Grayscale Gets SEC Nod to Launch Crypto ETF With XRP, SOL, ADA, BTC & ETH
The post Grayscale Gets SEC Nod to Launch Crypto ETF With XRP, SOL, ADA, BTC & ETH appeared on BitcoinEthereumNews.com. Grayscale received SEC greenlight to transform its Digital Large-Cap Fund into a fully marketable ETF listed on NYSE Arca. The ETF comprises Bitcoin, Ethereum, Solana, XRP, and Cardano, with Bitcoin constituting more than 80% of the holdings. Grayscale has received regulatory approval to transform its Digital Large-Cap Fund into a full-fledged exchange-traded fund (ETF), marking a milestone in Wall Street’s adoption of crypto. The U.S. securities regulatory body, the Securities and Exchange Commission (SEC), approved it on Tuesday, and the fund will be traded under ETF status on NYSE Arca. The ETF will track the CoinDesk Large-Cap Select Index and measure exposure to the five largest digital assets ranked based on their market capitalization. According to updated weightings, Bitcoin (BTC) comprises approximately 80.2% of the portfolio, with Ethereum (ETH) close at 11.3%. Solana (SOL) obtains 2.7%, XRP 4.8%, and Cardano (ADA) 0.81% This authorization has increased the history of Grayscale transforming closed-end crypto trusts to more liquid ETFs. This transition is indicative of a rising institutional appetite in regulated digital asset investment products and an increasingly softening-up approach to crypto-based funds by the SEC. Court Victory Forces Regulator Shift Grayscale was approved based on a historic legal fight in 2023. Grayscale submitted a lawsuit after the SEC denied its proposal to change the Bitcoin Trust into an ETF. The SEC was forced to reconsider when a federal appellate court later declared its rejection “arbitrary and capricious.” The court’s ruling turned out to be a pivotal moment, and it affected further approvals of spot Bitcoin ETFs. Grayscale has previously converted the newly approved ETF, the GDLC. Its restructured Bitcoin and Ethereum trusts have been in compliance with ETF requirements in the past. GDLC is, however, notable in providing diversification exposure in one product. Investors will have access to a regulated index traded in and reflecting…
The post Grayscale Gets SEC Nod to Launch Crypto ETF With XRP, SOL, ADA, BTC & ETH appeared on BitcoinEthereumNews.com.
Grayscale received SEC greenlight to transform its Digital Large-Cap Fund into a fully marketable ETF listed on NYSE Arca. The ETF comprises Bitcoin, Ethereum, Solana, XRP, and Cardano, with Bitcoin constituting more than 80% of the holdings. Grayscale has received regulatory approval to transform its Digital Large-Cap Fund into a full-fledged exchange-traded fund (ETF), marking a milestone in Wall Street’s adoption of crypto. The U.S. securities regulatory body, the Securities and Exchange Commission (SEC), approved it on Tuesday, and the fund will be traded under ETF status on NYSE Arca. The ETF will track the CoinDesk Large-Cap Select Index and measure exposure to the five largest digital assets ranked based on their market capitalization. According to updated weightings, Bitcoin (BTC) comprises approximately 80.2% of the portfolio, with Ethereum (ETH) close at 11.3%. Solana (SOL) obtains 2.7%, XRP 4.8%, and Cardano (ADA) 0.81% This authorization has increased the history of Grayscale transforming closed-end crypto trusts to more liquid ETFs. This transition is indicative of a rising institutional appetite in regulated digital asset investment products and an increasingly softening-up approach to crypto-based funds by the SEC. Court Victory Forces Regulator Shift Grayscale was approved based on a historic legal fight in 2023. Grayscale submitted a lawsuit after the SEC denied its proposal to change the Bitcoin Trust into an ETF. The SEC was forced to reconsider when a federal appellate court later declared its rejection “arbitrary and capricious.” The court’s ruling turned out to be a pivotal moment, and it affected further approvals of spot Bitcoin ETFs. Grayscale has previously converted the newly approved ETF, the GDLC. Its restructured Bitcoin and Ethereum trusts have been in compliance with ETF requirements in the past. GDLC is, however, notable in providing diversification exposure in one product. Investors will have access to a regulated index traded in and reflecting…
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