Following the increase in crypto ETF registrations in the United States, asset management company 21Shares has applied to launch a Polkadot (DOT) spot ETF. This request has been submitted to the U.S. Securities and Exchange Commission (SEC). The aim of this request is to list the 21Shares Polkadot Trust on the Cboe BZX Stock Exchange. The request states that the exchange CoinBase will act as the custodian for DOT. This move comes only four years after the launch of a similar product in Switzerland. Polkadot is currently the eighteenth largest cryptocurrency by market value, but its price performance has been weak recently. However, after this announcement, Polkadot has seen a price increase and is currently trading at $6.46 with a 5.27% growth. Daily trading volume has also increased by 75.86%. Nevertheless, the filed document warns that there is no guarantee for Polkadot’s future price performance. James Seyffart, an ETF analyst at Bloomberg, stated that if no one invests in this ETF, it will be shut down. The potential risks of the Polkadot network have also been mentioned in this filing. One of these risks is the increase in Polkadot supply for trading and the possibility of DOT being classified as securities. It is worth noting that this request was made after the resignation of Gary Gensler, the head of the SEC, leading to an increase in crypto ETF requests. One day after Gensler’s resignation, asset management companies Osprey Funds and REX Shares requested the launch of ETFs for meme coins, including Dogecoin (DOGE), Trump Official (TRUMP), and Bonk. Meanwhile, recently, the SEC has issued its initial approval for ETF company Bitwise Asset Management. This fund, named Bitwise Bitcoin and Ethereum, will track the prices of Bitcoin and Ethereum in a unified fund. On the momentary digital currency price page, you can view the prices of all tokens and cryptocurrencies live and in real-time.
