SEC Approves Grayscale ETF That Includes BTC, ETH, SOL, XRP, ADA

Key Points

1. The SEC approved Grayscale's Digital Large Cap Fund (GDLC) to convert into a spot crypto ETF, with the majority of its weight (about 80%) in bitcoin.

2. The fund, benchmarked to the CoinDesk 5 Index, has attracted nearly $755 million in assets under management and has a 2.5% expense ratio.

3. CoinDesk Indices head of product and research Andy Baehr stated that the fund will become the largest multi-token digital asset ETF.

4. Bitwise is next in line for SEC approval to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF, which holds 79% in bitcoin and the rest in ether, XRP, SOL, ADA, and Sui.