Grayscale Investments, a major crypto asset manager, is working on launching a Polkadot (DOT) exchange-traded fund (ETF).
Nasdaq has officially submitted a request to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Grayscale Polkadot Trust. The SEC now has 45 days to review the application. It can approve, reject, or extend the review period.
Recently, Grayscale, which already has Bitcoin and Ethereum ETFs, applied to the SEC to turn its XRP Trust into an ETF and launch a Cardano ETF. The SEC has become more supportive of crypto under the Trump administration, dropping several investigations, including those against Robinhood and NFT marketplace OpenSea.
This is Grayscale’s first Polkadot product. It follows 21Shares, another crypto asset manager, which also filed for a Polkadot ETF last month.
Polkadot (DOT) is currently trading at $4.35, down 6.7% in the past 24 hours amid a broader crypto market decline.
