### Exciting Developments in Crypto ETFs: Grayscale Files for a Spot Polkadot ETF
In light of the recent surge in crypto exchange-traded fund (ETF) applications in the United States, Grayscale, a leading player in the crypto space, has taken a significant step by filing to launch a spot Polkadot ETF. In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, Grayscale expressed its desire to list its spot DOT ETF on the Nasdaq exchange, using the ticker symbol “DOT.”
### Grayscale’s Polkadot ETF Application
Grayscale aims to offer institutional investors a well-regulated pathway to invest in Polkadot’s native token, DOT. On February 25, the Nasdaq Stock Market, acting on behalf of Grayscale, submitted a 19b-4 proposal to the SEC, seeking approval to list and trade shares of the Grayscale Polkadot Trust. Currently, DOT ranks as the 26th largest cryptocurrency by market capitalization, although its recent price performance has not been particularly strong. Over the past year, DOT’s price has decreased by 42.7%, and it has seen a 30.3% drop in the last month, according to data from CoinGecko. As it stands, DOT’s market capitalization is approximately $6.8 billion.
### Altcoin ETFs Are Coming
At present, only cryptocurrencies traded in markets regulated by the SEC or the Commodity Futures Trading Commission—such as Bitcoin and Ethereum—are eligible for trading on Wall Street through ETFs. With the SEC working to clarify the regulatory landscape for cryptocurrencies under the new administration of President Donald Trump, we are witnessing a daily influx of applications for spot crypto ETFs. These range from Dogecoin, the beloved meme coin championed by Elon Musk, to altcoins like Ripple’s XRP, Solana (SOL), Hedera’s HBAR token, and Litecoin.
President Trump has also nominated a pro-crypto interim chair for the SEC, Mark Uyeda, and the Commission has established a crypto task force led by commissioner Hester Pierce, who is known for her supportive stance on cryptocurrencies. Recently, the SEC has acknowledged several applications for spot XRP and Litecoin ETFs, signaling a potential shift in regulatory attitudes. This change, along with the recent approvals, has ignited optimism that federal regulators may soon approve a variety of crypto-based investment vehicles this year.
According to Bloomberg analysts James Seyffart and Eric Balchunas, ETFs based on Litecoin, often referred to as the “silver to Bitcoin’s gold,” have the highest likelihood of receiving approval (90%) among the new wave of spot altcoin ETFs, followed closely by Dogecoin (75% chance). They estimate that Solana and XRP ETFs have a 70% and 65% chance of approval, respectively. “We expect more SEC acknowledgments on XRP & Litecoin ETFs today as well. Altcoin ETFs are on the horizon,” Seyffart shared in a Tuesday post on X.
