ETF) application to the US Securities and Exchange Commission (SEC). If approved, this ETF would allow investors to gain direct exposure to Polkadot without owning the cryptocurrency. The proposed 21Shares Polkadot Trust is set to be listed on the CBOE BZX Exchange, with Coinbase acting as the custodian for DOT tokens. The ETF aims to simplify investment in Polkadot for both institutional and retail investors, highlighting the blockchain's interoperability. Despite growing interest in diversified crypto ETFs, Polkadot faces market challenges, with DOT's price down approximately 5% over the past year and over 10% in the last month, currently trading around $6.42. The filing acknowledges potential volatility and risks associated with DOT. Concerns regarding Polkadot's regulatory status in the US could impact the ETF's approval, as the SEC's evolving stance on digital assets may classify DOT as a security.
