Grayscale Applies to SEC for Polkadot ETF on Nasdaq

Crypto Journalist

Veronika Rinecker

Crypto Journalist

Veronika Rinecker

About Author

Veronika Rinecker is based in Germany and studied international journalism and media management. She specializes in reporting on topics such as politics and regulation, energy, blockchain, and…

Share

Last updated:

February 26, 2025 02:32 EST

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Grayscale Investments, a crypto asset-management company, has officially submitted a filing to the US Securities and Exchange Commission (SEC) to launch a Polkadot exchange-traded fund (ETF) on Nasdaq.

The proposed ETF aims to provide investors with direct exposure to Polkadot’s native token, DOT, by tracking its price performance.

Key Players in Grayscale’s Polkadot ETF Proposal

According to the filing dated Feb. 25, Grayscale intends to list shares of the Grayscale Polkadot Trust under Nasdaq Rule 5711(d), which pertains to Commodity-Based Trust Shares.

Grayscale just filed for a Polkadot ETF pic.twitter.com/bo2UVjAW2U

— Eric Balchunas (@EricBalchunas) February 25, 2025

Grayscale Operating LLC and Grayscale Investments Sponsors LLC, both subsidiaries of Digital Currency Group, Inc., are named as the ETF’s sponsors in the application. Meanwhile, CSC Delaware Trust Company will serve as the trustee, and Coinbase Custody Trust Company, LLC will act as the custodian.

Additionally, BNY Mellon Asset Servicing is set to manage administrative and transfer duties, while Foreside Fund Services, LLC will oversee distribution and marketing efforts. CoinDesk Indices, Inc. will be responsible for providing index services to the trust.

The filing starts a 45-day review period for the regulator to acknowledge the filing. The SEC can approve, or disapprove the application or extend the review period.

Growing Interest in Polkadot ETFs

This marks the second application for a Polkadot ETF in 2025.

On Jan. 31, asset manager 21Shares also submitted a request to the SEC to launch a spot Polkadot ETF.

It comes four years after 21Shares took a step forward by introducing a similar investment product in Switzerland. In February 2021, the asset manager launched the world’s first Polkadot ETP on the Swiss SIX exchange.

Despite the increasing interest in crypto ETFs, some industry analysts remain cautious about the potential success of a Polkadot-focused fund. Bloomberg Intelligence analyst James Seyffart pointed out in his Feb. 1 X post that the filing has been met with considerable skepticism:

“But the market will decide where value lies and if there’s value in launching such a product. If no one puts money into a Polkadot ETF – it will close.”

idk who needs to hear this but the market will decide where value lies and if there’s value in launching such a product. If no one puts money into a Polkadot ETF — it will close. People are free to launch whatever ETFs are deemed to be allowed by the SEC

— James Seyffart (@JSeyff) January 31, 2025

Altcoin ETFs on the Rise

Asset managers are not just looking at Polkadot.

Several firms have applied to launch ETFs for other altcoins, including Solana (SOL), XRP (XRP), Cardano (ADA) and Litecoin (LTC).

On Jan. 31, Grayscale itself, which already offers Bitcoin (BTC) and Ether (ETH) ETFs, filed with the SEC to convert its XRP Trust into an ETF, and on Feb. 10 filed to list a spot Cardano ETF.

On Feb. 21, Franklin Templeton filed for a spot Solana ETF, aiming to bring SOL exposure to traditional investors.

CoinShares also submitted applications for XRP and Litecoin ETFs, with the SEC acknowledging them the same month. After adding the CoinShares Litecoin ETF and CoinShares XRP ETF to the Federal Register on Feb. 19, the SEC opened a 21-day comment period for public feedback on the filings.

The agency has also already accepted spot XRP ETFs and other applications from several firms, including 21Shares, Bitwise, and Grayscale.

On Jan. 29, Bitwise also submitted an S-1 registration application to the SEC to launch a spot Dogecoin (DOGE) ETF.

Bloomberg analysts expect some of these altcoin ETFs to be approved by 2025. Eric Balchunas and James Seyffart predict a 90% chance that the SEC will approve Litecoin ETFs.

XRP ETFs are also in line for regulatory approval. Balchunas and Seyffart estimate a 65% chance that the SEC will greenlight spot XRP ETFs.

Our official alt coin ETF approval odds are out. Litecoin leads w 90% chance, then Doge, followed by Solana and XRP. We are only doing for 33 Act $IBIT-esque filings. But def poss to see futures or Cayman-subsidiary type 40 Act stuff get through as well. https://t.co/JSaNnifjbu

— Eric Balchunas (@EricBalchunas) February 10, 2025

Trending News
RecommendedPopular Crypto TopicsPrice Predictions

Explore new destinations with ease using the Garmin Drive 52 GPS Navigator! With over 17,988 ratings and a solid 4.4/5-star rating, this GPS system has been a top choice for travelers. Over 500+ units were bought in the past month, all for only $144.99.

This 5″ GPS navigator comes with essential driver alerts, real-time travel data, and external memory storage. The simple on-screen menus and bright, easy-to-see maps make it easy to navigate wherever you are. Plus, it’s road trip-ready with The HISTORY Channel database, featuring notable historic sites and much more to enhance your journey.

Don’t miss out—get your hands on the Garmin Drive 52 today for a smoother ride ahead! Buy Now for $144.99 on Amazon!

Help Power Techcratic’s Future – Scan To Support

If Techcratic’s content and insights have helped you, consider giving back by supporting the platform with crypto. Every contribution makes a difference, whether it’s for high-quality content, server maintenance, or future updates. Techcratic is constantly evolving, and your support helps drive that progress.

As a solo operator who wears all the hats, creating content, managing the tech, and running the site, your support allows me to stay focused on delivering valuable resources. Your support keeps everything running smoothly and enables me to continue creating the content you love. I’m deeply grateful for your support, it truly means the world to me! Thank you!