Grayscale Seeks Polkadot ETF Approval, Expanding Investment Options

Grayscale Investments, a firm specializing in the management of crypto assets, is considering the addition of XRP and Cardano exchange-traded funds (ETFs) to its portfolio. The company has now initiated the process for an ETF focused on Polkadot's DOT token.

Nasdaq has submitted a formal Form 19b-4 request to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Grayscale Polkadot Trust (DOT). The submission of this request initiates a 45-day review period for the regulator to acknowledge the filing. The SEC has the option to approve, reject, or extend the review period for the application.

Over the past few weeks, Grayscale, which currently provides bitcoin and ether ETFs, has submitted a request to the SEC to convert its XRP Trust into an ETF. The company has also filed for the listing of a spot Cardano ETF. These submissions come as the SEC adopts a more favorable stance towards the digital asset industry under the Trump administration, having recently dropped several crypto-related investigations, including those against Robinhood and the non-fungible token marketplace, OpenSea.

Grayscale has not previously offered a standalone Polkadot product. The recent filing places the company in the same category as crypto asset manager 21Shares, which last month submitted a request to list a spot Polkadot ETF with the SEC.

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At the time of writing, Polkadot's DOT token is trading at $4.4, having lost 6.7% of its value in the last 24-hour period. This decline is part of a broader downturn in the cryptocurrency market.

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