The path for new crypto investment vehicles faced another hurdle as the U.S. Securities and Exchange Commission deferred its verdict on Grayscale’s proposed Polkadot spot exchange-traded fund.
In an April 24, 2025 filing, the financial regulator announced it needs more time to evaluate the application seeking to list shares tracking the spot price of Polkadot (DOT). This delay comes as numerous proposals for various digital asset ETFs are pending before the commission.
The agency specifically pushed its decision deadline for the Grayscale Polkadot ETF to June 11, 2025. This extension moves the timeline from the standard initial 45-day review period to a 90-day window.
Grayscale is aiming to transition its existing Grayscale Polkadot Trust into a spot exchange-traded fund, a structure approved earlier for Bitcoin. The SEC stated the extension provides “sufficient time to consider the proposed rule change and the issues raised therein.”
This development follows the standard regulatory process. Nasdaq submitted the crucial Form 19b-4 to the SEC on February 24, 2025, formally requesting the green light to list and trade the Polkadot ETF shares. The proposal was subsequently published for public feedback in the Federal Register on March 13, 2025.
Publication initiated the regulatory clock, initially setting an April 27, 2025 deadline for the SEC to approve, reject, or start proceedings to determine potential disapproval. The extension to June 11 utilizes the maximum time allowed under this phase.
Market watchers noted this isn’t an isolated event. The SEC also recently extended deadlines for other crypto-related ETF applications, including the Canary HBAR ETF and the Bitwise Bitcoin and Ethereum ETF. Decisions on these funds are now expected by June 10, 2025.
The Canary HBAR ETF filing process began with Nasdaq on February 21, followed by an amendment on March 4, and Federal Register publication on March 13, mirroring the Polkadot ETF’s procedural steps.
These delays underscore the SEC’s meticulous approach as it navigates the complexities of bringing novel altcoin and other blockchain-based assets into the regulated ETF wrapper, even after the landmark approvals for Bitcoin spot ETFs.