Grayscale's GDLC Fund, which includes cryptocurrencies Solana (SOL) and Cardano (ADA), has received approval from the Securities and Exchange Commission (SEC) for a public listing on the New York Stock Exchange.
The United States Securities and Exchange Commission (SEC) has approved the Grayscale Digital Large Cap Fund (GDLC) for listing and trading on NYSE Arca. This significant move marks a milestone in the crypto industry, potentially paving the way for future multi-asset crypto exchange-traded funds (ETFs).
The GDLC fund, which holds Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), allows investors to gain exposure to these top 5 crypto assets through a regulated offering. Bitcoin makes up over 72% of the fund's holdings, with Ethereum following at over 17%. Recently, the GDLC has reduced its Bitcoin weightage to increase allocations in Ethereum, XRP, Solana, and Cardano.
The SEC's decision comes after a delay in July when a stay order was put on the GDLC. The delay was due to the SEC working with Nasdaq, NYSE, and Cboe exchanges to approve generic listing standards for crypto ETFs, reducing the approval timeline from 240 to 75 days.
Bloomberg ETF analysts Eric Balchunas and James Seyffart expect more than 100 crypto ETFs to launch in the next 12 months. They believe existing crypto ETFs could get accelerated approval in the coming weeks or months, thanks to the new standards.
Nate Geraci, an ETF expert, praised Grayscale for paving the way for crypto ETFs, specifically by pushing for spot ETFs with a lawsuit. Josh Schwam, who laid the groundwork for crypto ETFs at Grayscale, also played a crucial role in the process. Schwam appealed to the SEC regarding the Grayscale Digital Large Cap Fund with spot ETFs.
The SEC's approval also allows exchanges to list and trade commodity-based trust shares of eligible spot commodities, including digital assets, without submitting a 19b-4 form. This could potentially speed up the process for future crypto ETFs.
With the approval of the GDLC, more than 100 crypto ETFs are expected to launch in the next 12 months. The SEC's decision is a significant step forward in making crypto investments more accessible to a wider audience, and it could revolutionise the crypto market.
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