Key Takeaways
Nasdaq is seeking approval from the SEC to list and trade a new investment fund linked to Polkadot, managed by Grayscale.
With a market capitalization of $6.6 billion, DOT ranks 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 aims to track the spot price of Polkadot’s native coin, DOT, and is expected to be traded under the ticker symbol “DOT.”
Grayscale Investments, the sponsor of the fund, intends to offer investors a regulated and accessible way to invest in Polkadot’s native token. Alongside the spot Polkadot ETF, Grayscale is also seeking 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 allow the listing and trading of new securities, including spot crypto ETFs. Nasdaq’s filing is the second active application for a DOT-focused fund, following 21Shares’ S-1 registration 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.
According to CoinGecko data, following the news of the ETF filing, DOT, currently ranked as the 26th largest cryptocurrency, experienced a 4% increase. The token’s market capitalization currently stands at $6.6 billion.