21Shares Polkadot Trust Moving Forward With SEC

2 mins mins

Key Points:

21Shares has submitted an S-1 registration to the SEC to launch the Polkadot Trust, with plans to list it on the Cboe BZX Exchange.
The 21Shares Polkadot Trust will track Polkadot’s price via the CME CF Polkadot-USD Reference Rate, avoiding leverage, derivatives, and active trading.

21Shares has officially filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch the 21Shares Polkadot Trust.

21Shares Polkadot Trust Proposed to SEC

The company intends to list the 21Shares Polkadot Trust on the Cboe BZX Exchange, with cryptocurrency exchange Coinbase designated as the custodian for the DOT assets. The filing, submitted on January 31, highlights the fund’s passive investment strategy, which will track the price of Polkadot (DOT) via the CME CF Polkadot-USD Reference Rate without involving leverage or active trading.

The move marks a significant milestone for 21Shares, following the company’s launch of the world’s first Polkadot exchange-traded product (ETP) on the Swiss SIX Exchange in February 2021. The U.S.-based ETF will mirror the success of its Swiss predecessor while catering to the growing interest in cryptocurrency-based investment products in the U.S. market.

Surge in Altcoin ETF Applications Following SEC Leadership Change

The filing comes amid heightened interest in crypto ETFs, particularly after the resignation of SEC Chairman Gary Gensler earlier this month. In response, numerous altcoin ETF applications have surged, with Grayscale launching the Dogecoin Trust and converting its application into an ETF within hours.

Meanwhile, Tuttle Capital Management’s recent proposal for a 2x leveraged Polkadot ETF was withdrawn following the SEC’s ongoing scrutiny of leveraged cryptocurrency funds. Despite these developments, Polkadot’s price has remained relatively unaffected, with DOT still down 10% for January.

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