- Grayscale files Form 19b-4 with NASDAQ for a Polkadot ETF, expanding single-asset crypto offerings.
- Bloomberg’s analysts suggest Polkadot and Hedera currently hold a “maybe” approval status.
Grayscale has officially submitted a Form 19b-4 filing with NASDAQ to launch the Grayscale Polkadot Trust.
It is expanding its crypto investment offerings for institutional investors to gain exposure to the Polkadot [DOT] ecosystem.
This application follows Grayscale’s expansion into altcoin ETFs, with similar filings for Solana [SOL], Litecoin [LTC], XRP, Dogecoin [DOGE], and Cardano [ADA].
The filing is now subject to review by the U.S. Securities and Exchange Commission (SEC), which has 45 days to decide whether to approve, deny, or extend its evaluation.
If approved, the ETF would offer institutional and retail investors a regulated means of gaining exposure to Polkadot without directly purchasing or storing DOT tokens.
Mixed reactions to the filing
Market reactions to the filing have been swift, with analysts and industry commentators debating its significance.
On X (formerly Twitter), reactions have varied. A crypto market observer described the filing as “huge” for institutional liquidity and predicted it could expand Polkadot’s market reach.
However, not everyone shared this enthusiasm.
Source: X
A user questioned the role of institutional capital in crypto, humorously suggesting that it felt like –
“Someone’s trying to steal my lunch money.”
Polkadot’s price has responded positively, despite broader market turbulence.
DOT fights back
As of 26th of February, DOT was trading at $4.74, a 0.90% increase over the last 24 hours.
In contrast, major cryptocurrencies like Bitcoin and Ethereum have faced sharp declines, with BTC down 6.25% and ETH losing 6.05% in the same period.
Source: CoinMarketCap
Polkadot’s ability to hold steady while other assets experience losses suggests growing investor confidence, potentially fueled by the ETF speculation.
Over the past week, DOT has been on a rollercoaster ride. It peaked at $5.30 on 21st of February before plummeting to a support level of $4.22 by 25th of February.
The subsequent rebound aligns closely with buzz surrounding Grayscale’s ETF filing. Trading volume surged to $492.94 million, hinting at heightened interest and the possibility of an approval-fueled rally.
Still, caution remains as investors await the SEC’s decision.
Quite recently, the SEC acknowledged Grayscale’s Spot Cardano ETF filing, signaling growing regulatory interest in single-asset altcoin ETFs.
While this acknowledgment is not an outright approval, it marks a critical first step.
How Grayscale’s strategy differs from other asset managers
Grayscale’s strategy diverges from that of more traditional asset managers such as BlackRock and Fidelity, who typically pursue diversified index-style products.
Instead, Grayscale concentrates on single-asset trusts, allowing investors targeted exposure to specific cryptocurrencies without the complexities of direct asset custody.
Polkadot, much like Solana and Litecoin, benefits from both decentralization and an active developer ecosystem, factors that enhance its appeal to institutional investors.
Bloomberg analysts, including Seyffart and Eric Balchunas, have long tracked regulatory sentiment toward altcoin ETFs. Their assessments give Litecoin a 90% approval probability, Dogecoin 75%, Solana 70%, and XRP 65%.
Source: X
Polkadot and Hedera still carry an uncertain “maybe” status, indicating that the SEC’s stance on these assets is less clear.
What’s next for Polkadot—and altcoins?
The coming weeks will be a litmus test not just for Polkadot’s ETF proposal, but also for the broader trajectory of altcoin ETFs in the United States.
For investors and analysts, all eyes are on the regulators.
If Polkadot’s ETF application follows in Cardano’s footsteps of formal acknowledgment—and possibly, approval—it could shift the market’s focus toward altcoin-specific products.
