Nasdaq Proposes Polkadot Trust Listing: A New Gateway for Crypto Investment
1min read Nasdaq has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) seeking approval to list and trade shares of Grayscale Polkadot Trust. The move aims to provide investors with a more accessible and understandable way to track and invest in Polkadot, the native cryptocurrency of the Polkadot network.
The filing, based on Nasdaq's commodity-based trust shares rule, outlines that Coinbase Custody Trust Company will serve as the custodian, while BNY Mellon Asset Servicing will act as the administrator. The shares will be traded under the ticker symbol DOT.
The Polkadot fund, launched in January 2021, holds only DOT tokens, with each share representing the amount of DOT the fund holds. This allows traders to trade shares directly, rather than dealing with the tokens themselves. Grayscale Investments Sponsors will manage the fund.
Polkadot's decentralized exchange (DEX) platform uses DOT for various purposes, such as staking, governance, and connecting parachains via its relay chains. Currently, DOT is priced at $4.37, with a slight downtrend. The token has experienced a 6.11% decline in the last seven days and a 31.2% drop in the previous 30 days.
If the SEC approves the listing and trading of Grayscale Polkadot Trust on Nasdaq, it could open up new investment opportunities for the token. This would make it easier for people to invest in Polkadot and provide a clearer understanding of its price movements.
