The US Securities and Exchange Commission (SEC) has delayed a decision on whether to approve a proposed funds exchanged by the exchange (ETF) holding a native token of Polkadot, regulatory shows.
According to During a filing on April 24, the regulator expanded its deadline for a final decision until June 11, almost four months after Nasdaq Ask for permission To list the Grayscale Polkadot Trust in Feb. 24.
Grayscale’s ETF filing adds to a roster of Excessive 70 Suggested ETF Waiting for the SEC approval, including funds holding altcoins, memecoins, and crypto-related derivatives, according to Bloomberg Intelligence.
Asset managers pierce the ETFs for “(e) very much from XRP, Litecoin and Solana to penguins, doge and 2x Melania and all in between,” Bloomberg analyst Eric Balchunas Says In a post on April 21 on the Platform of X. The Asset Manager 21shares is also awaiting permission to list its own polkadot ETF.
Polkadot is a layer-1 blockchain network launched in 2020. Its native token, dot (Dot), has a market capitalization of approximately $ 6.6 billion until April 24th, According to In coinmarketcap.
Related: Institutions separated from Ethereum but keep eth in the hook
Altcoin ETF pipeline
Grayscale is among the many management managers seeking regulatory clearance to list altcoin ETFs in the US. The company is behind many crypto funds, including the Bitcoin spot (Btc) and ether (Eth) Etfs.
Asset manager also sought permission to launch ETFs holding tokens such as Solana (Sol), Litecoin (LTC), XRP (XRP), Dogecoin (Doge), and Cardano (Ada).
The pipeline of proposed fund lists comes from more than 80% of institution investors they say they plan Boost crypto appointments in 2025According to Coinbase and Ey-Parthenon’s March report.
However, analysts warn that demand for ETFs of Altcoin is likely more limited than funds holding core cryptocurrencies such as Bitcoin and Ether.
“Having your coin gets ETF -ed is like being on a band and getting your songs has been added to all music streaming services,” Balchunas said.
“The listener does not guarantee but it puts your music where most listeners are.”
Magazine: Altcoin season to hit in Q2? Mantra plans to win trust: Hodler’s Digest, April 13 – 19
