01.07.2025 17:49

The U.S. Securities and Exchange Commission (SEC) has given the green light to Grayscale's application to convert its Digital Large Cap Fund into an exchange-traded fund (ETF), a decision announced Tuesday in an official SEC filing. This expedited approval marks a significant milestone, potentially influencing the regulatory landscape for future cryptocurrency fund applications. The swift action suggests a shift in the SEC's approach to digital asset investments.

Specifically, the SEC, exercising its authority under Section 19(b)(2) of the Exchange Act, approved the rule change (SR-NYSEARCA-2024-87) and its first amendment on an accelerated timetable. This rapid approval contrasts with previous, more protracted reviews of similar proposals, highlighting a potential turning point in the regulatory scrutiny of crypto-based investment vehicles.

Currently accessible only to accredited investors through over-the-counter trading, the Grayscale fund is heavily weighted towards Bitcoin, which constitutes approximately 80% of its assets. Ethereum makes up roughly 11%, with smaller percentages allocated to Solana, Cardano, and XRP, each representing a single-digit percentage of the fund's holdings, according to information published on the fund's official website. This portfolio composition reflects the current market dominance of Bitcoin and Ethereum within the cryptocurrency ecosystem.

This development comes from information gathered from internet sources and was reported by Kosta Gushterov, a Coindoo reporter since 2021. Gushterov's dedication and investigative approach have established him as a valued contributor, covering diverse topics while producing reviews, press releases, and educational material. His work is even cited by other news organizations, solidifying his reputation within the industry.