The U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to approve an exchange-traded fund (ETF) that would hold Polkadot’s native token. The regulator's latest filing, According to an April 24, extends the deadline for a final ruling until June 11, nearly four months after Nasdaq first requested approval to list the Grayscale Polkadot Trust on February 24.

This delay adds to a growing list of approximately 70 proposed ETFs awaiting SEC approval. These ETFs include those that concentrate on financial derivatives associated with cryptocurrencies, such as altcoins and memecoins. As noted by Bloomberg Intelligence, asset managers are pitching ETFs that cover a wide array of digital assets, from popular cryptocurrencies like XRP, Litecoin, and Solana to more niche tokens like as Dogecoin, Penguins, and even a two-time Melania ETF. Notably, 21Shares is currently awaiting approval to float its own Polkadot ETF.

The layer-1 blockchain network Polkadot was introduced in 2020. Its native token, DOT, is currently valued at approximately $4.28 with a market capitalization of around $6.6 billion, according to CoinMarketCap.on April 24.

In the broader context, Grayscale is among several asset managers seeking regulatory clearance to list altcoin-focused ETFs in the U.S. The company is already behind notable crypto funds, including spot Bitcoin and Ether ETFs, and has also requested approval to launch ETFs for tokens like Solana, Litecoin, XRP, Dogecoin, and Cardano.

This wave of ETF proposals comes at a time when more than 80% of institutional investors plan to increase their crypto allocations in 2025, according to a report from Coinbase and EY-Parthenon in March. 

However, experts caution that demand for altcoin ETFs is likely to be much lower compared to funds focused on core cryptocurrencies like Bitcoin and Ether. As analyst Eric Balchunas put it, having a coin "ETF-ized" is like getting a song added to major streaming platforms: it doesn't guarantee success but does put the asset in front of a larger audience.