Key Takeaways
Nasdaq has filed for a Polkadot ETF on behalf of 21Shares to track the spot price of DOT.
21Shares is also seeking regulatory approval for ETFs linked to XRP and Solana.
Nasdaq has filed Form 19b-4 with the SEC seeking approval to list and trade shares of 21Shares’ spot Polkadot ETF. The proposed fund would track the spot price of Polkadot’s native coin DOT, which currently ranks as the 27th largest crypto asset by market cap.
The exchange’s filing follows 21Shares’ S-1 amendment submitted earlier this month. As of now, no specific ticker symbol has been officially designated for the proposed US-listed ETF.
As the fund’s sponsor, 21Shares aims to provide investors with a regulated and accessible avenue to gain exposure to DOT. However, this is not their first product linked to the crypto asset.
The asset manager currently offers the 21Shares Polkadot ETP, which is traded under the ticker symbol ADOT on various European exchanges, such as Euronext Amsterdam, Euronext Paris, XETRA, and the SIX Swiss Exchange.
The ADOT ETP is physically backed by DOT tokens and provides investors with a regulated way to gain exposure to the Polkadot network.
21Shares is also pursuing regulatory approval for ETFs linked to other digital assets including XRP and Solana (SOL).
The firm has alternatively proposed allowing its 21Shares Core Ethereum ETF to engage in staking, which could generate additional returns for investors. The proposal specifies that staking would be limited to Ether owned by the Trust, avoiding delegated staking or staking as a service.
Grayscale Investments is also seeking to launch a spot Polkadot ETF.
Previously, Tuttle Capital Management had proposed a leveraged 2x Polkadot ETF as part of a broader filing for 10 leveraged crypto ETFs, but later withdrew all its 2x leveraged ETF proposals.
DOT experienced a slight price increase following the ETF filing news. The token’s market capitalization currently stands at $6.4 billion, according to CoinGecko data.