- SEC confirms review of 21Shares’ spot Polkadot ETF proposal for Cboe BZX Exchange listing.
- Canary Capital proposes the first U.S. ETF combining PENGU tokens and Pudgy Penguins NFTs.
- Crypto ETF filings rise under Trump as analysts question their appeal to traditional investors.
A fresh wave of crypto ETFs is gaining momentum in the U.S. financial markets. The U.S. Securities and Exchange Commission (SEC) has now acknowledged the filing for a spot Polkadot ETF by asset manager 21Shares. This filing marks an important milestone in efforts to introduce Polkadot to traditional investors. The SEC’s confirmation triggers a formal review of the ETF’s compliance with regulations and its potential market impact.
If approved, the 21Shares Polkadot Spot ETF will allow investors to access Polkadot (DOT) on the Cboe BZX Exchange. This would remove the need for investors to manage the cryptocurrency directly and encourage more institutional investors to explore Polkadot as a viable asset. Additionally, it would further integrate Polkadot into traditional financial products like ETFs.
This development follows a pattern of rising cryptocurrency ETF filings in recent months. These applications have surged since the SEC shifted its regulatory approach under the Trump administration. Filings now frequently include spot ETFs linked to major cryptocurrencies and blockchain tokens.
Alongside the Polkadot ETF, Canary Capital has filed for a unique ETF combining the Pengu token and Pudgy Penguins NFTs. The filing, submitted on March 20, proposes an ETF that would hold PENGU tokens and a collection of Pudgy Penguins NFTs. This marks the first U.S. ETF proposal to include non-fungible tokens (NFTs) in its structure.
Related: How Crypto ETFs Are Shaping the Future of Traditional Investment Strategies
Canary’s application also mentions the inclusion of other digital assets. The ETF would hold Solana (SOL) and Ethereum (ETH) to help facilitate transactions involving PENGU tokens and NFTs. Pudgy Penguins, launched in December, has quickly grown, now boasting a market capitalization of $438 million.
Earlier this week, Canary also submitted a filing for an ETF based on the SUI token, linked to the Sui blockchain network. Both filings reflect the asset manager’s expanding interest in crypto and blockchain-related investment products.
Since January, the SEC has reviewed dozens of new crypto ETF filings under the Trump administration, which include proposals for ETFs linked to Solana, XRP, Dogecoin, and even a meme coin – Official Trump (TRUMP).
Despite the surge, some analysts question whether non-core crypto ETFs will gain traction with investors. Crypto researcher Alex Krüger wrote on X that most of these new ETFs may struggle to attract significant assets. Meanwhile, Trump has vowed to make the U.S. the world’s “crypto capital,” reversing previous policies focused on strict enforcement.
