US SEC Delays Decision on 21Shares Polkadot ETF on Nasdaq
The US Securities and Exchange Commission (SEC) has announced a decision to postpone the listing and trading of shares of the 21Shares Polkadot Trust on the Nasdaq. This decision was made in an announcement on June 24, 2025, on the SEC's official information page.
Initially, Nasdaq submitted a rule change proposal on March 17, 2025, aimed at listing and trading shares of 21Shares' commodity-based cryptoasset Polkadot trust.
This draft rule was published in the Federal Register on March 26, marking the beginning of the official public comment period.
Review Period Extended as Regulated
On May 8, 2025, the SEC used its authority under Section 19(b)(2) of the Securities Exchange Act of 1934 to extend the review period. Under this regulation, the SEC is permitted to use up to 240 days from the date of publication to approve, reject, or initiate related procedures.
Accordingly, the deadline for the final decision will be extended to July 26, 2025. To date, no public comments have been filed regarding the Polkadot ETF proposal with the SEC.
21Shares Expands Cryptoasset ETF Portfolio
21Shares, a Switzerland-based cryptoasset asset manager, has continuously filed multiple ETF applications in 2025, including proposals related to assets like Solana and Chainlink. The SEC also received confirmation of 21Shares' Solana ETF filing in March, initiating the 45-day review cycle.
These filings remain pending, neither approved nor rejected, creating opportunities for further extensions. Notably, 21Shares is collaborating with Ark Invest to develop a Bitcoin ETF, which was officially approved by the SEC in the past year.
The SEC's filing processing follows a cautious pace, demonstrating thorough consideration while simultaneously applying legal regulations that allow for delays.
XRP ETF Postponed for Similar Reasons
The SEC's postponement of the 21Shares Polkadot Trust registration coincides with the delay in reviewing two XRP cryptoasset ETF filings from Grayscale Investments and Bitwise at the end of May.
Bloomberg ETF analyst James Seyffart notes that SEC delays are "understandable", explaining that "the SEC typically uses the entire 19b-4 review period." He also emphasizes that early decision-making in the cryptoasset ETF market is almost an "exception".
Similar to the Polkadot fund, the SEC continues to use its right to extend time to conduct more thorough research on XRP filings, with the possibility of extending approval until mid-October, depending on continued extensions.
Simultaneously, asset management firm Franklin Templeton has filed a spot XRP ETF just days after the SEC's announcement about Bitwise and Grayscale, reflecting the increasing interest from institutional investors.
Positive Prospects for Cryptoasset ETF Filings
Market analysts are maintaining an optimistic attitude about the potential approval of pending cryptoasset ETF applications. Specifically, James Seyffart and Eric Balchunas from Bloomberg raised their prediction for spot ETF approval rates to 90% or higher last weekend.
These developments reflect the increasingly clear market trend of accepting and legalizing financial products related to cryptoassets on major stock exchanges.
