The US Securities and Exchange Commission (SEC) has extended its review period for the Grayscale Polkadot ETF application, according to a notice published on April 24, 2025.
The commission has designated June 11, 2025, as the new deadline for its decision. Within that deadline, the SEC will decide whether to approve or disapprove Nasdaq’s proposed rule change. The decision would allow listing and trading of the Polkadot-based investment product.
SEC postpones decision on Polkadot ETF
According to a notice by the SEC, this 45-day extension comes at the end of the initial review period that was set to expire on April 27.
The SEC’s extension notice, signed by Assistant Secretary Sherry R. Haywood, shows that the commission needs additional time to evaluate Nasdaq’s proposal. According to the document, the regulatory body “finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The Grayscale Polkadot Trust (DOT) filing was made by Nasdaq on February 24, 2025, under Rule 5711(d), Commodity-Based Trust Shares. The rule change proposal was subsequently published in the Federal Register on March 13.
SEC is proceeding slowly with Polkadot ETF as it did with past applications for cryptocurrency ETFs. The commission is used to applying its full review powers under Section 19(b)(2) of the Securities Exchange Act of 1934. The notice reported that the Commission has not yet received any comments on the rule change since its release. If approved, the Grayscale Polkadot ETF would be added to the roster of crypto-based ETFs.
DOT price predicted to hit $10
Despite the Polkadot ETF setback, its native cryptocurrency has continued with the bullish price action. Polkadot price has risen by 2.4% in the past 24 hours and 15.1% in the past week. The trend is supported by the fact that several analysts remain bullish about the future of DOT, with some having price targets of as high as $42 in the coming months.
CoinGape has released its DOT price prediction for April 2025. In addition, crypto analyst Patel shared an update highlighting DOT’s technical performance. He noted that the token is “reacting exactly as expected from the entry zone.” The analyst reaffirmed a previous price prediction and stated that the next upward movement could target $10, then $20. He also mentioned that it could potentially hit $42 if the current momentum continues.
Market observer Benjamin tweeted out some of the most important reasons behind DOT’s favorable prognosis. This comprises the pending Polkadot ETF applications, staking activities that have tied up roughly half of all DOT tokens, and various developments in the ecosystem.
These include the imminent launch of the JAM testnet, Harbour’s $100 million ecosystem fund, and HashKey Capital’s investment in the project. The analyst further highlighted rising technologies such as GIGADOT’s multi-yield DeFi products. He also spoke about Peaq at 4 million decentralized physical infrastructure network IDs, and gaming platform Mythical onboarding 7M users.
Amidst the DOT ETF news, there has been speculation on whether the XRP ETF going live can push Ripple price up by 600%.
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