Why Canary HBAR ETF Approval Was Postponed 

SEC extended the review period for Nasdaq’s Canary spot HBAR ETF application. Bloomberg analysts estimate a 90% chance of approval. Nasdaq filed the ETF on February 21, tracking spot HBAR prices, and submitted changes on March 4. The ETF went public on March 13, starting SEC’s 180-day decision period. However, the commission postponed the HBAR ETF twice in April and June. SEC requested further comments regarding Nasdaq’s commodity-trust share rules. The proposed rule change extended the decision period by 60 more days, setting the final date to November 8. 

HBAR price increased 1% in the last 24 hours, trading at $0.2206. The daily low and high were $0.2174 and $0.2222, respectively. Investor interest remains high despite the pending ETF approval. 

Grayscale Polkadot ETF Decision and Market Response 

SEC also extended the Grayscale Polkadot ETF review period until November 8. Like HBAR, the DOT ETF was delayed twice in April and June. The commission requires additional time to approve or reject the ETF under the proposed rule change. Meanwhile, SEC quietly collaborates with exchanges on general listing standards for spot crypto ETFs. Nasdaq, NYSE, and CBOE BZX updated the “commodity” definition in listing rules. 

DOT price rose about 4% to $4.03 at the time of writing. The daily low and high were $3.85 and $4.08. Trading volume surged 225% over the last 24 hours. Investors actively traded while awaiting the ETF decision. 

The SEC’s delay aims to establish a transparent and robust regulatory framework for altcoin ETFs. This ensures spot crypto ETF approvals proceed systematically. 

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Delay Confirmed For Ethereum Staking And XRP ETFs

In an announcement on May 20, the SEC officially postponed its decision regarding Bitwise’s proposal to add staking to its Ethereum (ETH) ETF and Grayscale’s application for an XRP ETF. Both delays extend the review period by an additional 45 days, allowing the agency more time to assess the proposals under regulatory frameworks.

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According to the filing, the SEC requires further analysis and is soliciting public comments on Grayscale’s XRP and Bitwise’s Solana (SOL) tracking funds. Bloomberg ETF analyst James Seyffart commented on X (formerly Twitter) that these delays are “absolutely expected,” citing that the SEC usually exhausts the full review window for such applications.

Litecoin ETF Gathers Momentum Among Analysts

While most altcoin-based ETF applications are likely to see similar delays, Seyffart highlighted Litecoin (LTC) as having “a higher likelihood vs others of getting approved first.” With multiple XRP ETP filings approaching decision dates in the coming days, analysts expect any early approvals to emerge in late June or early Q3 — though early Q4 seems more probable.

Several major ETF filings, including those linked to Polkadot (DOT), are due in June, such as Grayscale’s proposal by June 11 and 21Shares’ filing by June 24.

The recent wave of ETF applications comes amid changing tides at the SEC, following the resignation of former chair Gary Gensler. His tenure, marked by over 100 enforcement actions against crypto projects, has now given way to a perceived more crypto-friendly atmosphere, with multiple legal cases against firms like Gemini and Cumberland DRW being dropped.

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SEC Filing Updated on March 6

The new filing, dated March 6, updates the original application submitted on January 31. It may have been revised to address SEC feedback or to include additional information.

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21Shares isn’t alone in its ambitions. Grayscale submitted its own Polkadot ETF application to the SEC via Nasdaq on February 25. These filings highlight a growing race among asset managers to secure crypto ETF approvals.

Meanwhile, DOT continues to trade around $4.50, maintaining a crucial support zone at $4. On the weekly chart, DOT appears to be forming a falling wedge pattern — a potential bullish reversal signal. A breakout above the $10 level would confirm the pattern and could trigger a strong rally. However, falling below $4 would invalidate the setup and may lead to a drop to $3.60.

Polkadot 2.0 Launch Adds Momentum

In addition to the ETF developments, investors are closely watching the anticipated Polkadot 2.0 upgrade, expected in Q1 of 2025. The upgrade aims to significantly boost the network’s scalability and developer experience. A testnet version is already available via the Kusama network.

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Why Is This A Big Deal?

The SEC’s recognition of 21Shares’ Polkadot ETF application is not just a procedural step—it signals the growing regulatory acceptance of cryptocurrencies as a viable investment. Here’s why this is important:

• Validation of Polkadot: By considering Polkadot for a regulated investment product, the SEC acknowledges its importance in the crypto space.
• Mainstream Access to Polkadot: A spot Polkadot ETF would provide easier, regulated access to the Polkadot network, potentially driving further adoption.
• Setting a Precedent: Approval of this ETF could open doors for other altcoin ETFs, making it easier for investors to access a variety of digital assets.
• Institutional Interest: Many institutional investors prefer ETFs, so this filing could lead to increased institutional interest in Polkadot.

Spot ETF vs. Futures ETF: Why Spot Matters

A spot ETF directly holds the underlying asset—Polkadot tokens (DOT)—while a futures ETF tracks the future price of the asset, which can diverge from the spot price. Investors typically prefer spot ETFs for direct exposure to the underlying asset, as they offer a straightforward investment vehicle.

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Potential Benefits of a Polkadot ETF

Introducing a Polkadot ETF could benefit both investors and the wider Polkadot ecosystem:

• Simplified Investment: A Polkadot ETF would eliminate the complexities of buying, storing, and securing Polkadot directly, making it more accessible to traditional investors.
• Increased Liquidity: An ETF could bring more investors into the market, increasing liquidity and trading volume for Polkadot.
• Regulatory Confidence: Investing in a regulated ETF provides a sense of security and compliance that many investors seek compared to holding crypto assets directly.
• Wider Adoption: An ETF would potentially increase awareness and adoption of Polkadot.

The SEC’s approval to review the Polkadot ETF application is a major milestone for the crypto industry. It signals a possible shift in regulatory perceptions and sets the stage for further adoption of Polkadot and other cryptocurrencies in traditional investment markets.

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Grayscale Expands Its Portfolio with Polkadot ETF Filing

Grayscale has filed a request through Nasdaq to list and trade shares of the Grayscale Polkadot Trust (DOT). The filing starts a 45-day review period during which the SEC will assess the application. The SEC can approve, reject, or extend the review period.

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Grayscale had previously offered bitcoin and ether ETFs and has now filed to convert its XRP Trust into an ETF. Additionally, it filed for a spot Cardano ETF. These filings come at a time when the SEC has adopted a friendlier stance toward the digital asset space, particularly after it dropped several crypto-related investigations, including those targeting platforms like Robinhood and OpenSea.

Polkadot’s Status and Grayscale’s Role in the Market

Grayscale has never offered a standalone product for Polkadot until now. With this filing, it follows 21Shares, which filed for a spot Polkadot ETF with the SEC last month.

At the time of writing, Polkadot‘s DOT token is trading at $4.4, having lost 6.7% of its value in the last 24 hours, amid a broader downturn in the cryptocurrency market.

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