Grayscale Gains SEC Approval for ETF Holding BTC, ETH, SOL, XRP, and ADA

Grayscale Wins SEC Approval for Multi-Asset Crypto ETF, Poised to Lead Global Market

Grayscale’s Digital Large Cap Fund (GDLC) is on track to become the world’s biggest multi-crypto ETF after securing approval from the U.S. Securities and Exchange Commission (SEC) to transition into a spot exchange-traded fund, recent filings show.

The newly approved ETF will mirror the performance of several top digital assets, including bitcoin (BTC), ethereum (ETH), XRP, solana (SOL), and cardano (ADA). Currently, bitcoin makes up about 80% of the fund’s holdings. The SEC’s decision confirmed that GDLC will follow the CoinDesk 5 Index (CD5) as its benchmark.

Launched in February 2018, the fund has grown to manage approximately $755 million in assets and charges a 2.5% annual fee.

“We’re excited about the SEC’s green light, which allows the Grayscale fund, tracking the CoinDesk 5 Index, to be listed as an ETF. This gives investors and financial advisors an efficient way to access the largest and most liquid digital assets in one product,” said Andy Baehr, head of product and research at CoinDesk Indices.

Baehr also noted that GDLC’s conversion will make it the largest multi-token digital asset ETF worldwide.

Meanwhile, Bitwise, another crypto asset manager, is awaiting the SEC’s ruling on whether it can convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF. Currently, BITW allocates roughly 79% to bitcoin, with the rest spread across ether, XRP, solana, ADA, Sui (SUI), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Polkadot (DOT).