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, regulatory filings show. 

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 on Feb. 24.

Grayscale’s ETF 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,” Bloomberg analyst Eric Balchunas said in an April 21 post on the X platform. 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 ( DOT ), has a market capitalization of approximately $6.6 billion as of April 24, according to CoinMarketCap.

SEC delays decision on Polkadot ETF image 0 Polkadot’s price over time. Source: CoinMarketCap

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Altcoin ETF pipeline

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 ( BTC) and Ether ( ETH ) ETFs. 

The asset manager has also asked for permission to launch ETFs holding tokens such as Solana ( SOL ), Litecoin ( LTC ), XRP ( XRP ), Dogecoin ( DOGE ), and Cardano ( ADA).

SEC delays decision on Polkadot ETF image 1 Crypto ETFs scheduled for SEC review. Source:  Eric Balchunas/Bloomberg

The pipeline of proposed fund listings comes as more than 80% of institutional investors say they plan to boost allocations to crypto in 2025 , according to a March report by Coinbase and EY-Parthenon. 

However, analysts caution that demand for altcoin ETFs is likely to be much 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.”

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