With the change in management at the #SEC , 21Shares also joined the spot #etf applications that accelerated with the change in management, with the Polkadot move. All eyes are now on March..
A new one has been added to the spot ETF applications that accelerated with the change in management at the Securities and Exchange Commission (SEC) in the USA. 21Shares, which has Bitcoin and Ethereum ETFs and also applied for Solana, is now knocking on the SEC's door for Polkadot.
A spot ETF is a fund that tracks the real price of an asset (cryptocurrency) and is traded on an exchange. In other words, the term "spot" describes the fact that the underlying asset of the fund reflects price movements instantly by holding it physically or directly. In this way, they can benefit by trading on the stock exchange based on the fund feeling without directly purchasing the asset.
Spot ETFs play an important role in attracting institutional investors to the cryptocurrency market. Bitcoin ETFs, which have not yet completed their first year, have invested $40 billion, and this has been a major factor in Bitcoin's price exceeding $100,000.
The SEC's response to the new applications is eagerly awaited. It is thought that the approval process for spot ETFs will accelerate with the institution's financial management. According to Bloomberg ETF analysts, Litecoin is likely to be the next asset to receive approval after Bitcoin and Ethereum. This issue will be clarified on March 22, 2025.
