02.07.2025 00:00
The U.S. Securities and Exchange Commission (SEC) has given Grayscale Investments the green light to launch its Digital Large Cap Fund (GDLC) as an exchange-traded fund (ETF). This marks a significant development in the cryptocurrency investment landscape, granting investors broader access to a diversified portfolio of digital assets.
Primarily focused on Bitcoin, the GDLC ETF also includes a selection of other prominent cryptocurrencies, namely Ethereum, XRP, Solana, and Cardano. This diversified approach, mirroring the CoinDesk 5 Index, offers exposure to a broader range of digital assets beyond just Bitcoin's dominance, with Bitcoin accounting for over 80% of the fund’s holdings, followed by Ethereum at approximately 11%. Solana, XRP, and Cardano represent smaller but still significant allocations within the fund's composition.
The SEC's approval, coming just before a regulatory deadline, was largely anticipated by market analysts. Bloomberg ETF analyst James Seyffart, commenting on the decision via X (formerly Twitter), noted the high concentration of Bitcoin and Ethereum (approximately 90% of total assets) likely influenced the SEC's relatively swift approval. This contrasts sharply with the SEC's history of rejecting numerous spot Bitcoin ETF applications.
Following the SEC's decision, Bitcoin traded near $106,000, Ethereum around $2,400, Solana at $148, XRP slightly below and Cardano around $0.28, according to data from CoinGecko. These prices reflect slight declines across the board in the 24 hours leading up to the announcement. While specific percentage changes varied among individual cryptocurrencies, the overall market sentiment seemed slightly bearish. Grayscale Investments has yet to comment publicly on the SEC's approval. The GDLC ETF is expected to commence trading on the New York Stock Exchange (NYSE) as a fully-fledged ETF. This approval is seen by many as potentially paving the way for a wave of further crypto-related ETF approvals in the latter half of the year. The information presented here is sourced from internet resources.
