- Nasdaq has submitted Form 19b-4 to the SEC, seeking approval to list Grayscale’s spot Polkadot ETF under the ticker “DOT.”
- Bloomberg analysts estimate Litecoin’s ETF approval odds at 90%, while HBAR ETF faces a lower 65% chance of success.
The race to bring a Polkadot exchange-traded fund (ETF) to the market has gained fresh momentum. Nasdaq has officially submitted Form 19b-4 to the U.S. Securities and Exchange Commission (SEC), seeking approval to list and trade shares of Grayscale’s spot Polkadot ETF. If approved, the fund will track the spot price of Polkadot’s native token, DOT, and trade under the ticker symbol “DOT.”
The move positions Grayscale Investments as a major player in the push for regulated crypto ETFs, offering investors a way to gain exposure to DOT within a traditional financial framework. The filing follows a broader trend of increasing demand for spot crypto ETFs as institutional and retail investors look for secure and regulated ways to participate in the digital asset market.
Grayscale has also been actively pursuing ETF approvals beyond Polkadot, with filings for XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC). If these funds receive approval, they could mark a significant shift in how crypto assets are integrated into mainstream financial markets.
Growing Interest in Polkadot ETFs
Nasdaq’s submission makes this the second active DOT-focused ETF application currently under review. Last month, 21Shares filed an S-1 registration for a similar product, reinforcing the rising interest in Polkadot among ETF issuers. Meanwhile, a previous attempt by Tuttle Capital Management to introduce a 2x leveraged Polkadot ETF was withdrawn after an initial filing as part of a broader proposal for 10 leveraged crypto ETFs.
The response from the market has been swift. Following news of Nasdaq’s ETF filing, Polkadot’s price jumped 4% but swiftly bounced back to current level of $4.40 with 5% decline. DOT currently holds the 26th position among cryptocurrencies by market capitalization, valued at approximately $6.6 billion.
Beyond Polkadot, Nasdaq has also filed a 19b-4 form for another crypto ETF—the Canary HBAR ETF, designed to track the price of Hedera’s HBAR token. The investment product aligns with Canary Capital’s growing push to introduce crypto ETFs in the U.S. following its HBAR Trust launch last year.
Bloomberg Analysts Weigh In on ETF Prospects
According to Senior Bloomberg ETF analyst Eric Balchunas, the Canary HBAR ETF filing follows an S-1 amendment submitted to the SEC on February 21. Canary Capital first introduced the idea in November 2024, making a formal push to bring HBAR-based investment products to U.S. markets.
Interesting: Canary just filed an amended S-1 for their HBAR ETF, usually you only amend after comments from SEC. This echoes Litecoin, which also did ammendment. In flip, no 19b-4 yet. Need that to get that going. pic.twitter.com/hMU3Hetf1G
— Eric Balchunas (@EricBalchunas) February 21, 2025
Nasdaq’s involvement underscores the increasing interest in crypto-based exchange-traded products (ETPs) from traditional financial institutions. Balchunas noted that Canary Capital is also pushing for a spot in Litecoin ETF, which has reportedly gained traction and is nearing potential SEC approval.
Crypto analysts have been closely tracking the probabilities of these approvals. Bloomberg ETF analysts James Seyffart and Eric Balchunas have estimated varying likelihoods of success, placing the HBAR ETF’s approval chance at 65%, making it one of the least likely among recent crypto ETF proposals.
Litecoin’s ETF currently holds the strongest approval odds at 90%, followed by Dogecoin at 75% and Solana at 70%. The SEC has until October 2025 to make a decision on these filings.
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