Nasdaq has filed a proposal with the U.S. Securities and Exchange Commission to list a new exchange-traded fund tracking Polkadot, a prominent multichain protocol sponsored by major crypto asset manager Grayscale.
The filing, known as a 19b-4, outlines a plan to list and trade shares of the Grayscale Polkadot Trust (DOT) under the exchange’s rules for commodity-based trust shares. Tfund would be Grayscale’s first standalone DOT product offering.
The proposed ETF represents a significant step in the firm’s broader strategy to convert its existing suite of cryptocurrency trusts into publicly traded ETFs and comes shortly after Grayscale filed to convert its XRP trust into an ETF and to launch a spot ADA ETF.
The firm, which also moved to convert its Solana Trust into an ETF, has also recently seen the SEC acknowledge its spot Litecoin ETF filing, an additional step towards the potential launch of the fund.
Eric Balchunas, a senior ETF analyst at Bloomberg, first brought attention to the SEC filing on social media.
Grayscale just filed for a Polkadot ETF pic.twitter.com/bo2UVjAW2U
— Eric Balchunas (@EricBalchunas) February 25, 2025
Other Grayscale ETF Filings Could be Coming
The cryptocurrency asset manager has recently updated its list of tokens to watch in the first quarter of the year and among them there were several major assets, including Hyperliquid (HYPE), Ethena (ENA), Virtuals (VIRTUAL), Jupiter (JUP), Jito (JTO), and Grass (GRASS).
According to Grayscale, these align with emerging industry trends, such as a more favorable U.S. regulatory environment, advancements in decentralized AI, and growth within the Solana ecosystem.
Given the additions to its assets to watch, the firm could soon propose new spot exchange-traded funds tracking these assets with the U.S. Securities and Exchange Commission.
