SEC Approves Grayscale Conversion, Launching First U.S. Multi-Asset Crypto Spot ETF
2025-07-01 19:14:32
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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