Nasdaq’s Wild Ride: Will the SEC Let Polkadot Join the Party? 🎉

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Well now, gather ’round, folks! It seems that Nasdaq, that grand old dame of the stock market, has taken it upon herself to tiptoe over to the U.S. Securities and Exchange Commission (SEC) and ask, oh so politely, for permission to list a Polkadot (DOT) exchange-traded fund (ETF) for a little Swiss company called 21Shares. Ain’t that a mouthful? 🍫

Now, don’t go popping the champagne just yet! Nasdaq has filled out Form 19b-4, which is just a fancy way of saying, “Hey SEC, can we please?” But hold your horses, because the SEC still has to scratch their heads and ponder this request. Approval? Well, that’s a whole different kettle of fish! 🐟

This ETF is set to follow the whims of Polkadot’s spot price, which means it’ll be as fickle as a cat on a hot tin roof, changing with the market price of DOT. And let’s not forget, this little filing comes on the heels of 21Shares dusting off their S-1 form earlier this year. They’ve been busy bees, buzzing about with plans for other crypto ETFs too, including some for XRP and Solana (SOL). 🐝

But wait, there’s more! Grayscale Investments, another player in this crypto circus, has also knocked on the SEC’s door asking for the same shiny toy. 🎪

Meanwhile, 21Shares is cooking up a staking feature for its Core Ethereum ETF. Staking, you ask? Why, that’s just a way for crypto holders to earn a little pocket change by helping to keep the network secure. If it gets the green light, it could make Ethereum ETFs as tempting as a slice of pie at a county fair! 🥧

But here’s the kicker: even with all these companies filing for their shiny new ETFs, the SEC has been slower than molasses in January to approve them. They’ve recently put the brakes on decisions for ETFs linked to XRP, Solana, Litecoin, and Dogecoin. So, who knows how long it’ll take for the Polkadot ETF to get its day in the sun? ☀️

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2025-03-18 21:29