Source: Cointelegraph
Original: “SEC Delays Decision on Polkadot ETF”
Regulatory documents show that the SEC has delayed its decision on whether to approve an exchange-traded fund (ETF) that holds Polkadot's native token.
According to a document dated April 24, the SEC has extended the final ruling deadline to June 11. This comes nearly four months after the Nasdaq filed to list the Grayscale Polkadot Trust on February 24.
Bloomberg Intelligence data indicates that Grayscale's ETF application brings the total number of ETF proposals awaiting SEC approval to about 70, including funds that hold altcoins, meme coins, and crypto financial derivatives.
Bloomberg analyst Eric Balchunas stated in a post on the X platform on April 21 that asset management firms are pushing for "ETFs from XRP, LTC, SOL to Penguins, DOGE, 2X Melania, etc." The asset management company 21Shares is also awaiting approval for its Polkadot ETF.
Polkadot is a Layer 1 blockchain network launched in 2020. According to CoinMarketCap, as of April 24, its native token DOT has a market capitalization of approximately $6.6 billion.
Altcoin ETF Application Dynamics
Several asset management companies are seeking approval to list altcoin ETFs in the U.S., with Grayscale being one of them. The company has successfully launched multiple cryptocurrency funds, including Bitcoin (BTC) and Ethereum (ETH) spot ETFs.
Currently, this asset management giant has also applied to launch ETF products that hold tokens such as Solana, Litecoin, XRP, Dogecoin, and Cardano (ADA).
According to a report released in March by Coinbase and EY-Parthenon, over 80% of institutional investors indicated plans to increase their allocation to cryptocurrencies by 2025 amid the proposed fund listing boom.
However, analysts point out that the demand for altcoin ETFs may be far less than the demand for mainstream cryptocurrency funds like Bitcoin and Ethereum.
Balchunas stated, "Getting your coin ETF'd is like a band's song being added to all music streaming platforms."
"This doesn't guarantee anyone will listen, but at least your music is on the platforms where most listeners are."
Related: A small town in Italy will unveil a monument to Satoshi Nakamoto funded by local contributions.
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