The Securities and Exchange Commission (SEC) approved the proposal to convert the large -scale digital fund into gray levels into a negotiated stock market (ETF), supplementing the conversion of the Crypto index to an ETF structure.
According to a file of July 1, the ETF will publish confidence units which follow a basket of the five largest cryptocurrencies by market capitalization: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (Sol) and Cardano (ADA).
As detailed in order, the weight of the portfolio at approval was around 80% Bitcoin, 11% Ethereum, 4.8% XRP, 2.8% Solana and 0.8% Cardano.
Grayscale reports non -gaap Asset under management of approximately $ 775 million For the product on June 30.
The fund, which was launched for the first time in 2018 and is negotiated in the over the counter markets under the Ticker GDLC since 2019, will now join the ETF list of Nyse Arca. Once the operational details are finalized, he will go to a continuous trading and the creation and buyout on the exchange.
The accelerated ordinance modifies rule 8.500-e of NYSE ARCA to allow the trust units issued by limited liability companies and to recognize the portfolios based on the index.
Approval comes in the middle of optimism motivated by rumors that the first Solana ETF spot could start to negotiate in the United States This week and the expectations of a wave of approval For other ETF Crypto this summer.
The Commission said that the stock market surveillance capacities and the fund quality thresholds meet the requirements of article 6 (b) (5) to dissuade fraud and manipulation.
In addition, the movement opens the door to other cryptography basket funds to be converted into ETF.
Bitwise filed a 19B-4 form in November to set up its $ 1.3 billion Bitwise 10 Crypto Index Fund (BitW) as a negotiated stock market. Hashdex also asked the dry to widen its ETF from the dry to the Crypto Nasdaq index at Include additional seven altcoinsA step which, according to him, will precede a complete conversion of his diversified confidence.
Franklin Templeton also submitted documents in February to launch his own Crypto Index ETF, positioning the company to move existing basket assets in a traded stock market once approved.
