The 21Shares asset management company filed an S-1 with the SEC for an ETF from Polkadot. The company plans to register the actions on the CBOE BZX exchange.
The 21Shares Polkadot Trust proposed will reflect its current Polkadot Trust.
Polkadot joins the Altcoin ETF race
The ETF 21Shares Polkadot will follow the prices of points using the CME CF Polkadot-Dollar reference rate. According to the file, Coinbase police custody will hold the assets.
The fund will follow a passive investment strategy. It will avoid the leverage, derivatives and active trade. In particular, the Polkadot prize has not reacted at all at this announcement. DOT remains down 10% in January.
“The market will decide where the value is and if there is value in the launch of such a product. If no one puts money in an ETF from Polkadot – it will close. People are free to launch all ETFs considered to be authorized by the dry, “wrote analyst James Seyffart.
This file comes after Tuttle Capital Management proposed an ETF Polkadot with 2x earlier this week as part of a pack of 10 ETF Crypto with leverage.
However, ETF analyst Eric Balchunas confirmed that Tuttle Capital had withdrawn his file for all 2x leverage ETF.
Since Gary Gensler left his job earlier this month, the SEC has received a wave of ETF Altcoin applications. Earlier in the day, Graycale launched a Dogecoin trust. The trust offers investors an exposure to DOGE with management fees of 2.5% in the middle of growing demand.
In a few hours, the gray levels converted the trust depot into an ETF application. It was probably the first time that a trust was transformed into ETF the same day.
“Dude, the jockeying is intense. I have never heard of a trust launch, then converting it to Etf on the same day. But they can now be in pole position in race 19B-4. In addition, we now have up to four Doge ETF deposits (including 2x). Gensler has only left for two weeks, ”wrote Eric Balchunas.
Grayscale also submitted ETF requests for XRP, Litecoin and Solana. The company recently launched an ETF Bitcoin Miners. The fund offers an exhibition to companies related to Bitcoin without investing directly in the cryptocurrency. It calls on traditional investors.
Dry likely to wait Paul Atkins
With the depot of Polkadot ETF, 21Shares has an ETF XRP application pending with the dry. The approval of an XRP ETF seems likely, but the dry can delay other ETF Altcoin under temporary leadership.
Currently, Mark Uyeda leads the dry on a provisional basis. Paul Atkins, president of President Trump, is still waiting for the Congress process to become the permanent president.
However, when the SEC approves another Altcoin fund, Litecoin can be the first. The Commission recognized the Litecoin ETF application of Canary Capital.
It also helps that Litecoin is already classified as non-security because it is a bitcoin fork.
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