The Securities and Exchange Commission (SEC) has approved the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF), a filing shows.
The fund tracks the price of bitcoin BTC, ethereum ETH, XRP XRP, Solana SOL and Cardano ADA. The majority of the fund’s weight, currently about 80%, is in bitcoin. The SEC’s letter on Tuesday noted that the fund consisted of the CoinDesk 5 Index (CD5).
GDLC was launched in February 2018 and has since attracted nearly $755 million in assets under management. It has a 2.5% expense ratio.
In a statement, CoinDesk Indices head of product and research Andy Baehr said, „We are thrilled to see SEC approval, paving the way for this Grayscale fund, benchmarked to the CoinDesk 5 Index, to be uplisted as an ETF, and enabling investors and advisors to capture the largest and most liquid digital assets in a single product.”
Crypto asset manager Bitwise is next to receive a decision from the SEC to convert its Bitwise 10 Cr
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