21Shares has launched the primary U.S. spot DOT ETF only a week after it launched one of many first spot ETFs for SUI.
21Shares has launched the primary U.S. spot Polkadot ETF, referred to as TDOT, at this time, March 6, in keeping with a press release from the agency.
The crypto exchange-traded product issuer famous that its spot ETF for Polkadot’s native asset, DOT, is registered underneath the Securities Act of 1933, not the Funding Firm Act of 1940 — like most U.S. crypto ETPs.
Bloomberg’s senior ETF analysts, Eric Balchunas, posted concerning the launch on X at this time, noting its 0.30% price and that “it seems prefer it was seeded with $11m.”
DOT Slumps on the Information
Polkadot is called a Layer 0 chain, because it consists of an ecosystem of networks with a shared base layer. With a market cap of roughly $2.4 billion, Polkadot is at the moment the thirty eighth largest community, in keeping with CoinGecko.
DOT is down about 2% over the previous 24 hours, regardless of the ETF information, because the broader market sees a downturn on elevated financial and geopolitical uncertainty.
The token noticed a sharp rally final month on expectations round its upcoming halving occasion, as The Defiant reported.
TDOT marks the most recent altcoin ETF to launch within the U.S. — a development that accelerated notably final yr. Simply final week, 21Shares additionally issued one of many first spot ETFs for Sui (SUI), as The Defiant reported.
The primary spot crypto ETF to launch within the U.S. was, fittingly, for Bitcoin. After years of makes an attempt, 11 issuers were approved at once in a landmark determination in January 2024.
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