SEC greenlights Grayscale crypto index fund conversion to ETF
2025-07-01 18:16:45
Main Idea
The SEC has approved Grayscale's Digital Large Cap Fund (GDLC) to convert into an ETF, allowing it to hold multiple crypto assets beyond just bitcoin and ether.
Key Points
1. The Grayscale Digital Large Cap Fund (GDLC) currently holds BTC, ETH, SOL, XRP, and ADA, with 91% of its $775 million assets in BTC and ETH.
2. GDLC launched as a private placement in 2018 and began trading on OTC Markets in 2019; its conversion to an ETF marks a significant regulatory milestone.
3. The SEC's approval paves the way for multi-token crypto ETFs, expanding beyond the previously limited spot bitcoin and ether ETFs launched in 2024.
4. Industry observers, including Grayscale ETF head David LaValle, anticipated this approval, citing ongoing discussions with the NYSE and SEC.
5. The SEC has until October to rule on other proposed ETFs holding assets like SOL, XRP, ADA, LTC, DOGE, and DOT.
Description
Trading on OTC Markets since 2019, the Grayscale Digital Large Cap Fund currently holds BTC, ETH, SOL, XRP and ADA
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