21Shares Files for Spot Polkadot ETF Amid Rising Crypto Investment Demand

Asset management firm 21Shares has filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Polkadot (DOT) exchange-traded fund (ETF), marking a significant move in expanding regulated crypto investment products.

21Shares Seeks Polkadot ETF Listing

According to a Jan. 31 SEC filing, the 21Shares Polkadot Trust aims to list on the Cboe BZX Exchange, with Coinbase serving as the custodian for DOT holdings. The filing follows 21Shares’ 2021 launch of the world’s first Polkadot ETP on the Swiss SIX Exchange, underscoring its commitment to offering institutional-grade crypto investment products.

Regulatory Shifts Fuel New ETF Filings

The application comes shortly after the resignation of SEC Chair Gary Gensler on Jan. 20, which triggered a wave of new crypto ETF filings, including those for memecoins like Dogecoin, Official Trump (TRUMP), and Bonk by Osprey Funds and REX Shares.

Web3 Foundation’s Stance on Polkadot’s Classification

The Web3 Foundation, which supports the Polkadot protocol, has argued against DOT being classified as a security. In February 2023, the foundation outlined efforts to ensure no individual holds a large percentage of the network and declined purchases from venture capitalists focused solely on investment speculation.

The filing signals increasing institutional interest in Web3 and blockchain ecosystems, as asset managers seek exposure beyond Bitcoin and Ethereum.