21Shares has submitted an S-1 registration statement to the SEC to launch the first spot Polkadot (DOT) ETF in the United States, targeting a listing on the Cboe BZX Exchange. The ETF aims to track the price performance of Polkadot's DOT token and will utilize Coinbase Custody as its custodian. This initiative follows the company's successful launch of a similar ETF in Europe back in 2021.

The proposed fund is designed as a passive investment vehicle, meaning it will not engage in speculative trading or use leverage and derivatives. Instead, it focuses solely on mirroring DOT's price as referenced by the CME CF Polkadot-Dollar Reference Rate. Following the announcement, DOT's price saw a 3% increase, reflecting positive market sentiment.

This filing is notable as it comes shortly after Tuttle Capital's proposal for a leveraged Polkadot ETF, marking increased interest in cryptocurrency ETFs among asset managers. While there are discussions about the potential for enhanced institutional investment and liquidity for Polkadot, some skepticism remains regarding the actual market demand for such ETFs. The landscape for cryptocurrency investments continues to evolve rapidly, with 21Shares leading the charge in the U.S. market.