The U.S. Securities and Exchange Commission (SEC) has delayed its decision on a proposed Polkadot-based exchange-traded fund, extending the review period until the 11th of June. This delay comes as the SEC also evaluates a separate application for Bitwise’s dual Bitcoin and Ethereum ETF. The market is seeing a surge in crypto ETF proposals, with 72 applications currently pending with the SEC from firms like Canary Capital, Grayscale Investments, and Bitwise Asset Management.
Canary Capital has filed for ETFs tied to Tron with integrated staking capabilities, as well as funds focused on Solana, PENGU, and Sui. Grayscale is seeking ETFs tracking assets like Cardano, Ripple, Dogecoin, Litecoin, and Avalanche. Bitwise is also expanding its lineup with filings for Dogecoin and Aptos ETFs. Traditional financial institutions are also entering the space, racing to capture market share in products linked to digital assets, derivatives, and blockchain equities.
Bloomberg’s ETF analyst Eric Balchunas sees 2025 as a “wild year” for crypto ETFs, comparing getting a coin ETF-ized to having songs added to music streaming services. Despite regulatory delays surrounding the proposed Polkadot ETF, the token’s price has been surging, currently trading at $4.34 and showing an 8.23% increase in just 24 hours. Market analysts are projecting ambitious price targets for Polkadot, with some predicting a price target as high as $42 in the near future.
The delay in the Polkadot ETF decision underscores the SEC’s cautious stance on new crypto products, signaling a new wave of interest from the financial sector in these innovative investment vehicles. Despite regulatory uncertainties, investor sentiment remains positive towards Polkadot, with the token demonstrating strong upward momentum and resilience in its market performance. As the crypto ETF landscape continues to evolve, the market is brimming with anticipation for the potential approval and launch of these new investment opportunities in the coming months.
