21Shares files Polkadot ETF as altcoin options grow, but ‘the market will decide’ their fate

21Shares filed for a Polkadot exchange-traded money successful the US, joining a question of altcoin ETF applications arsenic issuers trial capitalist appetite for crypto-based funds.

The 21Shares Polkadot Trust would commercialized connected the Cboe BZX Exchange and travel a benchmark that tracks Polkadot’s terms successful US dollars. Coinbase would service arsenic its custodian.

Bloomberg Intelligence expert James Seyffart noted the filing has been met with skepticism.

“This is up determination with the astir hatred I’ve ever seen an ETF filing get,” helium said.

However, helium added, “The marketplace volition determine wherever worth lies. If nary 1 puts wealth into a Polkadot ETF it volition close.”

21Shares already operates a Polkadot ETP successful Switzerland, launched successful 2021.

Despite its beingness successful the market, the money has struggled recently, signaling conscionable 240,000 shares successful 90-day trading volume, according to Bloomberg data.

Once a top-10 cryptocurrency with a $51 cardinal marketplace headdress successful 2021, Polkadot present ranks #19, trading astatine $6.35 with a marketplace headdress of conscionable nether $10 billion.

The Polkadot ETF joins a growing list of altcoin ETF applications, including those for Litecoin, XRP, Solana, and Dogecoin, filed soon aft SEC Chair Gary Gensler stepped down.

Analysts speculate that a Trump medication could bring a much crypto-friendly regulatory climate, fueling these caller filings.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email astatine [email protected].