Key Takeaways
Nasdaq is seeking approval from the Securities and Exchange Commission (SEC) to list and trade a new investment fund connected to Polkadot, created by Grayscale.
Polkadot’s market capitalization is $6.6 billion, ranking it as the 26th largest cryptocurrency.
Nasdaq has submitted Form 19b-4 to the SEC, requesting permission to list and trade shares of Grayscale’s spot Polkadot ETF. The proposed fund is designed to track the spot price of Polkadot’s native coin, known as DOT, and is expected to be traded under the ticker symbol “DOT.”
Grayscale Investments, the sponsor of the fund, aims to provide investors with a regulated and accessible way to invest in Polkadot’s native token. Apart from the spot Polkadot ETF, Grayscale is also seeking regulatory approval to offer ETFs tied to other digital assets such as XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC).
The 19b-4 form is a crucial regulatory filing required for exchanges to propose rule changes that would permit the listing and trading of new securities, including spot crypto ETFs. Nasdaq’s filing is the second active application for a fund focused on DOT, following 21Shares’ S-1 registration at the end of last month.
Tuttle Capital Management previously proposed a leveraged 2x Polkadot ETF as part of a broader filing for 10 leveraged crypto ETFs. However, shortly after the initial filing, the firm withdrew its proposals for all of its 2x leveraged ETFs.
Following the news of the ETF filing, DOT, currently ranked as the 26th largest crypto asset, increased by 4% according to CoinGecko data. The market capitalization of the token is $6.6 billion.
