Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
Highlights
- Grayscale Digital Large Cap Fund (GDLC) gets greenlight to list on NYSE Arca by the US SEC.
- The fund holds Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
- This comes amid the generic listing standards for crypto ETF approval by the SEC today.
Grayscale Digital Large Cap Fund (GDLC) gets greenlight to list and trade by the U.S. Securities and Exchange Commission (SEC). The fund holding Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) was approved a few months ago, but the commission held back its listing.
Grayscale’s GDLC With SOL and ADA to List on NYSE Arca
US SEC approves the listing and trading of Grayscale Digital Large Cap Fund (GDLC), holding the top 5 crypto assets, on NYSE Arca, according to an official announcement by SEC on September 17.
The approval enables investors to get exposure to Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) via the regulated offering. The fund is expected to list and trade on NYSE Arca this month.
Bitcoin makes up over 72% of the fund’s holdings. Ethereum follows with over 17% weightage, while XRP, Solana, and Cardano each have smaller allocations of 5.62%, 4.03%, and 1%, respectively. Recently, the fund reduced its BTC weightage to increase allocation in ETH, XRP, SOL, and ADA.
ETF expert Nate Geraci hailed Grayscale for laying the groundwork for crypto ETFs with its lawsuit, pushing Gary Gensler-era SEC to approve spot ETFs. This paves the way for future multi-asset crypto ETFs.
It’s noteworthy the Crypto ETF Rule leans heavily on whether an asset has futures contract trading on surveilled/regulated venue. Ties into crux of Grayscale lawsuit.
In July, the SEC put a stay order on Grayscale Digital Large Cap Fund, citing the need to review the delegated action. This came just a day after the SEC approved the GDLC, delaying its listing and trading on NYSE Arca.
Faster Crypto ETF Launch with SEC Generic Listing Standards
The SEC passed generic listing standards for crypto ETFs today, reducing the approval timeline from 240 to 75 days. The exchanges can now list and trade commodity-based trust shares of eligible spot commodities, including digital assets, without submitting a 19b-4 form.
Bloomberg ETF analysts Eric Balchunas and James Seyffart revealed 12-15 crypto assets eligible for ETF approval within 75 days. Also, they expect more than 100 crypto ETFs to launch in the next 12 months.
The SEC delayed many crypto ETFs as it was silently working with Nasdaq, NYSE, and Cboe exchanges to approve generic listing standards for crypto ETFs. Now, experts believe the existing crypto ETFs could get accelerated approval in the coming weeks or months.
Recent Posts
- 24/7 Cryptocurrency News
Polymarket Founder Shayne Coplan Teases Potential POLY Token After $2B ICE Deal
Polymarket founder Shayne Coplan has sparked speculation about a potential native token launch following a…
- Bitcoin News
FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces
The FOMC minutes have signaled a dovish shift from the Fed officials, who look likely…
- 24/7 Cryptocurrency News
North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps
North Dakota is set to become the second U.S. state to issue a stablecoin, named…
- 24/7 Cryptocurrency News
Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana
Ethena Labs reported that it has partnered with Jupiter Exchange to develop JupUSD. This is…
- 24/7 Cryptocurrency News
BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM
BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has become the most bought exchange-traded fund…
- 24/7 Cryptocurrency News
MetaMask Launches Hyperliquid Perpetuals In-App, Plans To Integrate Polymarket
MetaMask has officially introduced perpetuals trading on its platform, powered by Hyperliquid. Meanwhile, the crypto…