Grayscale spot fund could become the first U.S.-listed spot ETF holding Bitcoin, Ethereum and top altcoins.
America’s SEC (Securities and Exchange Commission) will decide on Wednesday, July 2 whether Grayscale’s fund will be approved to become a spot ETF or not.
If approved, it would be the first time that the U.S. market will have an ETF that holds other coins such as Ethereum, XRP, Solana and Cardano along with Bitcoin.
Currently, Grayscale spot GDLC fund follows the five major cryptocurrencies:
- Bitcoin: 80.8%
- Ethereum: 11.07%
- XRP: 4.63%
- Solana: 2.75%
- Cardano: 0.75%
As of June 27, the fund had assets worth about $762 million.
The SEC accepted Grayscale spot updated filing on Friday, which shows that things are moving smoothly between the two parties.
There is a lot of discussion about crypto ETFs these days, and the SEC is also examining other crypto ETF applications.
ETF Store president Nate Geraci says that this step by Grayscale shows good progress with the SEC. He believes that it is possible to get approval for this ETF, and if it is received, it may also open the way for different coin ETFs like XRP, Solana, and Cardano in the future.
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Why This Matters
Approval will allow investors to easily invest in multiple major cryptocurrencies through a single ETF that too in a secure and regulated manner.
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People also ask Grayscale Spot Crypto
What is a Spot Crypto ETF?
A spot crypto ETF is a fund that directly holds cryptocurrencies. This allows investors to benefit from crypto prices without buying coins.
What is Grayscale Digital Large Cap Fund (GDLC)?
GDLC is a fund managed by Grayscale spot. This fund follows a mix of major cryptocurrencies, such as Bitcoin, Ethereum, XRP, Solana, and Cardano.
What if the SEC allows GDLC to become an ETF?
Then this fund will trade on a public exchange as a spot ETF. This will allow more people to invest easily and will also increase liquidity.
Why is the SEC’s decision so important?
If the SEC approves, it will become the first diversified spot crypto ETF in the U.S. This will mean that regulators have become more accepting of crypto investments. This will also increase the chances for different ETFs like XRP, Solana in the future.
