Crypto asset manager Grayscale secured a major victory as the US Securities and Exchange Commission (SEC) approved the crypto large-cap fund (GDLC). This fund will hold the top five digital assets by market cap, such as Bitcoin , Ethereum , XRP , Solana , and Cardano , and shall debut soon on the New York Stock Exchange (NYSE).
Following the latest SEC approval, the Grayscale GDLC fund will start trading on NYSE Arca. The launch of this fund on Wall Street can lead to strong institutional interest. Speaking on the development, Grayscale CEO Peter Mintberg said:
“Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards. The Grayscale team is working expeditiously to bring the *FIRST* multi crypto asset ETP to market with Bitcoin, Ethereum, XRP, Solana, and Cardano.”
Bitcoin accounts for more than 72% of the fund’s portfolio, followed by Ethereum at over 17%. XRP, Solana, and Cardano carry allocations of 5.62%, 4.03%, and 1%, respectively. Grayscale recently trimmed its BTC weighting to boost exposure to the other assets.
ETF specialist Nate Geraci credited Grayscale for paving the way for crypto ETFs through its legal challenge against the SEC. He added that the approval of the large-cap fund GDLC could open the gates for multi-asset crypto ETFs, from other asset managers.
Earlier this year, in July, the US securities regulator postponed its decision on Grayscale’s proposal to convert the Digital Large Cap Fund (GDLC) from an over-the-counter product into an exchange-listed ETP on NYSE Arca, citing the need for additional review.
With the Generic Listing Standards now in place, the process is expected to be more streamlined. It potentially paves the way for additional crypto ETPs.
Digital asset manager Grayscale has been pushing to bring different crypto exchange-traded funds (ETFs). Its recent application targets some of the emerging crypto assets like Chainlink , Avalanche , and Cardano .
Grayscale has filed a Form S-1 to convert its Chainlink Trust (LINK) into an exchange-traded fund, the Grayscale Chainlink Trust ETF, which is expected to trade on NYSE Arca under the ticker GLNK.
Read original story Grayscale’s Crypto Large Cap Fund, Including BTC, ETH, XRP, ADA, Gets SEC Approval by Bhushan Akolkar at Coinspeaker.com