SEC Kicks Polkadot ETF Can Down the Road – Wall Street’s Paperwork Tango Strikes Again

Regulators hit pause on the Polkadot ETF decision—because nothing says ’financial innovation’ like bureaucratic limbo. Behind the scenes? Lawyers are billing hours, traders are rolling their eyes, and the crypto crowd mutters ’typical.’

The Delay Playbook: SEC cites ’need for further review’—code for ’we’ll get to it after lunch, maybe.’ Meanwhile, DOT holders watch the clock as institutional money twiddles its thumbs.

Why It Matters: Another crypto asset left in regulatory purgatory while the traditional finance boys debate whether blockchain is ’scary’ or just ’scary profitable.’

Closing thought: If ETFs were highways, crypto would still be stuck at the toll booth—exact change only, no guarantees on when the gate lifts.

Polkadot ETF delayed

In a regulatory filing dated the 24th of April, the agency announced it would extend its review period for the Grayscale Polkadot Trust until the 11th of June, nearly four months after Nasdaq submitted its initial request.

This development arrives alongside another pending decision, as the SEC also weighs a separate application for Bitwise’s dual Bitcoin [BTC] and Ethereum [ETH] ETF, with a final call expected by the 10th of June.

This highlights a new wave of crypto ETF proposals is sweeping through the financial sector, with firms like Canary Capital, Grayscale Investments, and Bitwise Asset Management leading the charge.

Other institutions and their ETF filings

Building on the momentum generated by the launch of spot Bitcoin and Ethereum ETFs last year, the market is now brimming with anticipation, evidenced by the 72 crypto-focused ETF applications currently pending with the SEC.

Canary Capital has taken an especially aggressive approach, recently submitting filings for ETFs tied to Tron [TRX] with integrated staking capabilities, as well as funds focused on Solana [SOL], PENGU, and Sui [SUI].

On the other hand, Grayscale is broadening its reach beyond legacy tokens, pushing for ETFs that would track assets such as Cardano [ADA], Ripple [XRP], Dogecoin [DOGE], Litecoin [LTC], and Avalanche [AVAX].

Bitwise, too, is diversifying its lineup with filings for DOGE and Aptos [APT] ETFs.

Needless to say, the rush isn’t limited to crypto-native firms; traditional financial institutions are also racing to capture market share in products linked to digital assets, derivatives, and blockchain equities.

Execs weigh in

Reflecting on this surge, Bloomberg’s ETF analyst Eric Balchunas noted that 2025 is shaping up to be a “wild year” for crypto ETFs.

Balchunas said, 

“Having your coin get ETF-ized is like being in a band and getting your songs added to all the music streaming services.” 

He added, 

“Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are.”

DOT’s price action

However, despite regulatory delays surrounding the proposed Polkadot ETF, investor sentiment around DOT remained notably optimistic.

The token demonstrated strong upward momentum, recording a 15.1% rise over the past week.

In fact, at the time of writing, DOT was trading at $4.34, marking an 8.23% surge in just 24 hours, according to CoinMarketCap data.

This bullish price action appears to be underpinned by growing confidence from market analysts, some of whom project ambitious price targets reaching as high as $42 shortly.

Such resilience in DOT’s market performance suggests that investor interest in the asset continues to deepen, regardless of short-term regulatory hurdles.