Grayscale has applied for a 7 billion dollar Altcoin ETF: Triggered a price increase! - Coin Bulletin

Grayscale continues to expand its crypto fund portfolio with the Polkadot (DOT) ETF application.

Crypto asset manager Grayscale has applied for (ETF) an exchange-traded fund based on Polkadot's (DOT) native token. Nasdaq has formally filed Form 19b-4 for the listing and trading of shares of the Grayscale Polkadot Trust (DOT) (SEC) to the U.S. Securities and Exchange Commission. This application started a 45-day evaluation process for the SEC to accept, reject, or extend the review period of the application.

Grayscale's ETF moves continue

Grayscale has previously applied for spot ETFs for XRP and Cardano (ADA). The company has filed an application with the SEC to convert its XRP Trust into an exchange-traded fund and list its spot Cardano ETF. Such filings have gained momentum as the SEC takes a friendlier approach to the crypto-asset industry. The recent drop in investigations into Robinhood and NFT marketplace OpenSea has been one of the biggest indicators of this change.

Grayscale had not offered an independent Polkadot product until today. With this application, Grayscale joined the crypto asset manager 21Shares, which applied for spot Polkadot ETF last month.

Grayscale's Polkadot ETF application came after 21Shares' spot Polkadot ETF application last month. In addition, Tuttle Capital also applied for a 10x leveraged crypto ETF following Polkadot.

SEC, in the past weeks, also approved spot XRP ETF and Litecoin (LTC) ETF applications. According to Bloomberg analysts, the probability of approval for Litecoin ETFs is predicted to be 90%, while Dogecoin (DOGE) is 75%, Solana (SOL) is 70%, and XRP is 65%.

According to data from CoinGecko, the Polkadot (DOT) price is trading at $4.78 at the time of writing, up 12.3% in the last 24 hours. DOT is among the top 30 cryptocurrencies with a market cap of $7.2 billion.