Grayscale ETF Holding XRP, Solana and Cardano Receives SEC Green Light
Grayscale Investments received approval from the U.S. Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF) focused on Bitcoin, Ethereum, XRP, Solana, and Cardano. Bitcoin and Ethereum make up 90% of the fund's assets, with Bitcoin comprising over 80%. The ETF will allocate approximately 11% to Ethereum, 2.8% to Solana, 4.8% to XRP, and 0.8% to Cardano. Bitcoin is currently priced around $106,000, while Ethereum is at $2,400. The SEC's swift approval marks a shift in its stance on Bitcoin ETFs, following years of rejections. GDLC will trade on NYSE Arca, and the SEC indicated openness to funds focused on established cryptocurrencies. Grayscale previously sued the SEC over denied applications, leading to this approval. Future ETF offerings are anticipated in the latter half of 2025, potentially including assets like Tron and Dogecoin.
