Key Takeaways
Nasdaq is looking for SEC approval to record and commerce a brand new funding fund tied to Polkadot from Grayscale.
DOT’s market cap is $6.6 billion, making it the twenty sixth largest crypto asset.
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Nasdaq has submitted Type 19b-4 to the SEC looking for approval to record and commerce shares of Grayscale’s spot Polkadot ETF. The proposed fund, which might monitor the spot worth of Polkadot’s native coin DOT, is predicted to commerce beneath the ticker image “DOT.”
Grayscale Investments, because the sponsor behind the fund, goals to offer traders with a regulated and accessible avenue to realize publicity to Polkadot’s native token. Along with the spot Polkadot ETF, Grayscale is looking for regulatory nod to supply ETFs tied to different digital property like XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC).
The 19b-4 type is an important regulatory submitting required for exchanges to suggest rule adjustments that might permit the itemizing and buying and selling of new securities, resembling spot crypto ETFs. Nasdaq’s submitting is the second energetic DOT-focused fund software, following 21Shares’ S-1 registration late final month.
Tuttle Capital Administration beforehand proposed a leveraged 2x Polkadot ETF as a part of a broader submitting for 10 leveraged crypto ETFs. Nevertheless, shortly after the preliminary submitting, the agency withdrew its proposals for all of its 2x leveraged ETFs.
DOT, at the moment ranked because the twenty sixth largest crypto asset, rose 4% following the ETF submitting information, in response to CoinGecko information. The token’s market capitalization stands at $6.6 billion.
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