SEC to rule on Grayscale’s proposal to convert Bitcoin, Ether, XRP, and ADA large-cap fund into a spot ETF this week

The US SEC has until Wednesday, July 2, to rule on Grayscale’s request to convert its Digital Large Cap Fund (GDLC) into a spot exchange-traded product (ETF), Bloomberg ETF analysts previously noted.

Grayscale’s GDLC fund is designed to track a mix of five major crypto assets, with the bulk in Bitcoin (80.8%) and the rest spread across Ethereum (11.07%), XRP (4.63%), Solana (2.75%), and Cardano (0.75%).

As of June 27, the fund had nearly $762 million in assets under management, according to an update on Grayscale’s website.

Grayscale’s revised S-3 filing to convert GDLC into a spot ETF was acknowledged by the SEC on Monday.

The acknowledgment comes amid increased activity in the crypto ETF space, with the SEC currently evaluating multiple spot crypto applications from major financial institutions. The filing represents Grayscale’s latest effort to expand its crypto investment offerings beyond its flagship Bitcoin and Ethereum trust products.

According to ETF Store President Nate Geraci, the amendment reflects the SEC’s ongoing engagement with Grayscale regarding its proposed conversion of the GDLC fund.

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Geraci believes there’s a strong chance the SEC will greenlight the application. If GDLC is approved, it could pave the way for single-asset spot ETFs tied to XRP, Solana, Cardano, and others, which are subject to a more extensive review timeline.