Grayscale, the digital asset management company, launched its plan to launch a quotted bottom (ETF) based on Polkadot (DOT). The proposal, presented to the United States Stock Exchange and Securities Commission (SEC), Mark a new chapter in the firm's strategy to diversify its offer in the market of digital assets. With this step, the company seeks to capture the interest of investors in a cryptocurrency that, although shone in the past, Today faces challenges to recover its old splendor. The application came through Form 19B-4, a document that Nasdaq, acting on behalf of Grayscale, delivered to the SEC. This formal procedure begins a key process: The regulator now has 45 days to recognize the presentation and decide whether it approves, rejects or extends the evaluation period. The form in question is the standard mechanism that the bags use to propose normative changes or new financial products, such as this ETF linked to DOT. Thus, the ball is on the roof of the SEC, which will determine if Polkadot has a place in the competitive American stock market.
Grayscale and his experience with the ETFs
For its part, Grayscale is not new in this field. The company already has an ETF al Caé de Bitcoin (BTC) and Ethher (ETH), Cryptocurrency of Ethereum, operating in the United States since 2024, which demonstrates your experience in navigating regulatory waters. However, this is not an isolated effort. In recent weeks, the firm also submitted requests to convert its XRP Trust in Ripple in an ETF and launched a proposal for a cardan -based fund (ADA), both two weeks ago, as cryptootics reported.
Cryptocurrency ETF fever does not stop
Grayscale's interest in Polkadot adds to a broader trend. In addition to XRP, ADA and DOT, other cryptocurrencies such as Solana (Sol), Litecoin (LTC) and even Dogecoin (Doge) have been subject to similar proposals before the SEC. This boom does not go unnoticed and finds an echo in a direct competitor: 21Shares. On January 31, this firm submitted its own application for a Polkadot ETF, With the intention of listing it in the CBOE BZX bag and the Exchange Coinbase as custodian of the tokens dot. This wave of presentations to emit Cryptocurrency ETF is due to a change of tone in the SEC. Under the administration of Donald Trump, the regulator seems to adopt a more open position towards the digital asset industry, A turn that contrasts with previous years of skepticism. This context could be the wind in favor that companies such as Grayscale and 21Shares expect to bring their products to the market.
Polkadot: shadow stardom
Polkadot, the protagonist of this story, He lived his glory days during the 2020-2021 upward cycle. At that time, DOT was positioned as one of the most promising cryptocurrencies. However, time has changed the panorama. Today, the DOT price is $ 4.3 per unit, which represents a 91% drop from its historical maximum of $ 55reached in November 2021.
DOT price. Source: TrainingView. With a market capitalization of 6.7 billion dollars, it occupies the 21st position among the largest cryptocurrencies, a place that reflects both its relevance and its loss of land. Despite this decline, Initiatives such as Grayscale could renew interest in DOT and its market recovery. The possibility of an ETF opens the door to institutional investors seeking exposure to cryptoactive without dealing directly with the purchase and storage of tokens.
A new beginning or a false step?
However, the success of this bet will depend not only on regulatory approval, but also of DOT's ability to recover its appeal in an increasingly saturated market. The DEC decision, which is expected in the coming weeks, will be a key thermometer to measure market appetite by products based on less dominant cryptocurrencies such as DOT. For now, Polkadot waits on the starting line, with the unknown of whether this ETF will be the impulse or more chapter in its high history. The clock is already running.