Grayscale Investments, which manages greater than $20 billion in 4 crypto-focused ETFs, is among the many early movers searching for to launch an exchange-traded fund holding Polkadot, a lesser-known cryptocurrency with a market cap of round $7 billion.
Nasdaq submitted a Form 19b-4 to the Securities and Trade Fee on Tuesday searching for approval to record and commerce shares of the Grayscale Polkadot Belief beneath the ticker image “DOT.” Asset supervisor 21Shares filed to create the 21Shares Polkadot Belief ETF final month.
Because the crypto market grows past bitcoin and ethereum, Grayscale’s newest submitting highlights how the trade has moved to create regulated methods to spend money on newer blockchain networks, doubtlessly serving to Polkadot attain mainstream buyers. The submitting follows Grayscale’s current purposes to transform its XRP Belief into an ETF and to record a spot Cardano ETF.
The Trump administration has influenced the crypto ETF panorama. With Mark Uyeda at the moment serving as appearing SEC chair, the regulatory company has acquired quite a few ETF purposes for varied cryptocurrencies, together with solana, XRP, and dogecoin.
Polkadot is an open-source blockchain platform designed to allow safe communication between varied blockchains, in response to CoinMarketCap. Based by Ethereum co-founder Gavin Wooden, Polkadot goals to handle problems with interoperability, scalability, and safety within the blockchain ecosystem.
The system makes use of a most important chain referred to as the Relay Chain that coordinates with smaller specialised chains, making it doable for totally different blockchain methods to speak with one another.
As of noon Tuesday, Polkadot’s native token, additionally referred to as DOT, is buying and selling at $4.41, in response to information from CoinMarketCap. With roughly 1.55 billion tokens in circulation, Polkadot’s market worth is $6.83 billion, making it the twenty first largest cryptocurrency by market capitalization.
The worth of DOT has declined by 5.1% prior to now day and 31% during the last month, in response to CoinMarketCap.
The SEC’s overview course of for the proposed ETF begins with the 19b-4 submitting, which begins a 45-day overview interval for the regulator to acknowledge the submitting. The Fee can then approve or disapprove the applying or prolong the overview interval.
