02.07.2025 07:04

The U.S. Securities and Exchange Commission (SEC) has given its seal of approval to a groundbreaking transformation: Grayscale's Digital Large Cap Fund will now operate as an exchange-traded fund (ETF). This marks a significant milestone, creating the first ETF providing exposure to a diverse range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and other altcoins.

Following its amended S-3 registration, the SEC's acknowledgment arrived just before the crucial July 2nd deadline. This approval has officially ignited what many are calling a "crypto ETF summer," setting the stage for further advancements in the industry. Various other single-token ETF proposals targeting XRP, Solana (SOL), and other cryptocurrencies are currently under review in the US, with Bloomberg analysts predicting a high likelihood of approval in the coming months.

Interestingly, Brazil led the way internationally, approving a spot XRP ETF back in February. This innovative product, offered by Hashdex, is now actively traded on the Brazilian Stock Exchange (B3). North America followed suit in June, when Purpose Investments launched the continent's first spot-based XRP ETF on the Toronto Stock Exchange (TSX).

While the current landscape features spot-based ETFs tracking Bitcoin and Ethereum—including Bitwise's dual-crypto ETF approved by the SEC in January—this newly approved Grayscale ETF represents a significant expansion into the broader cryptocurrency market, offering investors broader diversification within the digital asset space. Information for this report was gathered from internet sources.