The US Securities and Exchange Commission (SEC) has delayed a decision on whether to approve a proposed exchange-traded fund (ETF) holding Polkadot's native token

According to an April 24 filing, the regulator has extended its deadline for a final ruling until June 11, nearly four months after the Nasdaq sought permission to list Grayscale Polkadot Trust

The US Securities and Exchange Commission (SEC) has once again postponed its decision on whether to approve a proposed exchange-traded fund (ETF) holding Polkadot’s native token, regulatory filings show.

According to an April 24 filing, the regulator has extended its deadline for a final ruling until June 11. The new date nearly four months after Nasdaq requested permission to list Grayscale’s Polkadot Trust on February 24.

The filing adds to a roster of roughly 70 proposed ETFs awaiting SEC approval, including funds holding altcoins, memecoins and crypto-related financial derivatives, according to Bloomberg Intelligence.

Asset managers are pitching ETFs for “[e]verything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” analyst Eric Balchunas said in an April 21 post on X. 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, has a market capitalization of approximately $6.6 billion as of April 24, according to CoinMarketCap.

Grayscale is among multiple asset managers seeking regulatory clearance to list altcoin ETFs in the US. The company is already behind several crypto funds, including spot Bitcoin ETFs.

Grayscale has also asked for permission to launch ETFs holding tokens such as Solana, Litecoin, XRP, Dogecoin and Cardano (ADA).

The pipeline of proposed fund listings comes as more than 80% of institutional investors plan to increase their allocations to crypto in 2025, according to a March report by Coinbase and E Countour.

But analysts add that demand for altcoin ETFs is likely to be more limited than for funds holding core cryptocurrencies such as Bitcoin and Ether.

“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services,” Balchunas said.

“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”

News data source: kdj.com

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