Nasdaq has submitted a request to the US Securities and Alternate Fee (SEC) to permit 21Shares to checklist and commerce shares of a Polkadot exchange-traded fund (ETF).
The 19b-4 submitting requests for the fund to present traders with direct publicity to DOT by monitoring its spot value.
21Shares has been actively looking for regulatory approvals for cryptocurrencies together with XRP, SOL, in addition to DOT previously. Final month, 21Shares filed to checklist a proposed 21Shares Polkadot Belief on the Cboe BZX Alternate, monitoring Polkadot’s value in US {dollars} with Coinbase anticipated to act because the custodian.
21Shares Files For Polkadot ETF With SEC, Triggers Backlash
21Shares filed for a Polkadot ETF with the SEC, sparking backlash as the “most hated” ETF filing
On the time, Bloomberg Intelligence analyst James Seyffart mentioned the submitting has triggered the “most hate” he has “ever seen an ETF submitting get.”
The submitting wasn’t the primary time 21Shares has supplied a Polkadot-linked product. In 2021, 21Shares launched a Polkadot ETP in Switzerland. Nevertheless, the fund has struggled to acquire traction, recording simply 240,000 shares in 90-day buying and selling quantity.
Nasdaq additionally not too long ago submitted an utility for a 19b-4 guidelines change that might see the Grayscale Polkadot Trust start buying and selling on the trade if authorised.
“The Shares [of the Trust] are designed to present traders with a cheap and handy means to acquire funding publicity to DOT,” the submitting said.
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DOT is at present the twentieth largest cryptocurrency with a market cap of barely over $7 billion. Its value is up virtually 12.5% this week, vastly outperforming Bitcoin’s 0.5% rise over the identical interval.
21Shares’ newest DOT ETF submitting comes because the asset supervisor plans to liquidate two of its actively managed ETFs that monitor Bitcoin and Ethereum futures.
The 2 funds, the ARK 21Shares Lively On-Chain Bitcoin Technique ETF (ARKC) and the ARK 21Shares Lively Bitcoin Ethereum Technique ETF (ARKY), will stop buying and selling after the market closes on March 27. Liquidation set to happen on or round March 28.
21Shares to Liquidate Bitcoin, Ethereum Futures ETFs
21Shares is liquidating two Bitcoin and Ethereum futures ETFs (ARKC, ARKY) on Mar 28 amid $1.66B outflows
