Logo
Cardano Ecosystem

Zycrypto

07/02/2025

·

48 views


Grayscale Spot ETF Holding Ripple’s XRP, Solana, And Cardano Wins SEC Green Light

The U.S. Securities and Exchange Commission has approved on an “accelerated basis” the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF). Grayscale’s Digital Large...

Grayscale Spot ETF Holding Ripple’s XRP, Solana, And Cardano Wins SEC Green Light

XRP, Shiba Inu, Cardano ETFs to Reach SEC’s Table Soon As Solana Makes Headway Into Wall Street

The U.S. Securities and Exchange Commission has approved on an “accelerated basis” the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF).

Grayscale’s Digital Large Cap Fund Converts To Spot ETF

The SEC has approved Grayscale’s Digital Large Cap Fund (GDLC) to convert into a spot crypto ETF, according to a Tuesday filing.

“It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act,  that the proposed rule change (SR-NYSEARCA-2024-87), as modified by Amendment No. 1, be, and hereby is, approved on an accelerated basis,” the regulator wrote.

The SEC’s approval was expected, given that Bitcoin and Ethereum account for 90% of the fund’s assets, Bloomberg ETF analyst James Seyffart said in an X post.

GDLC currently trades over the counter for accredited investors and is comprised mainly of BTC at around 80%, then Ethereum at about 11%. Solana, Cardano, and XRP are also included with single-digit percentages, as per the fund’s official website.

AdvertisementFollow ZyCrypto On Google News  

More Altcoin ETFs To Come

As we reported earlier, the REX Osprey Solana Staking ETF is officially set to go live on Wednesday, becoming the first in the US to allow crypto staking.

The SEC also has a bevy of applications for a wide array of crypto ETFs on its desk, from ones that track XRP and SOL to meme coins like Dogecoin and Official Trump amid a more favorable regulatory environment for crypto following President Donald Trump’s return to the White House in January.

According to ETF Store President Nate Geraci, the approval of Grayscale’s GDLC “would then be followed later by approval for individual spot ETFs on XRP, SOL, ADA, etc.”

“Side benefit for SEC in approving GDLC is that it would provide nice ‘test run’ for addn’l crypto assets in ETF wrapper…xrp, sol, & ada represent < 10% combined of GDLC’s holdings,” Geraci postulated. “Easy way to slowly step into other assets.”

Meanwhile, top Wall Street analysts have now estimated the likelihood of SOL, XRP, and Litecoin (LTC) spot ETF approvals coming before the end of the year at 95% in the face of “very positive” engagement from the SEC.

AD

Delegate Your Voting Power to FEED DRep in Cardano Governance.

DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!


Read Original Article on Zycrypto

ORIGINAL SOURCE

https://zycrypto.com/grayscale-spot-etf-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Join Rare Evo - The Ultimate Blockchain and Crypto Conference in Las Vegas, Nevada on August 6-10!

More from Zycrypto

See more
Cardano's Trading Volume Skyrockets with Binance at the Helm with $1.3 Billion
Zycrypto
Cardano's Trading Volume Skyrockets with Binance at the Helm with $1.3 Billion

last Sunday at 9:38 PM

·

27 views

Related News

See more

Join Rare Evo - The Ultimate Blockchain and Crypto Conference in Las Vegas, Nevada on August 6-10!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)