US SEC Opens Proceedings on Grayscale Polkadot Trust (DOT) ETF Listing Under Nasdaq Rule 5711(d) – Charltons Quantum

Uncover insights within the NFT house. This article dives into: “US SEC Opens Proceedings on Grayscale Polkadot Trust (DOT) ETF Listing Under Nasdaq Rule 5711(d) – Charltons Quantum”.

On 10 June 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting proceedings to find out whether or not to approve or disapprove a proposed rule change submitted by The Nasdaq Stock Market LLC. The proposal seeks to listing and commerce shares of the Grayscale Polkadot Trust (DOT) underneath Nasdaq Rule 5711(d), which governs the itemizing of commodity-based belief shares. The order has been issued underneath file quantity SR-NASDAQ-2025-019.

The proposed rule change was initially filed on 24 February 2025, in accordance with Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States Rule 19b-4. It was printed for remark within the Federal Register on 13 March 2025. On 24 April 2025, the US SEC prolonged its evaluate interval and has now formally commenced proceedings underneath Section 19(b)(2)(B) of the Act to additional consider the rule change.

According to the submitting, the Grayscale Polkadot Trust (DOT) is designed to replicate the worth of the DOT tokens held by the Trust, much less the Trust’s bills and liabilities. The internet asset worth of the Trust could be primarily based on the CoinDesk DOT CCIXber Reference Rate, which aggregates DOT commerce knowledge from a number of digital asset buying and selling platforms. The Trust will maintain solely DOT and can allow creation and redemption of shares in blocks of 10,000, solely in money. The sponsor of the Trust is Grayscale Investment Sponsors, LLC (as of three May 2025), with CSC Delaware Trust Company appearing as trustee and Coinbase Custody Trust Company, LLC serving as custodian.

The establishment of proceedings doesn’t indicate any closing conclusion however permits further consideration of whether or not the proposal complies with Section 6(b)(5) of the United States Securities Exchange Act of 1934. The US SEC particularly invited feedback on whether or not the proposed itemizing of a DOT-based belief raises new or novel issues, significantly concerning the resistance of DOT markets to fraud and manipulation, or whether or not enough market surveillance mechanisms are in place. Public feedback referencing file quantity SR-NASDAQ-2025-019 could also be submitted electronically or through mail.

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