Grayscale is looking for SEC’s approval of Polkadot ETF after XRP and Cardano files

GrayScale Investments submitted a request to the US Securities and Stock Exchange Committee to launch an ETF on the Polkadot icon.

NASDAQ 19B-4 request leads to a 45-day review period, during which the Supreme Education Council can be approved, rejected or extended the evaluation. If approved, ETF will work as a commodity -based confusion, hold a point and track their value through the index price. The fund’s assets will decrease gradually as DOT is sold to cover the expenses. Grayscale argues that this structure provides investors with cost and accessible and accessible way to gain exposure to Polkadot without the complications of dealing with the encrypted currency directly.

SEC recently referred to a more open position on Crypto Financial products. Earlier this month, she confessed to the NYSE Arca proposal for XRP confidence and clarified a regulatory framework for his potential approval. If Green Light, XRP TRUST will be managed by Grayscale by Coinbase Custody Trust, where BNY Mellon operates as a box transfer agent.

GrayScale has also expanded investment offers in Crypto with the launch of Dogoin Trust, which allows institutional and accredited investors to Mimi currency of $ 49.7 billion. The company argues that Dogecoin has grown beyond the state of the original joke, which now works as a financial inclusion tool. Meanwhile, SEC admitted the GrayScale app to get Cardano ETF earlier this month, which represents another step in its ETF expansion strategy.

The price of Polkadot has recently decreased, as it has decreased by 6.5 % in the past 24 hours to $ 4.42, which reflects a wider decrease in the encryption market. ASSET Manager 21Shares was introduced to get Polkadot ETF last month, making Grayscale the second company seeking SEC approval for such a product.

Polkadot Trust was formed from Grayscale in January 2021 but was not previously presented as an independent product. They will be issued against DOT deposits, DOT sale to cover costs and recover the potential shares of DOT if that organizers allow this. Unlike direct purchasing purchases, ETF aims to provide Bolkadot while reducing security risks.

Balchunas Ansiri described ETF as “throwing spaghetti on the wall” to test the Stock and Stock Exchange Committee’s readiness to agree to new encryption products. Although he did not appoint a specific possibility of Grayscale from Polkadot ETF, SEC suggested that SEC admit opportunities in the end.

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