Nasdaq Eyes Polkadot Crypto Trust: Blockchain Hits Wall Street
Published Date: 3/26/2025
Notice
Summary
Nasdaq wants to start trading shares of the 21Shares Polkadot Trust, a new kind of investment tied to the Polkadot cryptocurrency. This change affects investors looking for fresh ways to invest in digital assets and could open up new money-making chances soon. The proposal was filed in March 2025 and is now open for public comments before it goes live.
Analyzed Economic Effects
6 provisions identified: 3 benefits, 2 costs, 1 mixed.
Nasdaq to List Polkadot Trust Shares
Nasdaq filed on March 17, 2025 to list and trade shares of the 21Shares Polkadot Trust under Nasdaq Rule 5711(d). Once the Trust's registration statement is effective, you will be able to buy and sell these Shares through a regular brokerage account as an indirect way to access DOT tokens.
Creation/Redemption Is Cash-Only; APs Bear Costs
Authorized Participants (APs) will create and redeem Shares using cash only, not DOT, and creations/redemptions occur in Baskets of 10,000 Shares. Any slippage, trading fees, spreads or commissions on converting cash to DOT are the responsibility of the Authorized Participant, not the Trust.
Trust Will Not Earn Staking or Rewards
The Trust will hold DOT but will not use DOT to earn additional DOT, generate staking rewards, use leverage, or use derivatives. The Trust will also disclaim incidental rights such as assets from forks or airdrops, and such items will not be included in NAV.
Cold, Segregated Custody for Trust DOT
The Trust's DOT will be held by Coinbase Custody Trust Company, LLC in segregated accounts using cold storage and multi-person access controls. The custodian will keep the Trust's DOT separate from its own assets and other customers' assets.
Intraday Value, NAV Times, and Trading Halts
The Trust will publish an intraday indicative value (IIV) every 15 seconds during the Regular Market Session and calculate NAV daily as of 4:00 p.m. ET (with NAVs often struck by 5:30–8:00 p.m. ET). Nasdaq may halt trading in the Shares if the IIV or NAV dissemination is interrupted or if trading in underlying DOT is not occurring.
Listing Minimum and Trading Hours
The Exchange requires a minimum of 40,000 Shares outstanding to commence trading and will permit trading in the Shares from 4:00 a.m. to 8:00 p.m. ET. The Trustee must meet Nasdaq Rule 5711(d) qualifications.
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