Nasdaq filed to list Grayscale Polkadot (DOT) exchange-traded fund (ETF) on Monday. The move aligns with Grayscale’s strategy to transition its crypto trusts into ETFs over time.
Nasdaq Files to List Grayscale’s Polkadot ETF
Nasdaq has applied to the U.S. Securities and Exchange Commission (SEC) to list and trade Grayscale’s Polkadot (DOT) spot ETF on Monday, February 24, highlighting the increasing demand for regulated cryptocurrency investment options.
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According to the filing, Nasdaq is requesting approval to list and trade shares of the Grayscale Polkadot Trust (DOT) as a commodity-based investment. The trust holds DOT coins, allowing investors to gain exposure to Polkadot without directly owning the cryptocurrency.
The fund is designed to follow the real-time price of Polkadot’s native token, DOT, and will trade under the ticker DOT.
Polkadot, created by Ethereum co-founder Gavin Wood , is a leading blockchain designed to connect different networks, enhancing interoperability, scalability, and security in the multi-chain ecosystem.
Crypto ETF Momentum Grows
Interest in crypto ETFs is growing as investors seek regulated ways to gain exposure to digital assets.
Apart from the latest Polakdot ETF filing, Grayscale is seeking approval to launch ETFs for other cryptocurrencies, including XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA) , and Litecoin (LTC).
Other firms have also applied for Polkadot ETFs. In January, 21Shares filed with the SEC to list its 21Shares Polkadot Trust on the Cboe BZX Exchange, with Coinbase Custody managing DOT holdings.
In 2024, the cryptocurrency market saw major growth, driven by the approval of multiple crypto ETFs in the U.S. Bitcoin and Ethereum ETFs began trading, opening the door for institutional investments, while discussions for Solana and other crypto ETFs gained momentum.
Analysts link the surge in ETF filings to upcoming changes in SEC leadership and a more favorable stance toward cryptocurrency regulation.
Polkadot DOT Price Failed to Rally
Despite Nasdaq’s filing announcement, which is typically seen as a positive market signal, Polkadot’s native DOT token did not show a significant price increase.
On the contrary, DOT followed the broader crypto market’s downward trajectory. Over the past 24 hours, DOT’s price has dropped nearly 7.5% to a low of $4.19, a level last seen in early February.
Polkadot’s price failed to surge after the ETF filing announcement. Source: CoinMarketCap
Since last November’s bull rally, when the DOT token reached $10.73, Polkadot’s token has lost nearly 60% of its value.
On the Flipside
- In October 2024, Polkadot implemented a significant technical update, Agile Coretime, making Polkadot more efficient, scalable, and cost-effective for developers and investors.
Why This Matters
The Polkadot ETF filing marks a significant step toward expanding institutional investment in alternative blockchain networks.
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