The U.S. Securities and Exchange Commission (SEC) has approved Grayscale’s application for a multi-cryptoasset exchange-traded product (ETP) as part of its efforts to expedite the approval process for crypto funds.
SEC Approves Grayscale’s Multi-Crypto Fund Including XRP, Solana, and Cardano
Grayscale CEO Peter Mintzberg announced the approval of the Grayscale Digital Large Cap Fund (GDLC) on Wednesday via social media platform X. Mintzberg stated that GDLC will be the first multi-cryptoasset ETP to be traded on the market. The fund offers investment opportunities in Bitcoin, Ethereum, XRP, Solana, and Cardano.
According to Grayscale’s official website, the fund has a net asset value of $57.7 per share and over $915 million in total assets under management. The SEC previously postponed the filing in July and began reviewing its conversion to trade on NYSE Arca.
On the same day, the SEC also approved “expedited” public listing standards for crypto ETF issuers. SEC Chairman Paul Atkins stated that this step would provide investors with more options and lower barriers to accessing digital asset products.
According to experts, this decision could lead to the launch of more than 100 new crypto ETFs in the next 12 months. Bloomberg ETF Analyst Eric Balchunas emphasized that this could be a critical turning point for the crypto market, noting that previous similar regulations have tripled ETF launches.
*This is not investment advice.