The SEC has delayed its decision on the 21Shares Polkadot ETF until August 8, 2025, extending the review for the proposed fund on the Cboe BZX Exchange.
The U.S. Securities and Exchange Commission has postponed its decision on the 21Shares Polkadot (DOT) exchange-traded fund (ETF), extending the review period for the proposed fund aimed at providing investors exposure to Polkadot’s native token.
SEC Extends Review Timeline
On June 24, 2025, the SEC delayed its decision on Nasdaq’s filing to list the 21Shares Polkadot ETF, pushing the final ruling deadline to August 8, 2025.
The filing, initially submitted on January 31, 2025, and updated with a 19b-4 form on March 17, seeks to list the ETF on the Cboe BZX Exchange, with Coinbase serving as the DOT custodian. This delay follows a pattern of cautious reviews for crypto ETFs beyond Bitcoin and Ethereum, as seen with other altcoin funds like XRP and Solana.
The acknowledgment of the filing in March marked a key step. However, the regulator has requested additional clarifications on trust operations, fees, and investor protections, contributing to the extended timeline.
Context and Market Implications
The 21Shares Polkadot ETF, if approved, would allow investors to gain exposure to DOT without directly managing the cryptocurrency. Polkadot, with a market cap of approximately $6.7 billion, ranks among the top altcoins but has faced price struggles, declining 5.16% over the past year and 10.48% in the last month.
The delay aligns with the broader scrutiny of crypto ETFs, with Grayscale’s Polkadot ETF decision also postponed to June 11, 2025. The departure of former SEC Chair Gary Gensler in January 2025 spurred a wave of crypto ETF filings, but the regulator remains methodical, balancing investor interest with regulatory concerns.
Despite the delay, the filing reflects a growing institutional interest in Polkadot, bolstered by a favorable crypto regulatory environment under the Trump administration. However, their cautious approach suggests approval remains uncertain, potentially impacting DOT’s market sentiment in the near term.
