The crypto market is receiving a new boost as Nasdaq has submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC) to list and trade the Grayscale spot Polkadot ETF. This exchange-traded fund (ETF) tracks the spot price of Polkadot’s native token, DOT, the 26th largest cryptocurrency by market capitalization with a value of approximately $6.6 billion. Under the ticker “DOT,” the fund offers investors direct exposure to Polkadot without having to own the assets themselves.
Grayscale, known for its Bitcoin and Ethereum ETFs, is charting a new course with Nasdaq by embracing Polkadot. This collaboration underscores the growing institutional acceptance of altcoins. Polkadot’s blockchain, designed for interoperability between networks, offers a unique proposition: it connects different blockchains via parachains and bridges, promoting decentralized applications (DApps) and connectivity. An ETF can make this innovation more accessible to traditional investors, without the complexity of direct crypto ownership.
Nasdaq’s application for the Grayscale spot Polkadot ETF is not an isolated move. Earlier this month, it also submitted 19b-4 forms for CoinShares’ XRP and Litecoin ETFs. These steps strengthen the bridge between traditional finance and crypto, with XRP and Litecoin as popular candidates. The SEC has 45 days to acknowledge these applications, with a possible extension for further review. Approval could not only boost DOT, but also XRP and LTC, paving the way for more altcoin ETFs.
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