21shares Polkadot Etf Revenue, Net Income & 10-K Summary

Overview

Exchange-traded fund (ETF) listed on Nasdaq (ticker: TDOT). Each Share represents a fractional undivided interest in the Trust’s net assets.
Primary objective: track the performance of DOT, the native token of the Polkadot Network, as measured by the CME CF Polkadot — Dollar Reference Rate — New York Variant (the Pricing Benchmark), after expenses and liabilities, and to reflect rewards from staking a portion of the Trust’s DOT when the Sponsor determines staking is permissible without undue legal or regulatory risk.
Principal assets: DOT and cash. DOT Custodians hold all DOT on behalf of the Trust. The Trust’s DOT holdings are passively held and may generate staking income.

Purchaser: Web 3.0 Technologies Foundation acquired 600,000 Shares (adjusted for a 4-for-1 reverse split effective March 4, 2026) for an aggregate equivalent of $52,631,796 in DOT.
Initial Seed Creation Investor: 21Shares US LLC purchased Initial Seed Creation Baskets comprising 20,000 Shares at $18.48 per Share on March 5, 2026, for total proceeds of $369,671. Delivery occurred March 5, 2026.
As of March 31, 2026, approximately 92.40% of the Trust’s DOT holdings were staked and about 7.60% unstaked.
Sponsor context: the Sponsor is a Delaware LLC operated by 21Shares AG and related affiliates. The 21Shares Group managed about $5.46 billion in assets across roughly 75 digital asset-related exchange-traded products as of March 31, 2026. Since May 2026, the Sponsor also serves as sub-adviser to seven investment companies registered under the 1940 Act.

Each Share represents a fractional undivided interest in the Trust’s DOT and cash.
Creation and redemption mechanics:
- Shares are created and redeemed continuously in blocks of 10,000 Shares (or multiples).
- Authorized Participants (registered broker-dealers with written agreements) may create or redeem via cash or in-kind DOT deliveries.
- Cash creations: DOT is purchased by a DOT Counterparty using cash deposited by the Authorized Participant; Shares are issued to the participant.
- In-kind creations: DOT is delivered in exchange for Shares.
- Redemptions can be in cash (DOT sold by the Trust; any slippage is borne by the Authorized Participant) or in-kind (DOT delivered to the redeeming participant).
NAV and pricing:
- The Trust’s NAV is calculated daily as of 4:00 p.m. ET based on the Pricing Benchmark.
- Principal Market NAV for GAAP purposes is calculated using ASC 820 fair value procedures.
- The Pricing Benchmark uses DOT prices from multiple spot markets (Constituent Exchanges); CF Benchmarks Ltd. may modify methodology or inputs.

Sponsor fee: 0.30% of the Trust’s NAV (accrues daily; payable in DOT weekly in arrears). The Sponsor pays most ordinary course expenses from this fee (subject to caps and exclusions).
Sponsor-paid and related expenses: the Sponsor pays certain ordinary course expenses up to specified caps; some expenses may be redesignated as Additional Trust Expenses.
Staking economics:
- Staking Providers (Coinbase Crypto Services and Figment) and DOT Custodians are expected to receive 26.5% of staking rewards; the remainder is distributed to Shareholders.
- Historically, prior to listing, the Sponsor received 15% of staking rewards; post-listing, the Sponsor, Staking Providers, and DOT Custodians are collectively expected to receive 26.5%.
- The Trust intends to pay cash distributions to Shareholders at least quarterly, funded from staking rewards for unbonded DOT; unbonding periods affect when rewards are realized.
Payouts and use of rewards:
- Quarterly cash distributions are funded from staking rewards. Remaining staking rewards accrue to the Trust’s DOT Custodian accounts and may be restaked or used to fund expenses.
Liquidity and redemptions:
- A Prime Broker (an affiliate of a DOT Custodian) facilitates daily trading and liquidity for creating/redeeming baskets and funding expenses not assumed by the Sponsor.
- Cash creations/redemptions can introduce delays and slippage; arbitrage activity may be less efficient if cash-only creation/redemption predominates.

Sponsor: develops marketing plan and oversees listing of Shares; does not perform day-to-day custody or staking operations.
Trustee: CSC Delaware Trust Company.
Administrator/Accounting: Bank of New York Mellon Asset Servicing (BNY Mellon) — maintains operational records and prepares regulatory filings; related charges are paid by the Sponsor.
Transfer Agent: Bank of New York Mellon.
DOT Custodians: Coinbase Custody Trust Company, LLC and BitGo Bank & Trust, N.A.
Prime Broker: Coinbase Inc. (and affiliates) — provides trading support and may hold a Trading Balance of DOT and cash. Connected Trading Venues include Bitstamp, LMAX, Kraken, and other disclosed NBMMs.
Staking Services Providers: Coinbase Crypto Services, LLC and Figment Inc.
Marketing Agent: Foreside Global Services, LLC.
Agreements include limitations on liability and detailed disclosures on counterparty, cyber, insolvency, and regulatory risks.

Staking exposure:
- The Trust may stake up to 100% of its DOT; it generally targets 40%–95% staked based on liquidity needs and risk analysis.
- Activation/bonding period: about 2–3 eras (roughly 2–3 days) before staking rewards accrue.
- Unbonding period: 28 days, during which DOT remains locked.
- If unbonding DOT is required to meet redemptions, rewards on that DOT may be forfeited for the 28-day period.
Liquidity classification:
- DOT in staking is treated as restricted/illiquid during bonding/unbonding; unstaked DOT is liquid.
- Liquidity management aims to maintain sufficient unstaked DOT to meet redemptions, using Trade Credits (DOT or cash) as needed.

DOT’s regulatory classification is unsettled; regulatory developments could affect the Trust, its operations, and its ability to meet its objective.
The Trust is not registered under the 1940 Act and is not a commodity pool; it is not FDIC or SIPC insured and does not provide typical investment company protections.
Tax: the Trust is treated as a grantor trust for U.S. federal income tax purposes. Staking may qualify for a safe harbor if conditions are met; IRS guidance is evolving and tax treatment may change.
Operational and counterparty risks include custodians, prime broker, connected venues, cyber incidents, outages, and regulatory actions. These risks may cause the Trust’s performance to diverge from DOT’s market price.
Events such as forks or airdrops are governed by the Trust Agreement; the Sponsor may abandon incidental rights or IR assets for forks unless doing so would jeopardize grantor trust status.

DOT staking as of 3/31/2026: ~92.40% staked; ~7.60% unstaked.
Seed funding and share counts:
- Web 3.0 Technologies Foundation: 600,000 Shares (post 4-for-1 reverse split) for $52,631,796 in DOT equivalent.
- 21Shares US LLC: 20,000 Shares at $18.48 per Share; proceeds $369,671.
Sponsor AUM: 21Shares Group oversees about $5.46 billion (as of 3/31/2026).
Fiscal year-end: March 31. The Trust has no fixed termination date.
The Trust has no officers, directors, or employees of its own.

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