SEC Approves Grayscale’s ETF Conversion
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).
ETF Overview
This first-of-its-kind ETF offers exposure to Bitcoin (BTC), Ethereum (ETH), XRP, and various altcoins.
Approval Process
As reported by U.Today, Grayscale’s amended S‑3 registration was recognized by the regulator just before the highly anticipated decision, with a final approval deadline of July 2.
The Impact
The approval of Grayscale’s GDLC application has launched what is being called the “crypto ETF summer.”
Other Proposals
There are multiple single-token ETF proposals in the U.S. for tokens like XRP and Solana (SOL). Analysts from Bloomberg expect many of these products to be approved in the latter half of the year.
Global Developments
Earlier in February, Brazil became the first country to approve a spot XRP ETF, with Hashdex’s product trading on the Brazilian Stock Exchange (B3). In June, Purpose Investments launched North America’s first spot-based XRP ETF on the Toronto Stock Exchange (TSX).
At present, the only available spot-based ETFs are those tracking Bitcoin and Ethereum. Additionally, in January, the SEC approved Bitwise’s product, which combines both of the largest cryptocurrencies.
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