This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
We’ve rounded up the myriad of crypto ETF plans issuers are dreaming up, and launching.
The proposals continue to move beyond ones focused on solana, XRP ($2.29) and litecoin.
An update from yesterday: A 19b-4 filing from Nasdaq signals Grayscale Investments’ intent to offer a Polkadot ETF. 21Shares put out a similar proposal a few weeks back.
Polkadot (DOT ($4.66)) has a market cap of nearly $7 billion, ranking it 26th among crypto assets.
The filing is not a proposal for Grayscale to convert one of its existing trusts to an ETF wrapper, like it had done with its bitcoin and ether products. That’s because it does not yet have a trust investing in DOT.
I previously wrote about how Grayscale historically first goes with private placement launches for accredited investors before obtaining public quotations for unrestricted shares and making the products SEC-reporting companies. The conversion to an ETF is the final step.
Grayscale skipped the initial steps upon filing for a Cardano ETF. Speaking of that product, the SEC acknowledged it in a Monday filing, noting the agency would solicit comments on the proposal.
The thought is that Grayscale (despite not returning requests for comment) must feel it can take these shortcuts given the evolving regulatory environment.
This comes after Nasdaq late last week filed to list shares of Canary Capital’s proposed HBAR ($0.20) ETF, which hold Hedera’s native cryptocurrency. This 19b-4 filing comes a few months after the company submitted an S-1 for the product in November.
So, the momentum around altcoin ETF filings has not changed from when we last checked in. The next one we’ll see is anyone’s guess.
Get the news in your inbox. Explore Blockworks newsletters: creator solana token
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your day with top crypto insights from David Canellis and Katherine Ross.
- Forward Guidance: Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin.
- 0xResearch: Get alpha directly in your inbox — market highlights, charts, degen trade ideas, governance updates, and more.
- Lightspeed: All things Solana, in your inbox, every day from Jack Kubinec and Jeff Albus.
- The Drop: The newsletter for crypto collectors and traders, covering games, tokens, apps, memes and more.
