SEC approves conversion of Grayscale’s large-cap crypto fund into ETF
Grayscale has slowly narrowed the arbitrage opportunities on its crypto trusts by converting them into exchange-traded funds.
Asset manager Grayscale received approval from the US Securities and Exchange Commission (SEC) on Tuesday to convert its Digital Large-Cap Fund into an exchange-traded fund (ETF).
The fund consists of the five biggest cryptocurrencies by market capitalization featured in the CoinDesk Five Index.
Roughly 80.2% of the weighted fund is Bitcoin (BTC), followed by Ether (ETH) at 11.3%, while Solana (SOL) accounts for approximately 2.7% of the fund, XRP (XRP) commands over 4.8%, and Cardano’s ADA (ADA) has a weighting of 0.81% in the fund.
