The U.S. Securities and Exchange Commission (SEC) has officially approved the conversion of the Grayscale Digital Large Cap Fund into an exchange-traded fund (ETF), finalizing its transition from an over-the-counter product into a fully regulated ETF structure.
According to the SEC’s filing on July 1, the newly approved ETF will issue trust units that track the performance of a diversified crypto basket made up of the five largest digital assets by market capitalization. These include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
At the time of approval, the portfolio allocation was heavily weighted toward Bitcoin, which comprised roughly 80% of the fund. Ethereum followed at 11%, while XRP made up 4.8%, Solana 2.8%, and Cardano 0.8%, according to details provided in the regulatory order.
Grayscale also disclosed that the fund managed approximately $775 million in non-GAAP assets as of June 30.
This ETF conversion marks a significant milestone for crypto investment vehicles, potentially signaling broader institutional acceptance and paving the way for similar products seeking regulatory clearance.
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Arizona Governor Katie Hobbs has officially vetoed House Bill 2324, a legislative proposal that aimed to create a state-managed reserve fund for holding seized cryptocurrency assets.
The U.S. Securities and Exchange Commission (SEC) is in the early stages of developing a standardized listing framework for token-based exchange-traded funds (ETFs), according to a July 1 report by journalist Eleanor Terrett.
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