According to Nate Geraci, co-founder of The ETF Institute, the U.S. Securities and Exchange Commission has "formally acknowledged" Grayscale's filing to convert the Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund.
The multi-asset fund offers exposure to such cryptocurrencies as XRP, Ethereum (ETH), Avalanche (AVAX), and Solana (SOL).
Bitcoin (BTC) accounts for the vast majority of the fund's assets under management (77%).
The SEC has published a notice in order to solicit public comments from potential investors.
Alex DovbnyaEarlier this month, Bitwise and Canary Capital both filed their respective XRP ETF applications. Such a product, however, is unlikely to be greenlit anytime soon by the SEC.
That said, leading ETF expert Eric Balchunas argued that a combo crypto ETF with some illiquid assets could be potentially approved by the SEC.
Bitcoin ETFs have been a tremendous success with tens of billions of dollars worth of inflows. However, it took roughly a decade for this product to be eventually approved.
As reported by U.Today, Ripple CEO Brad Garlinghouse has repeatedly stated that an XRP ETF is "inevitable."
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team