"21Shares Files for Polkadot ETF: DOT Surges 3% to $6.35"

21Shares Files S-1 for Polkadot ETF: Impact on $DOT Cryptocurrency Market at $6.33

Swiss-based investment management firm 21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a Polkadot ETF. This marks the second DOT-focused fund filing this week, following Tuttle Capital's leveraged 2x DOT ETF proposal.

The proposed 21Shares Polkadot Trust aims to list shares tracking DOT's price on the Cboe BZX Exchange. The fund will maintain a passive investment strategy, avoiding leverage, derivatives, and active trading activities. Coinbase Custody will serve as the custodian for the fund.

The filing comes amidst a broader expansion of crypto ETF applications with the SEC. 21Shares has previously attempted to expand its crypto investment offerings in the U.S., including Solana and XRP ETFs filed in 2024, and most recently, an in-kind redemption ETF for Bitcoin and Ethereum.

In reaction to the ETF filing, Polkadot's native token DOT surged 3% to reach a high of $6.42 before settling at $6.35 at press time. Its market cap currently stands at $9.4 billion, trading 88% below its November 2021 peak of $55, when it reached a market cap of $55 billion.

The impact of the 21Shares Polkadot ETF filing on the DOT cryptocurrency market remains to be seen. As the SEC continues to review and potentially approve crypto ETF applications, investors and enthusiasts alike will be watching closely for any developments that could influence the price and market cap of DOT.