The U.S. Securities and Exchange Commission (SEC) has approved Grayscale’s proposal to convert its Digital Large Cap Fund into a spot exchange-traded fund (ETF).
This decision brings together Bitcoin ($BTC ), Ethereum ($ETH ), $XRP , Solana (SOL), and Cardano (ADA), offering a new investment vehicle for U.S. investors.
Grayscale’s BTC, ETH, XRP, ADA Large Fund Conversion to ETF Approved
Grayscale’s newly approved spot ETF will allow investors easier access to a regulated product that includes top digital assets. The fund, previously available only in private markets, will now be listed on major stock exchanges, broadening its accessibility to a wider range of investors.
This decision comes as part of a growing trend of increasing regulatory oversight on cryptocurrency products in the U.S.
The approval is notable because it marks the first multi-token spot ETF, offering exposure to several popular cryptocurrencies in one fund. The decision follows the SEC’s approval of Grayscale’s Bitcoin futures ETF and its earlier decision to allow the conversion of Grayscale’s Bitcoin Trust (GBTC) into a spot Bitcoin ETF in January 2024.