21Shares Polkadot ETF 8-K

What Happened

• 21Shares Polkadot ETF announced it entered a staking services agreement with Figment Inc. (Figment) effective May 4, 2026. Under the agreement Figment will perform staking on the Polkadot Network on behalf of the Trust, attempt to generate staking rewards, and provide reports showing reward calculations.

Key Details

• Agreement effective date: May 4, 2026; term continues until terminated per the contract and either party may terminate at any time with written notice.
• Reward split: Sponsor, custodians and third‑party staking providers (including Figment) are expected to receive 26.5% of staking rewards; the remainder is retained by the Trust.
• Network restrictions: The Trust may stake/unstake DOT subject to Polkadot bonding/unbonding periods; during those periods DOT and rewards may be unavailable and Figment is not obligated to perform services for restricted DOT.
• Liability limits: Figment’s and the Trust’s aggregate liability to each other is capped at Figment’s service fees collected in the six months before a damage event (the “Global Cap”); slashing penalties are subject to a six‑month “Slashing Cap,” missed rewards to a three‑month “Missed Rewards Cap.” Caps do not apply to slashing penalties resulting from Figment’s gross negligence, fraud, or willful misconduct. Figment may discontinue operating validator nodes with reasonable prior written notice.

Why It Matters

• For investors, this formalizes how the Trust will pursue staking rewards on Polkadot and how those rewards will be shared. The Trust keeps the majority of staking rewards, but roughly 26.5% is expected to go to the sponsor/custodians/providers (including Figment).
• Bonding/unbonding restrictions and the agreement’s liability caps (including limited recourse for slashing or missed rewards except in cases of gross negligence, fraud or willful misconduct) are important to understand because they affect the Trust’s ability to access staked DOT and the Trust’s financial protection if staking problems occur.
• The full Figment staking agreement is filed as Exhibit 10.1 to the 8‑K for investors who want the complete contract terms.