21Shares has launched the first U.S. spot Polkadot ETF, known as TDOT, today, March 6, according to a press release from the firm.
The crypto exchange-traded product issuer noted that its spot ETF for Polkadot’s native asset, DOT, is registered under the Securities Act of 1933, not the Investment Company Act of 1940 — like most U.S. crypto ETPs.
Bloomberg’s senior ETF analysts, Eric Balchunas, posted about the launch on X today, noting its 0.30% fee and that “it looks like it was seeded with $11m.”
DOT Slumps on the News
Polkadot is known as a Layer 0 chain, as it consists of an ecosystem of networks with a shared base layer. With a market cap of approximately $2.4 billion, Polkadot is currently the 38th largest network, according to CoinGecko.
DOT is down about 2% over the pat 24 hours, despite the ETF news, as the broader markets see a downturn on increased economic and geopolitical uncertainty.
The token saw a sharp rally last month on expectations around its upcoming halving event, as The Defiant reported.
TDOT marks the latest altcoin ETF to launch in the U.S. — a trend that accelerated notable last year. Just last week, 21Shares also issued one of the first spot ETFs for Sui (SUI), as The Defiant reported.
The first crypto ETF to launch in the U.S. was, fittingly, for Bitcoin. After years of attempts, 11 issuers were approved at once in a landmark decision in January 2024.
This article was generated with the assistance of AI workflows.
