Popular U.S. stock market Nasdaq has submitted a 19b-4 form on behalf of the American asset manager and crypto exchange-traded funds (ETF) issuer, Grayscale. The company has filed for a spot Polkadot ($DOT) ETF, named Grayscale Polkadot Trust, with the ticker DOT.
$DOT is the native crypto of the Polkadot platform, which allows different blockchain systems, networks, or platforms to communicate, exchange data, and work together seamlessly. It can also be called a multi-chain network or the Internet of Blockchains.
$DOT ETF Incoming
Notably, a 19b-4 filing is a milestone for Grayscale as it signals significant progress toward launching the new investment product. This is the final step before approval and is followed by an eight-month period for the SEC to review the application.
However, a 19b-4 filing does not mean full approval, as the agency Chairman will still decide within the allotted period. A previous 19b4 filing was deleted from the CBOE website in August.
Meanwhile, if approved, the DOT ETF will allow interested investors to gain exposure to the crypto from the asset manager instead of owning and securing a crypto wallet or purchasing the $DOT from a centralized exchange. Notably, Grayscale is the second asset manager with a 19b-4 form for a DOT ETF after 21Shares, and its application came in a day after the U.S. Securities and Exchange Commission (SEC) acknowledged its spot Solana (SOL) ETF filing.
Altcoins ETF Buzz
Following the approval and launch of a spot Bitcoin (BTC) ETF in January 2024, many investors have purchased the funds, gaining indirect access to the leading crypto. The fund recorded a historic first business year with almost $40 billion in inflows. Thus, asset managers are seeking to launch ETFs for many high-cap crypto altcoins.
The previous SEC administration, led by anti-crypto Chairman Gary Gensler, did not create a favorable environment for many ETF applications to fly last year. However, following his resignation in January, the SEC desk has been filled with many filings for a spot $SOL, $XRP, $DOGE, $TRUMP, and other crypto ETFs.
Notably, these filings were not submitted with blind faith as the new administration is pro-crypto and the U.S. President, Donald Trump, has promised to make America the world’s capital of cryptocurrencies.
