Nasdaq Seeks SEC Approval for 21Shares Polkadot ETF

Highlights:

• Nasdaq has filed for approval to list 21Shares’ Polkadot ETF.
• The ETF will track the spot price of DOT, offering regulated access.
• Grayscale has also filed for a Polkadot ETF, highlighting industry interest.

Nasdaq has filed with the US Securities and Exchange Commission (SEC) to launch a spot Polkadot ETF. This filing under Form 19b-4 would allow investors to invest in its product to get exposure to DOT without holding the token directly. The proposed ETF will track the spot price of DOT. The approval of the proposed Polkadot ETF is underway. After the SEC acknowledges the filing, the agency has 240 days to either approve or reject the proposal.

BREAKING: 🇺🇸 21SHARES APPLIED
TO LAUNCH A POLKADOT $DOT ETF
ON NASDAQ. pic.twitter.com/cfPveikUgz

— Ash Crypto (@Ashcryptoreal) March 18, 2025

21Shares Moves Forward with Polkadot ETF Filing

The ETF filing comes after an earlier amendment of 21Shares’ S-1 form. This represents a major advancement in 21Shares’ attempt to offer crypto-based investment products in the US market. 21Shares, as the sponsor of the ETF, is willing to offer a regulated investment product that tracks the price of DOT and thus delivers more accessible ways for users to invest in the Polkadot ecosystem.

Notably, 21Shares has already launched 21Shares Polkadot ETP in Europe which trades under the ticker symbol ADOT. The ETP is physically backed with DOT tokens, which gives accredited market access to the Polkadot ecosystem. This European product has been popular and now 21Shares is set to extend its reach to the U.S. market by launching the Polkadot ETF.

Details of the New Product

21Shares US LLC will act as the manager of the planned Polkadot ETF and hold DOT tokens. These tokens will be kept in custody at Coinbase to ensure security. For tracking the performance of DOT, the ETF will use the CME CF Polkadot-Dollar Reference Rate determined by CF Benchmarks Ltd.

The ETF will track the spot price of DOT without any intent of speculation or leverage trading. The product also sells DOT tokens when shares are redeemed, and the sales proceeds are used to settle the transactions in cash. This mechanism makes it possible for the ETF to directly reflect the price of DOT while minimizing risk.

The filing also shows that authorized financial firms will be allowed to create or redeem the shares. They will raise the necessary cash to buy the DOT tokens, which are to be acquired through third-party sources.

Growing Interest in Polkadot ETFs

21Share’s filling aligns with other similar companies in the space of managing crypto assets. Grayscale Investments, a leader in the industry, has also filed with the SEC to launch its own spot Polkadot ETF. This shows the increasing awareness among institutions, which ensures that social, retail, and institutional investors gain easier access to Polkadot.

Grayscale just filed for a Polkadot ETF pic.twitter.com/bo2UVjAW2U

— Eric Balchunas (@EricBalchunas) February 25, 2025

Apart from the Polkadot ETF, the firm is planning to launch ETFs for other cryptocurrencies, such as Ripple (XRP) and Solana (SOL). Furthermore, the firm introduced a staking option for the 21Shares Core Ethereum ETF. This would enable the ETF to earn further returns from staking Ether but solely ether owned by the trust, excluding delegated staking.

Following this ETF filing announcement, Polkadot’s native token, DOT, has seen a slight decrease of 2% to trade at $4.26. Currently, DOT ranks at #22 according to Coinmarket Cap data, with a market cap and trading volume of $6.6 billion and $530 million, respectively.