Grayscale’s Multi-Asset ETF Including BTC, ETH, SOL, XRP, and ADA Gets SEC Nod

Grayscale Gains SEC Nod for Conversion of Digital Large Cap Fund Into Crypto ETF

Grayscale’s Digital Large Cap Fund (GDLC) has secured approval from the U.S. Securities and Exchange Commission (SEC) to transform into a spot exchange-traded fund (ETF), positioning it to become the world’s largest multi-asset crypto ETF.

The revamped ETF will track the CoinDesk 5 Index (CD5), featuring prominent cryptocurrencies like bitcoin (BTC), ethereum (ETH), XRP, solana (SOL), and cardano (ADA). Bitcoin will remain the dominant asset in the portfolio, accounting for around 80% of its holdings.

Launched back in February 2018, GDLC has grown to nearly $755 million in assets under management and charges a 2.5% annual fee.

“This SEC approval is a significant milestone,” said Andy Baehr, head of product and research at CoinDesk Indices. “Investors and financial advisors now have the chance to access a broad mix of top digital assets through one regulated product.”

Baehr noted that, upon conversion, the fund would hold the title of the world’s largest multi-crypto ETF.

Meanwhile, Bitwise Asset Management is still awaiting a decision from the SEC regarding the conversion of its Bitwise 10 Crypto Index Fund (BITW) into a spot ETF. Currently, BITW allocates roughly 79% of its assets to bitcoin, with the remaining share spread across cryptocurrencies including ether, XRP, solana, cardano, Sui (SUI), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Polkadot (DOT).