Investment firm 21Shares has filed an application with the SEC to launch a Polkadot Spot ETF on Nasdaq, offering investors a new means of accessing Polkadot.
Polkadot and Crypto ETFs
With the SEC filing, Nasdaq may list 21Shares' Polkadot Spot ETF. This would provide investors with regulated access to Polkadot without directly holding DOT tokens. In Europe, 21Shares already offers similar products on exchanges such as Euronext Amsterdam, Euronext Paris, and the SIX Swiss Exchange.
SEC's Stance on Crypto ETFs
The SEC plays a crucial role in approving or rejecting crypto ETFs. The regulator expresses caution towards new digital assets, as seen in its delays for decisions on XRP, Solana, and Litecoin ETFs. This caution may also impact the approval of Polkadot Spot ETFs.
Impact on Polkadot Price
Following the filing announcement, DOT's price showed a slight increase before dropping by 1.12%. Polkadot's current market capitalization is $6.7 billion. Key support levels are at $4.322 and $4.129, while resistances at $4.599 and $4.898 are obstacles to further increases.
The filing of the Polkadot Spot ETF by 21Shares and Nasdaq marks a new milestone for institutional adoption of crypto ETFs, representing both opportunities and risks for investors in the unpredictable crypto market.
