Grayscale's Digital Large Cap Fund (GDLC) gets SEC approval for NYSE Arca listing, offering exposure to top crypto assets.
Bitcoin remains the largest holding in GDLC, comprising 72% of the fund, with Ethereum following at 17%.
The SEC's new crypto ETF listing standards are expected to speed up approval for additional cryptocurrency ETFs in the coming months.
Grayscale's Digital Large Cap Fund (GDLC) has secured approval from the U.S. Securities and Exchange Commission (SEC) to be listed and traded on NYSE Arca. This decision, announced on September 17, paves the way for a major milestone in cryptocurrency investment options. The fund, which holds a combination of five leading digital assets, will begin trading on NYSE Arca later this month.
The GDLC fund comprises a diversified portfolio of the leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). In the portfolio, Bitcoin, the largest asset, holds over 72% of the assets of the fund. Ethereum comes in the second with a 17% share, followed by XRP, Solana, and Cardano with 5.62%, 4.03%, and 1% shares, respectively. In the recent past, Grayscale has rebalanced its portfolio to decrease its Bitcoin position in favor of more exposure to Ethereum, XRP, Solana, and Cardano.
One Step Closer to Rapid Rush to Cryptocurrency ETF Legalization.
The certification of GDLC is considerable in the extended history of a changing attitude of the SEC to cryptocurrency exchange-traded funds (ETFs). The SEC had earlier postponed the listing of GDLC in July by stating that it required further consultation. The ruling of the agency follows just after it approved new generic listing standards on crypto ETFs. This action has shortened the number of days required to approve the crypto ETF listing from 240 days to only 75 days, which has expedited the road ahead for future crypto ETFs. The industry analysts are already expecting more than 100 new crypto ETFs to be introduced next year.
The legal activity of Grayscale in the last several years has been a key factor in the promotion of crypto ETFs. This lawsuit by the firm that relegated the SEC to the leadership of Gary Gensler contributed to more transparency in the process of approving spot crypto ETFs. The action is bound to promote the development of future multi-asset crypto ETFs. Also, it draws the U.S. closer to mainstream crypto financial products that are more acceptable to traditional investors.
More institutional involvement in crypto.
As a result of the SEC giving the green light to GDLC and the new listing standards, institutional participation in cryptocurrency markets will increase. Having an opportunity to invest in the leading digital currencies such as Bitcoin, Ethereum, XRP, Solana, and Cardano via a regulated investment instrument such as an ETF will entice additional institutional investors. With the continuing changes in the regulatory environment, the supply of such products will further institutionalize the cryptocurrency industry.
The post Grayscale’s Digital Large Cap Fund (GDLC) Gains SEC Approval for NYSE Arca Listing appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
