The Nasdaq stock exchange has filed to list a Grayscale exchange-traded fund (ETF) that would hold DOT, the native token of the Polkadot network, according to recent regulatory filings. If approved, the Grayscale Polkadot Trust would become part of the company’s expanding lineup of publicly traded cryptocurrency funds.
This filing joins a growing number of applications submitted to the U.S. Securities and Exchange Commission (SEC) by asset managers and exchanges looking to launch ETFs backed by alternative cryptocurrencies, commonly known as altcoins. The SEC must review and approve these filings before they can begin trading.
Grayscale’s Growing ETF Portfolio
Grayscale already offers two spot Bitcoin ETFs and a spot Ethereum ETF. The firm is also in the process of seeking approval for ETFs tied to Solana, Litecoin, XRP, Dogecoin, and Cardano.
Additionally, Grayscale is working on launching an ETF that would track a diverse mix of cryptocurrencies, expanding beyond single-asset funds. While the company operates numerous crypto investment trusts, many of them are not publicly traded.
Earlier this year, Grayscale introduced a fund for the Pyth Network’s native token. In January, it rolled out a non-listed investment product for Dogecoin, which remains the leading memecoin by market value. The previous month, the firm launched investment funds focused on the governance tokens of Lido (LDO) and Optimism (OP).
Surge in Crypto ETF Applications
Grayscale is just one of several asset managers attempting to secure SEC approval for altcoin ETFs. Other issuers have proposed ETFs for assets such as Hedera (HBAR) and Official Trump (TRUMP).
Another major asset manager, 21Shares, has also submitted an application to list a Polkadot ETF.
In addition to new crypto ETFs, issuers are waiting on regulatory approval for modifications to existing ETFs, including the introduction of staking, options trading, and in-kind redemptions.
The SEC’s stance on cryptocurrency has shifted since Donald Trump began his second term as U.S. president. Under his predecessor, Joe Biden, the agency filed more than 100 lawsuits against crypto companies for alleged violations of securities laws. While the SEC approved spot Bitcoin and Ethereum ETFs in 2024, it rejected similar proposals for other digital assets.
Analysts at Bloomberg Intelligence estimate a 65% chance of an XRP ETF gaining approval in the U.S., while they predict even higher approval odds for Litecoin (90%) and Solana (70%).
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