SEC Hits Pause on Grayscale’s Polkadot ETF Decision: Details

The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on whether to approve Grayscale’s proposed Polkadot exchange-traded fund (ETF), citing the need for more time to evaluate the application. 

According to regulatory documents filed on April 24, the final ruling has been delayed until June 11 — nearly four months after Nasdaq submitted its request to list the Grayscale Polkadot Trust.

Grayscale’s Polkadot Ambitions on Hold Until June

This delay places Grayscale’s Polkadot filing among a growing list of roughly 70 crypto-related ETF proposals awaiting SEC review. 

These include applications tied to a variety of assets ranging from mainstream altcoins like Solana and XRP to meme coins and even more niche offerings like “2x Melania,” as noted by Bloomberg ETF analyst Eric Balchunas.

Grayscale, which already operates spot Bitcoin and Ether funds, is actively pushing to expand its portfolio with ETFs that offer exposure to a wider range of tokens. In addition to DOT, the firm is also seeking approval for funds tracking the performance of Dogecoin, Cardano, Litecoin, and others — underscoring the race among asset managers to meet anticipated institutional demand.

Altcoin ETFs Face Uncertain Demand

Polkadot, a layer-1 blockchain network launched in 2020, is designed to support interoperability across multiple blockchains. As of April 24, its native token, DOT, carries a market capitalization of approximately $6.6 billion, per CoinMarketCap data. 

Despite its strong technical foundation and ecosystem, Polkadot remains far less familiar to mainstream investors than flagship assets like Bitcoin or Ether — a factor that may complicate broader ETF adoption.

While the SEC has yet to offer clear signals on its stance toward altcoin-based ETFs, interest from financial institutions appears to be accelerating. A March report from Coinbase and EY-Parthenon revealed that more than 80% of institutional investors plan to increase their crypto exposure in 2025 — a trend that could make altcoin ETFs more relevant in the near future.

Still, analysts are cautious. “Getting your coin ETF-ized is like being in a band and getting your songs on all the major streaming platforms,” Balchunas quipped on X. “It doesn’t guarantee plays, but it gets you where the audience is.”