Nasdaq files a 19b-4 filing to list and trade Grayscale Polkadot ETF

The Nasdaq Stock Exchange has filed a 19b-4 with the US Securities and Exchange Commission (SEC) seeking approval to list and trade Grayscale POLKADOT ETF, a bid to expand investment opportunities for crypto-savvy investors.

Nasdaq has filed a 19b-4 filing application to the U.S. financial watchdog. The stock exchange is seeking regulatory approval to list and trade a new investment fund from Grayscale tied to Polkadot called POLKADOT ETF. The proposed fund will track the spot price of Polkadot’s native crypto asset DOT and will trade under the ticker symbol DOT.

Grayscale seeks regulatory greenlight to offer ETFs

Grayscale expands crypto offerings with SEC filing for DOT Trust ETF. Following XRP and ADA ETF requests. Pro-crypto SEC leadership in 2025 signals potential shift in regulatory stance.

— potaito (@pot_ai_to) February 25, 2025

Grayscale Investments has funded the proposed fund and aims to create a more regulated environment for crypto investors to expose their portfolios to the Polkadot ecosystem. Besides the spot Polkadot exchange traded fund, Grayscale is seeking regulatory green light to offer exchange traded funds tied to other crypto assets such as Ripple’s XRP, Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC).

Nasdaq’s filing is now the second active DOT-focused fund application. 21Shares submitted an S-1 registration late last month seeking a similar regulatory approval from the U.S. SEC. 

Tuttle Capital Management previously suggested a leveraged 2x Polkadot ETF as part of a broader filing for 10 leveraged crypto Funds. However, the firm withdrew its proposals shortly after the initial filing for all of its 2x leveraged ETFs. 

DOT currently ranks as the 21st largest crypto asset by market capitalization on CoinMarketCap. According to data from the crypto data aggregator, the digital asset’s market capitalization now stands at $6.8 billion as of this publication. DOT is exchanging hands for $4.43. The crypto asset is down 6.29% bringing its seven day loss to 7.13%. 

The news comes after the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale Cardano ETF filing. The regulator has 180 days to review the application that is set to conclude by August 2025. The filing aims to list the trust’s shares under the ticker symbol GADA. The trust aims to mirror the value of its ADA holdings through the CoinDesk Cardano Price Index (ADX) as a price determinant without any fees and expenses.

U.S. SEC acknowledges Grayscale XRP ETF’s 19b-4 filings

The U.S. SEC also recently acknowledged XRP ETF’s 19b-4 filings from Grayscale and has initiated a regulatory review process. Grayscale seeks to convert its existing XRP Trust into a fully tradable ETF on the New York Stock Exchange (NYSE) Arca.

The investment firm unveiled its XRP Trust years back alongside its Bitcoin and Ethereum trusts. The acknowledgment is just a notification that the U.S. SEC has received the application. This does not mean that the filling will get an automatic pass and does not guarantee that the SEC will definitely greenlight the XRP ETF after approval. However, it still represents a significant shift under the new U.S. SEC leadership. 

The commission’s former chairman Gary Gensler declined engagement with altcoin ETF applications. A while back, Solana ETF applications were withdrawn after the commission under Gensler declined to even discuss them with the public. 

The acknowledgment marks the first step in the SEC’s approval process. According to the 19b-4 form published on Thursday, the next stage is public comment. The filing will be posted in the Federal Register. Afterward, the public has 21 days to submit their responses. Following this period, the SEC will decide whether to approve, reject, or extend its review by opening more proceedings.

The new developments extend their impact past Grayscale. Bitwise Invest, 21Shares, Canary Funds, and WisdomTree Funds also filed for XRP ETF. The regulating commission has also acknowledged Dogecoin ETF filings. The acknowledgment would have been unthinkable under Gensler’s leadership. Historically, altcoin ETF applications have either been rejected or withdrawn by the recent administration soon after submission.

In the meantime, Trump’s administration promised a more crypto friendly environment to foster its growth and expansion. Soon after assuming office, Trump appointed pro-crypto candidates to hold key positions in his government including Paul Atkins as the U.S. SEC chair. 

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