Grayscale Files For Spot Polkadot ETF As Altcoin ETF Applications Pile Up
Following the influx of new crypto exchange-traded fund filings in the United States, crypto giant Grayscale has filed to launch a spot Polkadot ETF.
In a Tuesday filing with the U.S. Securities and Exchange Commission (SEC), Grayscale stated its intention to list its spot DOT ETF on the Nasdaq exchange under the ticker symbol DOT.
Grayscales Polkadot ETF Application
Grayscale seeks to provide institutional investors with a highly regulated avenue to gain exposure to Polkadots native token DOT.
The Nasdaq Stock Market, on behalf of Grayscale, filed a 19b-4 proposal on Feb. 25 with the U.S. Securities and Exchange Commission for permission to list and trade shares of the Grayscale Polkadot Trust.
DOT is the 26th largest crypto by market capitalization, but its price performance has been lackluster in recent times. Over the past 12 months, its price has fallen 42.7%, and its down 30.3% in the last month, according to CoinGecko data. DOTs market capitalization currently stands at $6.8 billion.
Altcoin ETFs Are Coming
At the moment, only crypto assets traded in markets regulated by the SEC or Commodity Futures Trading Commission such as Bitcoin and Ethereum are eligible to be traded on Wall Street through ETFs.
As the Securities and Exchange Commission moves to provide crypto clarity under the new President Donald Trump administration, applications for spot crypto ETFs seem to be popping up every day ranging from Dogecoin, the OG meme coin beloved by Elon Musk, to altcoins like Ripples XRP, Solana (SOL), Hederas HBAR token, and Litecoin.
President Trump earlier nominated a pro-crypto SEC interim chair, Mark Uyeda. The Commission has also launched a crypto task force, led by crypto-friendly commissioner Hester Pierce.
The SEC has already acknowledged a handful of spot XRP ETFs and Litecoin ETF applications in recent times. The tone shift paired with the acknowledgments has sparked hopes that the federal regulators could greenlight a slew of crypto-based investment vehicles this year.
According to Bloomberg analysts James Seyffart and Eric Balchunas, ETFs based on Litecoin, often described as the silver to Bitcoins gold, have the highest odds of approval (90%) among the wave of spot altcoin ETFs, followed by Dogecoin (75% chance). They give Solana and XRP ETFs a 70% and 65% likelihood of approval, respectively.
Expecting more SEC acknowledgements on XRP & Litecoin ETFs today too. Altcoin ETFs are coming, Bloombergs Seyffart postulated in a Tuesday X post.
Read more: https://zycrypto.com/grayscale-files-for-spot-polkadot-etf-as-altcoin-etf-applications-pile-up/
Text source: ZyCrypto
