21Shares registers Polkadot Trust in Delaware
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Digital asset manager 21Shares has registered its Polkadot Trust in Delaware, marking another step to expand exposure to the smart contract network for accredited investors. This move joins the growing list of firms launching new crypto products. The Switzerland-based firm’s decision to register a Polkadot Trust is quite interesting, given the smart contract network’s relatively low popularity compared to its competitors, such as Solana and XRP. However, 21Shares has always been bullish on DOT, and it launched the first Europe-based exchange-traded product for Polkadot in 2021 on the SIX Swiss Exchange. Meanwhile, many in the crypto community believe that the Polkadot investment product might not attract much investment, given the limited interest in the network. Polkadot token DOT is ranked 17th on CoinMarketCap, with a market cap of around $11 billion. The leading asset manager, Grayscale, registered a 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 has a 6.97% weighting in the fund, which interestingly has only $5.28 million in assets under management, far below the newly launched SUI Trust. Bitcoin and Ethereum ETFs outperform Meanwhile, 21Shares registration highlights the positive sentiments among asset managers about crypto-focused investment products. The massive success of Bitcoin and Ether exchange-traded funds (ETFs) has contributed to this, with many seeing it as a sign of demand for alternative investment products. Since launching in January, the US Bitcoin ETFs have seen a year-to-date flow of $37 billion, far above many analysts’ bullish estimates. Interestingly, the ETFs also had 15 days of consecutive inflows between November 27 and December 18, showing that demand is not subsiding. Bitcoin ETFs Inflows (Source: Hodl15Capital) Bloomberg ETF expert Eric Balchunas described the growth as massive, although its routine nature…
