Headline: Grayscale Ventures into Polkadot-Driven ETFs, Awaiting SEC Approval

Grayscale Investments, a prominent player in the cryptocurrency asset-management circle, is reportedly taking steps to diversify its portfolio with exchange-traded funds (ETFs) based on Polkadot’s DOT tokens, XRP, and Cardano. Grayscale’s move to introduce a Polkadot-centric ETF is the latest development in its expansion strategy.

A formal request, known as Form 19b-4, has been filed by Nasdaq with the U.S. Securities and Exchange Commission (SEC) for the approval to list and trade shares from the Grayscale Polkadot Trust (DOT). This submission triggers a 45-day evaluation period, during which the SEC will analyze the application. The outcomes could range from acceptance or rejection to an extension of the review cycle.

Grayscale’s recent ventures include applying to transform its XRP Trust into an ETF and initiating the process to list a Cardano spot ETF. These actions by Grayscale reflect the increasing acceptance of digital assets by the SEC in recent times, a shift attributed to the more lenient stance adopted during the Trump era. This change in attitude has been marked by the discontinuation of several investigations related to cryptocurrencies, including those involving Robinhood and non-fungible token (NFT) platform OpenSea.

In the past, Grayscale has not offered a product exclusively focusing on Polkadot. With this recent filing, it aims to join the league of crypto asset managers like 21Shares, which also recently applied for listing a spot Polkadot ETF with the SEC.

At the time of reporting, Polkadot’s DOT is trading at $4.4, reflecting a 6.7% dip over the last 24 hours in the face of a broader slump in the cryptocurrency market.