Nasdaq Files for Grayscale’s Spot Polkadot ETF

Nasdaq has submitted Form 19b-4 to the SEC, seeking approval to list and trade shares of Grayscale’s spot Polkadot ETF, tracking the spot price of Polkadot’s native coin, DOT.

Fund Overview

Grayscale Investments, the fund’s sponsor, aims to provide a regulated and accessible way for investors to gain exposure to Polkadot’s native token. Besides the spot Polkadot ETF, Grayscale is also seeking regulatory approval for ETFs related to other digital assets such as XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC).

Regulatory Filing

The 19b-4 form is a key regulatory filing that enables exchanges to propose rule changes necessary for the listing and trading of new securities, including spot crypto ETFs. Nasdaq’s filing marks the second active application for a DOT-focused fund, following 21Shares’ S-1 registration last month.

Previous Proposals

Tuttle Capital Management had previously proposed a leveraged 2x Polkadot ETF as part of a broader plan for 10 leveraged crypto ETFs. However, the firm withdrew its proposals for all of its 2x leveraged ETFs soon after the initial filing.

Market Impact

Following the ETF filing news, DOT, currently ranked as the 26th largest crypto asset, rose 4%, with a market capitalization of $6.6 billion, according to CoinGecko data.