Grayscale Adds Polkadot ETF to List of Crypto Filings

Grayscale is adding Polkadot (DOT) to the increasing list of ETFs it has filed with the US Securities and Exchange Commission (SEC).

On Tuesday, Nasdaq submitted an application for a 19b-4 rules change that would see the Grayscale Polkadot Trust begin trading on the exchange if approved. The SEC has 45 days to acknowledge the filing.

“The Shares [of the Trust] are designed to provide investors with a cost-effective and convenient way to gain investment exposure to DOT,” the filing stated.

The move follows Grayscale's pursuit of crypto ETF listings, including XRP and DOGE. Earlier this month, the SEC opened a 21-day public comment period for applications submitted through NYSE Arca, offering an opportunity for market participants to weigh in on Grayscale's ETFs. The regulator will then decide whether to approve, reject or extend its review.

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A Grayscale spokesperson emphasized the company’s commitment to engaging with regulators, stating, "We continue to appreciate the opportunity to innovate and constructively engage with regulators as they review crypto ETPs, and we remain optimistic about the potential of bringing digital assets further into the US regulatory perimeter in the ETP wrapper on behalf of our clients."

Grayscale is not alone in its pursuit of a Polkadot ETF. Last month, crypto fund issuer 21Shares also filed an application for a similar product. The proposed 21Shares Polkadot Trust would be listed on the Cboe BZX Exchange, tracking Polkadot’s price in US dollars with Coinbase expected to act as the custodian.

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Bloomberg Senior Analyst Eric Balchunas said the the Polkadot filing highlights how issuers perceive opportunities as the SEC has grown “more lenient and open to new (crypto) products.”

“This is what ETF issuers do, they push the envelope,” he explained. “You’ll find all these attempts to cash in, a lot of spaghetti gets thrown at the wall.”