Grayscale Spot ETF Holding Ripple’s XRP, Solana, And Cardano Wins SEC Green Light ⋆ ZyCrypto

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Grayscale Spot ETF Holding Ripples XRP, Solana, And Cardano Wins SEC Green Light ⋆ ZyCrypto

The U.S. Securities and Exchange Commission has approved on an the conversion of Grayscales Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF).

Grayscales Digital Large Cap Fund Converts To Spot ETF

The SEC has approved Grayscales Digital Large Cap Fund (GDLC) to convert into a spot crypto ETF, according to a Tuesday filing.

“It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act, that the proposed rule change (SR-NYSEARCA-2024-87), as modified by Amendment No. 1, be, and hereby is, approved on an accelerated basis,” the regulator wrote.

The SEC‘s approval was expected, given that Bitcoin and Ethereum account for 90% of the fund’s assets, Bloomberg ETF analyst James Seyffart said in an X post.

GDLC currently trades over the counter for accredited investors and is comprised mainly of BTC at around 80%, then Ethereum at about 11%. Solana, Cardano, and XRP are also included with single-digit percentages, as per the funds official website.

More Altcoin ETFs To Come

As we reported earlier, the REX Osprey Solana Staking ETF is officially set to go live on Wednesday, becoming the first in the US to allow crypto staking.

The SEC also has a bevy of applications for a wide array of crypto ETFs on its desk, from ones that track XRP and SOL to meme coins like Dogecoin and Official Trump amid a more favorable regulatory environment for crypto following President Donald Trumps return to the White House in January.

According to ETF Store President Nate Geraci, the approval of Grayscales GDLC “would then be followed later by approval for individual spot ETFs on XRP, SOL, ADA, etc.”

Meanwhile, top Wall Street analysts have now estimated the likelihood of SOL, XRP, and Litecoin (LTC) spot ETF approvals coming before the end of the year at 95% in the face of “very positive” engagement from the SEC.