Nasdaq Files 19B-4 For 21shares Polkadot Spot Etf

This would enable investors to invest in Polkadot by getting direct exposure to the tokens without having to directly deal with the asset directly.

Nasdaq is listing 21Shares’ spot Polkadot ETF, providing investors with a way to gain exposure to the asset.

What Happened: Nasdaq has filed Form 19b-4 with the US Securities and Exchange Commission (SEC) on behalf of 21Shares for a spot Polkadot ETF. The new ETF will track the price of Polkadot’s digital coin, making it the 27th token to be listed as an ETF in the US.

This follows a previous S-1 amendment from 21Shares, discussed earlier by Benzinga, announcing the company’s aim to provide access to a regulated fund investing in digital asset securities.

As the sponsor of the fund, 21Shares will be offering an investment opportunity to benefit from the growth of Polkadot without having to buy the DOT token. In addition to the Polkadot ETF, 21Shares is also applying to list solana and XRP ETFs.

Related Link: 21Shares Submits S-1 Amendment For Digital Asset ETF

Why It's Important: Another major player in the cryptocurrency ETF space, Grayscale Investments, has also filed for approval to launch its own spot Polkadot ETF. This suggests that there is high interest in Polkadot and several firms are vying to provide exposure to this asset class.

At the same time, 21Shares is considering a staking option for its Core Ethereum ETF, which would allow investors to earn extra income by staking.

However despite the filings, the SEC has postponed its ruling on several exchange-traded funds (ETFs) in connection with XRP, Solana, Litecoin and Dogecoin.

Earlier this year, the SEC instituted a new program to expedite the review process for 15 new ETFs.

What Next: Following the Nasdaq filing, Polkadot’s native token, DOT, saw a slight price increase. As of now, DOT’s market capitalization stands at approximately $6.7 billion.

However, despite the positive news surrounding the ETF proposal, DOT price has experienced a modest downturn, with the price showing a slight decrease of 1.12% recently. This fluctuation highlights the volatility that still characterizes the cryptocurrency market.

Several support levels for DOT’s price are at $4.322, $4.129, and $3.826 which may act as potential rebound points if the price continues to test the lower ranges.

Meanwhile, Polkadot price resistance levels at $4.599 and $4.898 represent obstacles to any short-term bullish movements.