21Shares Files For Polkadot ETF With SEC, Triggers Backlash

21Shares has filed for a Polkadot exchange-traded fund (ETF) with the US Securities Exchange Commission (SEC), much to the dismay of the crypto industry.

The proposed 21Shares Polkadot Trust would be listed on the Cboe BZX Exchange, tracking Polkadot’s price in US dollars with Coinbase expected to act as the custodian.

Crypto Twitter was quick to react, sharing their unfiltered criticism. “Polkadot ETF? Really? How about a real investment?” questioned one X user.

“No one needs Dot,” said another, whilst one critic predicted, “First ETF to go negative price [sic].”

Bloomberg Intelligence analyst James Seyffart said the filing has triggered the “most hate” he has “ever seen an ETF filing get.”