TL;DR
- Nasdaq filed with the SEC to list a Polkadot ETF in the U.S. on behalf of 21Shares, tracking the spot price of DOT in the market.
- 21Shares already offers a Polkadot ETP in Europe and seeks approval for new crypto funds, including XRP and Solana.
- Grayscale also filed for a Polkadot ETF, while Tuttle Capital withdrew its proposal for a 2x leveraged ETF.
Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) to list a Polkadot (DOT) exchange-traded fund (ETF) on behalf of 21Shares.
This ETF would track the spot price of the asset and provide investors with a regulated way to gain exposure to the cryptocurrency. The proposal is under review, and no ticker symbol has been assigned yet for the U.S.-listed fund.
21Shares Seeks to Expand Its Product Offering in the U.S.
21Shares already operates a similar product in Europe, the 21Shares Polkadot ETP (ADOT), which trades on markets like Euronext Amsterdam, Euronext Paris, XETRA, and the SIX Swiss Exchange. This instrument is backed by DOT tokens.
In addition to this new ETF in the U.S., the firm is seeking approval for other crypto-based products, such as funds based on XRP (XRP) and Solana (SOL). The company has also proposed allowing staking in its 21Shares Core Ethereum ETF, but with the condition that only ETH tokens owned by the fund are used, without relying on external staking platforms.
Polkadot Gains Traction Among Institutions
Nasdaq is not the only firm interested in launching a Polkadot ETF. Grayscale Investments has also filed a similar request to list a fund that tracks the spot price of DOT. Previously, Tuttle Capital Management had proposed a 2x leveraged Polkadot ETF as part of a series of similar products but withdrew all of its proposals.
According to CoinMarketCap, the price of DOT is around $4.3 per unit, showing a daily drop of 1.4%. The potential approval of these products could generate increased interest in the asset and boost its adoption within financial markets
