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SEC Approves Grayscale ETF That Includes BTC, ETH, SOL, XRP, ADA
The product will become the largest multi-token digital asset ETF in the world.
What to know:
- The SEC has approved Grayscale's Digital Large Cap Fund (GDLC) to convert into a spot crypto ETF.
- The fund, which holds bitcoin, ethereum, XRP, solana and cardano, currently manages $755 million in assets.
- Bitwise's application to convert its crypto index fund BITW into an ETF is now awaiting an SEC decision.
In this article
The Securities and Exchange Commission (SEC) has approved the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF), a filing shows.
The fund tracks the price of bitcoin
, ethereum , XRP , Solana and Cardano . The majority of the fund’s weight, currently about 80%, is in bitcoin. The SEC's letter on Tuesday noted that the fund is benchmarked to the CoinDesk 5 Index (CD5).
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GDLC was launched in February 2018 and has since attracted nearly $755 million in assets under management. It has a 2.5% expense ratio.
In a statement, CoinDesk Indices head of product and research Andy Baehr said, "We are thrilled to see SEC approval, paving the way for this Grayscale fund, benchmarked to the CoinDesk 5 Index, to be uplisted as an ETF, and enabling investors and advisors to capture the largest and most liquid digital assets in a single product."
Baehr said the fund will become the largest multi-token digital asset ETF in the world.
Crypto asset manager Bitwise is next in line to receive a decision from the SEC to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF. BITW holds 79% in bitcoin and the rest in ether, XRP, SOL, ADA, Sui
, Chainlink , Avalanche , Litecoin and Polkadot .Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
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