21Shares Registers Polkadot Trust in Delaware

Digital asset manager 21Shares has registered its Polkadot Trust in Delaware, marking another step toward expanding access to the smart contract network for accredited investors. The move joins a growing list of firms launching new crypto products. The Swiss firm’s decision to register the Polkadot Trust is interesting given the relatively low adoption of the smart contract network compared to its competitors like Solana and XRP.

However, 21Shares has always been bullish on DOT and launched the first European exchange-traded product for Polkadot in 2021 on the SIX Swiss Exchange. Many in the crypto community believe that a Polkadot investment product may not attract much investment given the limited interest in the network. Polkadot’s DOT token is ranked 17th on CoinMarketCap with a market cap of around $11 billion.

Leading asset manager Grayscale registered the Polkadot Trust in Delaware in 2021. However, DOT is currently only part of its Grayscale Smart Contract Platform Ex-Ethereum Fund, which also includes SOL, ADA, AVAX, and NEAR. DOT’s stake in the fund is 6.97%, and the fund’s assets under management are only $5.28 million, much smaller than the recently launched SUI Trust.

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