The U.S. Securities and Exchange Commission has granted expedited approval for a proposal to convert the Grayscale Digital Large Cap Fund LLC into an exchange-traded fund (ETF).
This move could pave the way for other cryptocurrency fund applications to gain regulatory traction.
The decision was made official on Tuesday, according to an SEC filing.
The agency stated, “Pursuant to Section 19(b)(2) of the Exchange Act, the proposed rule change (SR-NYSEARCA-2024-87), including Amendment No. 1, is approved on an accelerated basis.”
Currently available over-the-counter to accredited investors, the fund is primarily composed of Bitcoin, which makes up nearly 80% of its holdings. Ethereum accounts for roughly 11%, while smaller allocations include Solana, Cardano, and XRP—all representing single-digit percentages, as listed on the fund’s website.
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Source: https://coindoo.com/sec-greenlights-grayscales-crypto-etf-on-accelerated-basis/