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SEC Approves Grayscale Conversion, Launching First U.S. Multi-Asset Crypto Spot ETF

2025-07-04 05:46:05

SEC Approves Grayscale Conversion, Launching First U.S. Multi-Asset Crypto Spot ETF

Main Idea

The SEC has approved Grayscale's conversion of its Digital Large Cap Fund (GDLC) into a spot ETF, marking one of the first U.S. multi-asset crypto ETFs tracking Bitcoin, Ethereum, and other cryptocurrencies.

Key Points

1. Grayscale's GDLC holds Bitcoin (79.9%), Ethereum (11.3%), XRP, Solana, and Cardano, with BTC and ETH comprising over 91% of the portfolio.

2. The conversion introduces one of the first SEC-approved multi-asset crypto ETFs in the U.S., allowing daily share creation and redemption.

3. GDLC was initially launched in 2018 as a closed-end investment product for accredited investors.

4. The SEC’s approval came a day before the final deadline for review, following the approval of Grayscale's Bitcoin Trust ETF (GBTC) in January 2025.

5. Multi-asset crypto ETFs face questions about asset composition and disclosure requirements, unlike single-token ETFs.

Description

Key Takeaways: The SEC has approved Grayscale’s request to convert its Digital Large Cap Fund (GDLC) into a spot ETF. GDLC holds Bitcoin, Ethereum, XRP, Solana, and Cardano, with BTC and ETH comprising over 91% of the portfolio. The conversion introduces one of the first SEC-approved multi-asset crypto ETFs in the U.S. The U.S. Securities and Exchange Commission (SEC) has approved Grayscale Investments’ request to convert its Digital Large Cap Fund (GDLC) into a spot exchange-traded fund, accord...

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Tags:
Blockchain News News Grayscale Investments SEC Spot ETFs
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