Regulation
Nasdaq Files 19b-4 For 21Shares Polkadot ETF With US SEC
Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC), seeking approval to list 21Shares’ spot Polkadot ETF. This move would allow investors to gain exposure to Polkadot’s native cryptocurrency, DOT, without directly holding the asset.
Nasdaq Files 19b-4 For 21Shares Polkadot ETF
According to a recent filing, Nasdaq has filed Form 19b-4 for a spot Polkadot ETF on behalf of 21Shares. The proposed ETF will track the spot price of Polkadot’s DOT token, the 27th largest cryptocurrency by market capitalization.
The filing follows 21Shares’ earlier submission of an S-1 amendment, in which the company detailed its plan to provide a regulated investment vehicle for digital asset exposure.
As the sponsor of the fund, 21Shares aims to provide a secure and accessible means for investors to participate in the growth of Polkadot without the need for direct ownership of DOT. In addition to the Polkadot ETF, the company is seeking approval for other ETFs related to digital assets such as Solana and XRP.
Effort to Launch a Spot Polkadot ETF
Grayscale Investments, another major player in the cryptocurrency ETF space, has also filed for approval to launch its own spot Polkadot ETF. This indicates that interest in the Polkadot market is rising, with multiple firms competing to offer exposure to this digital asset.
Concurrently, 21Shares is proposing a staking feature for its Core Ethereum ETF, which could provide additional returns for investors by generating yield from staking activities.
However despite the filings, the U.S. Securities and Exchange Commission (SEC) has delayed its decision on several exchange-traded funds (ETFs) tied to major cryptocurrencies, including XRP, Solana, Litecoin, and Dogecoin.
Market Response to the Polkadot ETF Filing
Following the Nasdaq filing, Polkadot’s native token, DOT, saw a slight price increase. As of now, DOT’s market capitalization stands at approximately $6.7 billion.
However, despite the positive news surrounding the ETF proposal, DOT price has experienced a modest downturn, with the price showing a slight decrease of 1.12% recently. This fluctuation highlights the volatility that still characterizes the cryptocurrency market.
Several support levels for DOT’s price are at $4.322, $4.129, and $3.826 which may act as potential rebound points if the price continues to test the lower ranges. Meanwhile, Polkadot price resistance levels at $4.599 and $4.898 represent obstacles to any short-term bullish movements.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: