Nasdaq has taken a key step toward bringing a Polkadot (DOT-USD) exchange-traded fund (ETF) to market, filing a request with the U.S. Securities and Exchange Commission (SEC) on behalf of Swiss asset manager 21Shares, according to CoinDesk.
The proposed ETF would track Polkadot’s spot price so that investors can gain exposure to the asset without directly holding the cryptocurrency. This move is part of 21Shares’ broader expansion, as the firm is also seeking approval for XRP (XRP-USD) and Solana (SOL-USD) ETFs, along with an Ethereum (ETH-USD) staking proposal.
More Firms Want Polkadot ETFs
21Shares isn’t the only player looking to bring a Polkadot ETF to U.S. investors. CoinDesk reported that Grayscale Investments has also filed with the SEC for a similar product. This shows us that institutional interest in the blockchain networks are increasing.
Regulatory Hurdles Remain
Now even though Nasdaq’s filing is a necessary step, the SEC’s stance on crypto ETFs is still uncertain. The regulator has been careful with its approach in approving new products, but if approved, this could mark a major milestone for Polkadot’s mainstream adoption.
At the time of writing, DOT is sitting at $4.30.
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