Polkadot’s (DOT) price has recovered despite the recent crypto market crash after Nasdaq filed a request with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Grayscale Polkadot ETF.

This move follows similar filings for other altcoins, including XRP and Cardano. Analyst are now speculating on the potential price movement of DOT, with some anticipating a rise to $34 if the Polkadot ETF gains approval.

Nasdaq Seeks SEC Approval for Grayscale Polkadot ETF

According to a recent filing, Nasdaq has submitted Form 19b-4 to the SEC to list and trade shares of the Grayscale Polkadot Trust (DOT). This filing marks the latest step in expanding cryptocurrency-based investment products on traditional exchanges.

Grayscale Investments, the firm behind the ETF, aims to offer investors regulated exposure to Polkadot’s native token. The US SEC now has a 45-day review period to acknowledge the filing, after which it can approve, deny, or extend the review process.

Grayscale’s filing follows a similar request from 21Shares, which submitted an application for a spot Polkadot ETF late last month. Following the Polkadot ETF filing, DOT price saw a brief 4% increase before declining 6% in the last 24 hours, trading at $4.4.

Polkadot ETF Part of Grayscale’s Broader Crypto Strategy

Grayscale has been increasing its ETF offerings as regulatory sentiment toward cryptocurrencies evolves. Along with the Polkadot ETF, the company has recently applied to convert its XRP Trust into an ETF and filed for a spot Cardano ETF, which has been acknowledged. Other potential products tied to digital assets such as Solana (SOL), Dogecoin (DOGE), and Litecoin (LTC) are also being considered.

These filings come as the US SEC, under the Trump administration, has adopted a more open stance toward digital assets under the leadership of acting US SEC chair Mark Uyeda. The regulator recently dropped several crypto-related investigations, including cases against Robinhood, Coinbase and the NFT marketplace OpenSea. Consequently, market analysts believe this shift could improve the chances of approval for multiple spot crypto ETFs.

The Polkadot ETF filing is part of a broader trend of increasing institutional interest in cryptocurrency investment products. Recently, Tuttle Capital Management proposed a leveraged 2x Polkadot ETF but later withdrew its filings for all leveraged crypto ETFs.

James Seyffart, an ETF analyst at Bloomberg, commented on the growing number of crypto ETF applications, stating,

“Altcoin ETFs are coming.” More filings for XRP and Litecoin ETFs are expected in the coming days.

Will Polkadot Price Rally To $34?

Despite the recent pullback, market analysts believe that DOT’s price could see a substantial upside if key resistance levels are broken.

The first major resistance level stands at $6, which must be cleared for strong upward momentum to develop. If DOT breaks above this level, it could gain strength and move toward the next significant resistance point at $11.

This level has already been tested twice but rejected, making it a critical threshold for further price action. A successful breakout above $11 would indicate a strong bullish trend, potentially clearing the path toward $34 with minimal resistance.

According to the analyst, if the Polkadot price experiences a slow and steady decline, it may continue searching for a strong bottom before a potential rebound. However, in the event of a sharp and rapid drop, a V-shaped recovery could take place, leading to an equally strong bounce for DOT price.

The post Nasdaq Submits Filing To List Grayscale Polkadot ETF, DOT Price To $34? appeared first on CoinGape.

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Filed under: News - @ February 25, 2025 3:20 pm