The Securities and Exchange Commission (SEC) has formally acknowledged Grayscale’s amended application to convert its Digital Large Cap Fund into a spot ETF. This fund holds several of the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP, Solana (SOL), and Cardano (ADA).
Right now, the fund is only available in private markets, but if approved as an ETF, it would be available on major stock exchanges, making it easier for regular investors to buy and trade a mix of top cryptocurrencies in one place.
The SEC previously approved Grayscale’s Bitcoin futures ETF. The SEC also allowed the conversion of Grayscale’s Bitcoin Trust (GBTC) into a spot Bitcoin ETF in January 2024 after a legal win by Grayscale against the SEC.
Grayscale recently proposed a brand-new ETF for Cardano (ADA). Unlike its other ETFs, which convert existing trusts, this one, called the Grayscale Cardano Trust (GADA), is a completely new product. However, the SEC has delayed its decision on two of Grayscale’s other proposals: the Avalanche (AVAX) and Cardano (ADA) spot ETFs.
