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Grayscale Investments has received approval from the US Securities and Exchange Commission (SEC) to list its Digital Large Cap Fund (GDLC) as an exchange-traded fund.
This fund, which comprises Bitcoin, Ethereum, XRP, Cardano, and Solana, is set to commence trading on September 19, according to Bloomberg ETF analyst Eric Balchunas.
The approval came just hours after Grayscale’s CEO Peter Mintzberg announced that regulators have authorized the product for launch on the NYSE Exchange.
Mintzberg characterized the decision as a pivotal moment for mainstream cryptocurrency investment, highlighting that this structure allows investors to gain exposure to five actively traded tokens through a single regulated avenue.
By eliminating the necessity to select individual coins, crypto investors can now enjoy a diversified portfolio within one framework.
In addition, Mintzberg acknowledged the SEC’s crypto task force for providing “the regulatory clarity our sector needs,” indicating that collaboration between the industry and regulators is gradually improving.
This action signifies a notable turnaround from July, when the SEC postponed its decision on Grayscale’s request to transition GDLC from an over-the-counter vehicle to a listed ETF on NYSE Arca, citing a need for further review.
However, the SEC reversed its stance just two months later by granting approval on an “accelerated basis” and introducing generic listing standards to facilitate the process for future crypto ETFs.
‘Second-largest crypto ETF’
Concurrently, market analysts perceive this decision as a possible turning point for multi-asset crypto funds.
Bloomberg’s James Seyffart pointed out that basket-style ETFs could swiftly develop into the second- or third-largest segment of digital asset products, following single-asset Bitcoin ETFs, should demand remain consistent.
Investor interest in crypto ETFs has shown significant strength over the last year.
As per SoSoValue data, Bitcoin-focused funds launched last year currently manage over $100 billion in assets, with net inflows totaling $57.33 billion thus far. Conversely, Ethereum funds have attracted more than $13 billion in inflows, managing about $30 billion in assets.
This trend has fueled speculation that GDLC could draw considerable inflows once trading begins.
According to Grayscale’s website, the fund’s net asset value is $58 per share, with assets exceeding $931 million. The website also indicates that 72% of the fund’s assets are in Bitcoin, 17% in Ethereum, roughly 6% in XRP, 4% in Solana, and 1% in Cardano.
