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Nasdaq’s filing adds to an expanding list of proposed altcoin ETFs awaiting SEC approval in the United States.
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US securities exchange Nasdaq has requested to list a Grayscale exchange-traded fund (ETF) holding the Polkadot network’s native token, DOT (DOT), filings showed. If approved, the Grayscale Polkadot Trust would add to the asset manager’s expanding suite of publicly traded crypto funds.
The filing adds to the litany of applications with the US Securities and Exchange Commission by exchanges and asset managers seeking to list ETFs tied to alternative cryptocurrencies, or altcoins.
The SEC must review and approve the filings before trading can commence.
Nasdaq proposal to list and trade Grayscale’s Polkadot Trust. Source: Nasdaq
Related: Grayscale launches Pyth investment fund
Grayscale’s ETF expansion
Grayscale already lists two spot Bitcoin (BTC) ETFs and a spot Ether (ETH) ETF. It is also seeking to list ETFs holding Solana (SOL), Litecoin (LTC), XRP (XRP), Dogecoin (DOGE) and Cardano (ADA).
Additionally, the asset manager is seeking permission to list an ETF holding a diversified basket of cryptocurrencies, including several altcoins.
Grayscale operates dozens of single-asset crypto funds that are not traded on public exchanges.
In February, the company launched an investment fund for the Pyth Network’s native token. In January, it launched a non-listed investment fund for Dogecoin, the most popular memecoin by market capitalization.
In December, Grayscale launched two new investment funds for Lido and Optimism’s governance tokens — LDO (LDO) and OP (OP), respectively.
Grayscale’s single-asset crypto products. Source: Grayscale
Related: SEC acknowledges filing for Grayscale’s spot Cardano ETF
Crypto ETF filings proliferate
Grayscale is among upward of half a dozen asset managers seeking the SEC’s approval to list altcoin ETFs. Other issuers have proposed ETFs for altcoins, including Hedera (HBAR) and Official Trump (TRUMP).
Asset manager 21Shares is also seeking to list a Polkadot ETF.
Issuers are also waiting on SEC approval for proposed changes to existing ETFs, including allowances for staking, options and in-kind redemptions.
The SEC softened its stance on cryptocurrency after US President Donald Trump started his second term.
Under former President Joe Biden, the federal agency brought upward of 100 lawsuits against crypto firms, alleging various securities law violations. In 2024, the SEC approved spot Bitcoin and Ether ETFs but stymied proposed ETFs tied to other cryptocurrencies.
Bloomberg Intelligence has set the odds of an XRP ETF approval in the US at 65%. Its estimates for Litecoin and Solana ETF approval odds are even higher, at 90% and 70%, respectively.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
This article first appeared at Cointelegraph.com News
