Digital Currency Group founder Barry Silbert has reacted to the approval of the Grayscale Digital Large Cap Fund (GDLC), the very first multi-crypto exchange-traded fund (ETF), describing it as "groundbreaking."
“Grayscale continues to be the first mover, driving new product innovations that bridge tradfi and digital assets,” Silbert said while commenting on the news.
Peter Mintzberg, chief executive officer at Graysacle, claims that the team behind the world’s leading cryptocurrency asset manager is working “expeditiously” in order to bring the product to the market.
A "combo" ETF
The ETF in question offers exposure to Bitcoin (BTC), Ethereum (ETH), as well as several other major altcoins, including the Ripple-linked XRP token, Solana (SOL), and Cardano (ADA). XRP, for instance, has a 5.2% share of the fund, making it the third-largest constituent.
The fund initially debuted as a private placement for accredited investors back in early 2018, and its shares later became available on over-the-counter (OTC) markets.
In early July, the SEC approved the conversion of GDLC into an ETF, but it was then abruptly halted for a "review" shortly after this.
As of Sept. 17, the fund currently has a total of $915.6 million in assets.
Crypto ETF trailblazer
It is worth noting that Grayscale is usually credited with kickstarting the cryptocurrency ETF craze by winning its court case against the SEC.
The SEC ended up approving Bitcoin ETFs in early 2024 and then followed up with Ethereum ETFs.
Grayscale's flagship GBTC currently boasts more than $20.5 billion in net assets, according to data provided by SoSoValue.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team