SEC Greenlights Grayscale's Multi-Token ETF
The SEC's approval marks a significant development for the cryptocurrency market as Grayscale's ETF set to become the largest of its kind.
The Securities and Exchange Commission (SEC) has approved the transformation of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF).
Key Highlights:
- The fund will track the performance of major cryptocurrencies including Bitcoin, Ethereum, XRP, Solana, and Cardano, managing approximately $755 million in assets.
- Currently, about 80% of the fund is weighted in Bitcoin.
The SEC’s approval allows GDLC to become the largest multi-token digital asset ETF globally, as noted in a recent statement by Andy Baehr, who expressed excitement at the opportunity this presents for investors to access major digital assets in one product.
Quote:
“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, enabling investors and advisors to capture the largest and most liquid digital assets in a single product.”
GDLC was first launched in February 2018 and has since attracted significant investment, with a 2.5% expense ratio.
