The U.S. Securities and Exchange Commission (SEC) has once again shown caution in the evolving ETF landscape by delaying its decision on a proposed Polkadot-based exchange-traded fund. The SEC announced the extension of the review period for the Grayscale Polkadot Trust until the 11th of June, almost four months after Nasdaq’s initial request.
This delay comes alongside another pending decision on Bitwise’s dual Bitcoin and Ethereum ETF, with a final determination expected by June 10th. The increasing number of crypto ETF proposals in the financial sector, led by firms like Canary Capital, Grayscale Investments, and Bitwise Asset Management, reflects the growing interest in these investment products.
With 72 crypto-focused ETF applications currently pending with the SEC, the market is anticipating a wave of new offerings. Canary Capital has submitted filings for ETFs tied to Tron with integrated staking capabilities, as well as funds focused on Solana, PENGU, and Sui. Grayscale is looking to expand its reach beyond traditional tokens with ETFs tracking assets like Cardano, Ripple, Dogecoin, Litecoin, and Avalanche. Bitwise is also diversifying its lineup with filings for DOGE and Aptos ETFs.
Traditional financial institutions are also entering the race to capture market share in products linked to digital assets, derivatives, and blockchain equities. Bloomberg’s ETF analyst Eric Balchunas commented on the surge, stating that 2025 is shaping up to be a “wild year” for crypto ETFs. He likened having a coin ETF-ized to having songs added to music streaming services, putting the asset where the majority of investors are.
Despite the regulatory delays surrounding the proposed Polkadot ETF, investor sentiment around DOT remains optimistic. The token has seen a 15.1% increase over the past week and was trading at $4.34 at the time of writing, with a surge of 8.23% in just 24 hours. Market analysts are projecting ambitious price targets for DOT, with some predicting a reach as high as $42 in the near future. This resilience in DOT’s market performance indicates a deepening interest from investors, regardless of short-term regulatory challenges.