SEC Releases Update on Expected Altcoin Spot ETF! Here's What You Need to Know

The U.S. Securities and Exchange Commission (SEC) has delayed digital asset management firm 21Shares' application for a spot Polkadot ETF.

The SEC's decision deadline for the Polkadot Spot ETF is Nov. 8, and Bloomberg analysts see a 90% probability of an approval. In addition, analysts note that the current postponement decisions are normal.

The company's goal is to track the performance of Polkadot's native token, DOT, with a passive investment vehicle and make this cryptocurrency available to investors by holding it directly in custody.

According to regulatory filing documents, the CME CF Polkadot-Dollar Reference Rate will be used as the fund's reference point. This rate is calculated based on the trade flow from major DOT trading platforms.

21Shares already offers exposure to Polkadot through its products traded on European exchanges and has established a significant presence in the digital asset space.

Polkadot was developed by Gavin Wood, one of the co-founders of Ethereum, with the aim of enabling different blockchain networks to connect and communicate with each other.

*Not investment advice.

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