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The asset manager of Crypto Grayscale received the Greenlight from the US Securities and Exchange Commission (SEC) to convert its digital fund for large capitalization into ETF (Stock Exchange Fund).
The fund includes the 5 largest cryptos by market capitalization presented in the Coindesk Five index. This includes the Bitcoin market leaders (BTC), Ethereum (ETH), as well as Altcoins Solana (Sol), Ripple (XRP), Cardano (ADA).
Dry approved The conversion one day before the deadline for the decision. In the past, the regulator rejected Graycale applications at the last minute.
Gray level background conversion awaits
About 80.2% of the weighting of the converted fund is BTC, while ETH, the largest Altcoin by market capitalization, has a weighting of approximately 11.3%.
XRP has the next largest weighting of 4.8%, while Sol and ADA have a weighting of 2.7%and 0.81%, respectively.
The dry approving the conversion of the Graycale’s large capitalization digital fund was expected, according to Bloomberg Etf James Seyffart analyst.
“Approval was our expectation,” he said in a post on July 1, before adding, “the fund is greater than 90% Bitcoin and Ethereum.”
Approval was our expectation. The fund is greater than 90% Bitcoin and Ethereum. The next big date is @Bitwise‘s $ Bitw Deadline of July 31. But dry could obviously go early …
We wrote on this subject and more here for Bloomberg terminal customers: pic.twitter.com/bdhne7zqss
– James Seyffart (@jseyff) July 1, 2025
Bitwise, another asset manager of Crypto, is then online to receive a dry decision.
The company seeks to convert its Crypto Bitwise 10 (BitW) index fund to ETF. This fund currently holds 79% in Bitcoin, with the rest of the Bitw assets, including Eth, XRP, SOL, ADA, Su (Su), ChainLink (Link), Avalanche (AVAX), Litecoin (LTC) and Polkadot (DOT).
Wave of new predicted ETF applications in the second half of 2025
Graycale’s approved conversion comes while active managers rush to deposit ETF applications for smaller altcoins such as Tron (TRX), Dogecoin (DOGE), AVAX and LTC.
In a June 30 x jobSeyffart said that he and his colleague, Eric Balchunas, “wait for a wave of new ETFs in this second half of 2025.”
The dry has not yet approved FNB which focuses only on altcoins.
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