On December 19, 21Shares established the 21Shares Polkadot Trust in Delaware, a move that may lead to the creation of an exchange-traded product (ETP) linked to Polkadot (DOT). As of now, 21Shares has not issued any public comments regarding this filing.
Polkadot’s Current Market Status
At the time of writing, Polkadot (DOT) ranks as the 20th largest cryptocurrency, priced at $7.07 with a market capitalization approaching $10.8 billion.
21Shares’ Expanding Portfolio in Crypto ETPs
This filing marks another step in 21Shares’ efforts to expand its presence in the crypto ETP market. The company currently offers Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded funds (ETFs) in the US. Additionally, 21Shares has filed for Solana (SOL) and XRP ETFs, along with an Injective (INJ) ETP in recent months.
Predictions for the ‘New Wave’ of Crypto ETFs
Bloomberg ETF analysts Eric Balchunas and James Seyffart anticipate a surge in crypto ETP filings, expected to occur next year. They predict that a BTC-ETH mixed index will likely be the first to receive approval, with Litecoin (LTC) and Hedera Hashgraph (HBAR) ETFs following later.
However, the regulatory status of Solana and XRP ETFs remains uncertain, which could delay their approval.
Optimism Fueled by Political Changes
The recent wave of filings, including a Hedera (HBAR) ETF from Canary Capital on November 12, is partly attributed to the political climate in the US following President-elect Donald Trump’s victory. His pro-crypto stance has bolstered optimism among ETF issuers, leading to the development of more crypto-related products.
Furthermore, Paul Atkins’ nomination as the new SEC chair has contributed to the crypto industry’s positive outlook. Atkins, a long-time advocate for innovation, has co-chaired the Digital Chamber’s Token Alliance since 2017, further fueling hopes for favorable regulatory changes.
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