U.S. Securities and Exchange Commission (SEC) has approved Grayscale proposal to convert its Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF), marking a significant development in the crypto investment landscape .
๐Key Highlights:
Fund Composition: The newly approved ETF includes major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
Asset Allocation: Approximately 80% of the fund is invested in Bitcoin, with Ethereum comprising around 11%, and the remaining assets distributed among XRP, Solana, and Cardano.
Index Tracking: The ETF is designed to track the CoinDesk 5 Index (CD5), providing investors with diversified exposure to leading digital assets.
Assets Under Management: As of the latest reports, the fund manages nearly $775 million in assets.
Expense Ratio: The fund carries an expense ratio of 2.5%.
This approval signifies the SEC growing openness to diversified crypto investment products, potentially paving the way for similar funds in the future.
Meanwhile, Bitwise application to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot ETF remains under SEC review, with a decision expected by July 31, 2025.
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