Key Takeaways
- 21Shares has filed for a Polkadot ETF with the SEC, aiming to list shares tracking DOT’s price on the Cboe BZX Exchange.
- This marks the second Polkadot ETF filing this week, following Tuttle Capital’s leveraged 2x DOT ETF proposal.
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21Shares has submitted an S-1 registration to the Securities and Exchange Commission for a Polkadot ETF, aiming to list shares on the Cboe BZX Exchange.
The proposed 21Shares Polkadot Trust will track the firm’s existing Polkadot Trust and use the CME CF Polkadot-Dollar Reference Rate to monitor DOT prices, with Coinbase Custody serving as the custodian.
The fund will maintain a passive investment strategy, avoiding leverage, derivatives, and active trading activities.
This filing follows Tuttle Capital Management’s proposal earlier this week for a leveraged 2x Polkadot ETF, part of a broader submission for 10 leveraged crypto ETFs.
However, ETF analyst Eric Balchunas confirmed in a post on X that Tuttle Capital withdrew its filing for all of its 2x leveraged ETFs.
Balchunas noted that such withdrawals typically occur when regulators signal concerns to issuers. He also highlighted that the Trump and Dogecoin ETF filings from Rex have not been withdrawn, suggesting early indications of where the SEC may be drawing the line.
Tuttle Capital Management’s leveraged 2x ETF submission included assets such as Polkadot, XRP, Solana, Litecoin, Cardano, Chainlink, BNB, Bonk, TRUMP, and MELANIA tokens.
Polkadot’s native token DOT surged 3% in reaction to the ETF filing, reaching a high of $6.42 before settling at $6.35 at press time. Its market cap currently stands at $9.4 billion.
The digital asset currently trades 88% below its November 2021 peak of $55, when it reached a market cap of $55 billion.
21Shares’ latest filing builds on its prior attempts to expand its crypto investment offerings in the US, including Solana and XRP ETFs filed in 2024, and most recently, an in-kind redemption ETF for Bitcoin and Ethereum.
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