The U.S. Securities and Exchange Commission (SEC) has officially approved the conversion of Grayscale’s Digital Large Cap Fund into an exchange-traded fund (ETF).
The first-of-its-kind ETF offers exposure to Bitcoin (BTC), Ethereum (ETH), as well as XRP and some other altcoins.
As reported by U.Today, Grayscale’s amended S‑3 registration was acknowledged by the regulator on the cusp of the highly anticipated decision. The final approval deadline was July 2.
The approval of Grayscale’s GDLC application has officially kicked off the so-called “crypto ETF summer.”
There are also various single-token ETF proposals in the US for XRP, Solana (SOL), and other tokens. According to Bloomberg analysts, these products are overwhelmingly expected to be approved in the second half of the year.
As reported by U.Today, Brazil became the first country to approve a spot XRP ETF earlier in February. Hashdex’s trailblazing product is available for trading on the Brazilian Stock Exchange (B3).
Purpose Investments then went on to launch the first spot-based XRP ETF in North America on the Toronto Stock Exchange (TSX) in June.
For now, there are only spot-based ETFs that track Bitcoin and Ethereum. In January, the SEC also approved Bitwise’s product that combines the two largest cryptocurrencies.