Grayscale Files for Polkadot ETF with SEC Following 21Shares
Grayscale Investments is advancing plans to launch a Polkadot ETF, having filed a Form 19b-4 with the SEC through Nasdaq. The proposal aims to list shares of the Grayscale Polkadot Trust (DOT), which will track the price of Polkadot's native cryptocurrency.
The key points include:
- Grayscale is the second firm to seek approval for a Polkadot ETF, following 21Shares' earlier filing.
- The SEC will evaluate the application through a multi-step process, determining compliance with federal securities laws.
- A surge in crypto ETF applications follows the SEC’s approval of spot Bitcoin and Ethereum ETFs last year.
- Grayscale is also pursuing ETFs linked to other assets like XRP, Solana, Dogecoin, Cardano, and Litecoin.
- Other firms, including Canary Capital and Tuttle Capital Management, are seeking ETF approvals for Solana and leveraged Polkadot products, respectively.
- VanEck has proposed an “Onchain Economy” ETF focused on investments in crypto-related companies rather than holding cryptocurrencies directly.
Approval of a Polkadot ETF could indicate greater acceptance of digital assets in traditional finance, while delays may highlight ongoing regulatory challenges.