21Shares Pushes for Polkadot ETF as U.S. Crypto Funds Gain Momentum

Swiss asset manager 21Shares is making a move to bring a Polkadot ETF to the U.S., filing an application with the SEC to list it on the Cboe BZX exchange.

If approved, Coinbase will act as the custodian for the DOT holdings.

This isn’t 21Shares’ first attempt at a Polkadot investment product. Back in 2021, the firm introduced a Polkadot ETP in Switzerland, but launching in the U.S. presents new regulatory challenges. Despite DOT’s declining price over the past year, the firm is pushing forward, though its filing acknowledges there are no guarantees for long-term price stability.

The proposal also highlights risks, including potential regulatory scrutiny. While the Web3 Foundation insists DOT is not a security, the possibility remains that it could be classified as one under U.S. law. Bloomberg analyst James Seyffart noted that the ETF’s success will depend on investor demand—if interest is low, the fund won’t survive.

21Shares’ filing coincides with a wave of new crypto ETF proposals following SEC Chair Gary Gensler’s recent resignation. With other asset managers seeking approval for Bitcoin, Ethereum, and even memecoin ETFs, the changing regulatory landscape could determine whether Polkadot joins the list of tradable crypto assets in U.S. markets.