Polkadot Joins Growing List of Crypto ETFs Awaiting Regulatory Green Light
The U.S. Securities and Exchange Commission (SEC) has delayed a decision on the proposed Grayscale Polkadot Trust ETF, extending its review window until June 11, according to an April 24 filing.
The extension comes nearly four months after Nasdaq first filed the request to list the Polkadot (DOT) ETF on February 24. The delay adds the fund to a crowded queue of roughly 70 crypto-related ETF proposals still awaiting regulatory approval.
“Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” said Bloomberg ETF analyst Eric Balchunas in an April 21 post on X, highlighting the broad spectrum of ETF filings.
There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list or list options. Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between. Gonna be a wild year. Great roundup from @JSeyff pic.twitter.com/IHTqqxeH35
— Eric Balchunas (@EricBalchunas) April 21, 2025
Polkadot: A Layer-1 Contender Seeking ETF Access
Polkadot, a layer-1 blockchain network launched in 2020, is known for its cross-chain interoperability and developer-focused architecture. Its native token, DOT, has a market cap of approximately $6.6 billion, according to CoinMarketCap.
21Shares, another major crypto asset manager, has also submitted a request for its own Polkadot ETF, which remains under review.
The SEC’s delay does not come as a surprise, as it often takes the full 240-day window allowed under law to decide on complex crypto products. For now, Polkadot joins a growing list of altcoins seeking ETF status, including Solana (SOL), Litecoin (LTC), Cardano (ADA), XRP, and Dogecoin (DOGE).
Grayscale Expands Its ETF Ambitions
Grayscale, one of the largest crypto asset managers, is also behind spot Bitcoin and Ether ETFs, both of which were greenlit in the U.S. earlier in 2024. Its push into altcoin ETFs marks an effort to broaden investor access to emerging blockchain ecosystems.
While the ETF approval wave has so far focused primarily on Bitcoin and Ethereum, Grayscale and others are betting that demand for diversified crypto exposure will increase over time — particularly as institutional interest in digital assets grows.
“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas added.
“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”
ETF Market Faces Mixed Demand for Altcoins
A March 2025 joint report by Coinbase and EY-Parthenon found that over 80% of institutional investors plan to increase their exposure to digital assets this year. However, analysts caution that altcoin ETF demand may be weaker than for Bitcoin or Ether products.
While accessibility through traditional brokerage platforms would improve, liquidity, volatility, and regulatory clarity remain major barriers for institutional adoption of many altcoins.
Final Thoughts: The Long Road to ETF Approval
Grayscale’s Polkadot ETF delay underscores the regulatory headwinds facing altcoin products, even as ETF infrastructure around crypto rapidly expands. As institutional demand continues to evolve and regulators take a cautious stance, altcoins like Polkadot may still face a long wait before they join the ranks of Bitcoin and Ethereum in U.S. investment portfolios.
Still, the growing pipeline of filings signals one thing clearly: the race to ETF-ize crypto is far from over.
