SEC Delays Decision on Grayscale’s Polkadot ETF Amid Surge in Crypto Fund Applications

The U.S. Securities and Exchange Commission (SEC) has hit the pause button on a decision regarding Grayscale’s proposed Polkadot spot exchange-traded fund (ETF). In a filing published on April 24, 2025, the agency announced it would extend the review period, pushing the deadline to June 11, 2025.

Grayscale is seeking to convert its existing Polkadot Trust into a fully-fledged ETF, which would be listed on Nasdaq.

The proposal, initially submitted on February 24 via Form 19b-4, was officially published in the Federal Register on March 13, triggering a standard 45-day review window. That window was set to close on April 27, but the SEC has now exercised its right to extend the review period to a total of 90 days.

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In the official statement, the SEC said the extension was necessary to allow “sufficient time to consider the proposed rule change and the issues raised therein.”

This delay comes amid a significant uptick in crypto ETF applications, many of which have landed on the agency’s desk since the departure of former SEC Chair Gary Gensler. The flood of new filings reflects growing interest from traditional finance in tapping into the crypto market via regulated investment vehicles.

Grayscale’s Polkadot ETF isn’t the only application facing a wait. The SEC has also postponed its decisions on several other high-profile filings, including the Canary HBAR ETF and the Bitwise Bitcoin and Ethereum ETF, both of which now share a new decision date of June 10, 2025.

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Nasdaq originally filed for the Canary HBAR ETF on February 21, later amending the submission on March 4. Like Grayscale’s proposal, this application was also published in the Federal Register on March 13, kicking off the SEC’s formal review process.

These delays are part of a broader pattern from the regulator, which is carefully navigating the complexities of integrating digital assets into traditional financial markets. While the crypto community is hopeful for progress, the SEC’s cautious stance signals that these decisions won’t come easily—or quickly.

As the June deadlines approach, all eyes will be on the SEC to see whether it finally greenlights a new wave of crypto ETFs or continues to hold the line.