The United States Stock Exchange and Securities Commission (SEC) approved today, July 1, the launch of a new quoted background (ETF) that offers combined exposure to digital assets Bitcoin (BTC), Ether (Eth), XRP (XRP), Solana (Sol) and Cardano (ADA).
It is about Grayscale Digital Large Cap Fund (GDLC), managed by Grayscale Investmentsa fund that already quoted in secondary markets whose structure was now modified to meet the quotation requirements such as ETF.
The bottom portfolio is compound by: Bitcoin (80.2%), Ether (11.39%), XRP (4.82%), Solana (2.78%) and Cardano (0.81%). The positions are rebuilt quarterly and can be adjusted if the sec approves or disapproves new cryptocurrencies as an ETF base.
This fund is the first to be approved by the SEC with a combination of cryptocurrencies beyond Bitcoin and Ether, the only digital assets that until now had been formally recognized by the commission as suitable for supporting ETF Spot. However, in the case of the GDLC, 85% of assets must continue to be components previously approved by the SEC. This guarantees that Bitcoin and Ether continue to predominate, while XRP, Solana and Cardano, although present, are limited to 15% of the fund.
The custodian of the assets will be Coinbase Custody Trust Companya company that, as reported by cryptootics, custody also BTC and ETH of many of the existing ETFs.
The accelerated approval of this Fund marks a new milestone for institutional and retail investors looking for diversification within the ecosystem through regulated vehicles. Although the inclusion of XRP, Solana and Cardano generated comments divided during the public consultation period, The SEC concluded that the 15% limit on these assets, combined with surveillance and transparency mechanisms, allows to meet the requirements of the stock market.
