Securities and Exchange Commission (SEK) have approved the conversion of Grayscales Digital Store Cap Fond (Gdlc) Into a Spot-Exchange-handled Fund (ETF)An archiving shows.
The fund tracks the price of Bitcoin
Ethereum, XRP, Solana and Cardano. Most of the fund’s weight, currently approx. 80%, is in Bitcoin. SEC’s letter Tuesday noted that the fund is the benchmark to Coindesk 5 -Index (CD5).
GDLC was launched in February 2018 and has since attracted nearly $ 755 million in assets under management. It has a cost ratio of 2.5%.
In a statement, Coindesk -Indexes for Product and Research Andy Baehr said: “We are enthusiastic to see SEC approval, paves the way for this gray -scale fund, Benchmarket to Coindesk 5 -Index to be observed as an ETF and allows investors and advisers to capture the largest and most fluent digital assets in a single product.”
Baehr said the fund will be the largest multi-token digital active ETF in the world.
Crypto Asset Manager Bitwise is next in line to receive a decision from SEC to convert his Bitwise 10 Crypto Index Fund (Bitw) into an Etf. Bitw owns 79% in Bitcoin and the rest in ether, XRP, SOL, ADA, SUI
Chainlink, Avalanche, Litecoin and Polkadot.
