The Nasdaq may soon welcome a new product: the 21Shares Polkadot Spot ETF.

The investment firm has just filed a request with the SEC. This is a major advancement in the crypto ETF universe! However, the road ahead is still long.

The Nasdaq is set to welcome a new addition to its portfolio with the 21Shares Polkadot Spot ETF. The investment firm has just filed a request with the SEC for the listing of the innovative product.

This marks a significant step forward in the realm of crypto ETFs, despite the still-pending approval from the SEC.

Nasdaq has officially submitted Form 19b-4 to the SEC for the listing of a Polkadot Spot ETF from 21Shares.

If approved by the SEC, this crypto ETF will provide investors with a regulated means to gain exposure to Polkadot without directly holding DOT tokens.

21Shares is expanding its offerings with ETFs on Solana and XRP, and already provides similar products in the European market, such as the 21Shares Polkadot ETP (ADOT), available on SIX in Switzerland, Euronext Amsterdam, and Deutsche Börse Xetra in Germany.

This initiative follows the broader move by several firms to introduce Polkadot Spot ETFs, with Grayscale also preparing its own offering.

Nasdaq is currently listing several crypto ETFs in partnership with various investment firms.

Earlier this year, 21Shares and CCIV announced the launch of the FTX Payoff Variable Premium Note Units of Trust.

The SEC is a critical factor in the approval or rejection of this crypto ETF.

Known for its caution towards new digital assets, the American crypto regulator has been deferring several decisions on XRP, Solana, and Litecoin ETFs.

This regulatory prudence could also influence the swiftness of the Polkadot Spot ETFs approval.

In practical terms, the approval of Form 19b-4 by the SEC could be a game-changer for crypto ETFs.

If the Nasdaq and 21Shares ETFs get the green light, it could pave the way for other digital assets to follow suit, ultimately boosting demand for DOT.

Following the announcement of the application filing, the DOT price showed a slight increase before dropping by 1.12%.

Polkadot currently has a market capitalization of $6.7 billion, with key support levels at $4.322 and $4.129.

Meanwhile, the new round of resistance is at $4.599, and a higher level at $4.898 will serve as an obstacle to further price increases from the current level.

The filing of the Polkadot Spot ETF by 21Shares and the Nasdaq marks a milestone in the broader institutional adoption of crypto ETFs.

For investors, this presents an opportunity to gain diversified exposure to the evolving cryptocurrency market. However, it also carries the inherent risks of any new investment product, especially in the volatile domain of cryptocurrencies.