XRP News Today: Grayscale's Multi-Crypto ETF Approved by SEC

The U.S. Securities and Exchange Commission (SEC) has approved Grayscale’s conversion of its Digital Large Cap Fund (GDLC) into a multi-crypto asset spot fund, marking a significant milestone in the cryptocurrency market. The new fund, which will be listed on NYSE Arca, will track a basket of the five largest cryptocurrencies by market capitalization: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Currently, GDLC has $754 million of assets under management (AUM).

This approval allows investors to gain exposure to multiple top cryptocurrencies through a single ETF wrapper, similar to the S&P 500 Index. Grayscale initially filed for this conversion in November 2024, and although the SEC delayed its decision in the past, the final deadline was on July 2. The approval was anticipated, as noted by analysts, given the fund's composition, which is over 90% Bitcoin and Ethereum.

The approval of Grayscale’s multi-crypto index ETF is expected to pave the way for further altcoin ETF approvals. The next significant date is July 31, when the Bitwise 10 Crypto Index Fund (BITW) is expected to receive a decision from the SEC. The approval of Grayscale’s ETF is seen as a step towards individual approvals for XRP, SOL, and ADA ETFs, as these cryptocurrencies will now be available in a ‘33 Act ETF wrapper.

Analysts have raised their approval odds for altcoins and crypto index ETFs to over 90%. The market has shown positive sentiment towards the ETF prospects, with whale wallets accumulating XRP and ADA tokens. This suggests confidence in a potential future rally, possibly front-running a likely ETF approval. The approval of Grayscale’s multi-crypto index ETF signals the beginning of a crypto ETF summer, with a focus on individual SOL, XRP, and ADA approvals. The market appears optimistic about the prospects of these ETFs, as indicated by the positioning of XRP and ADA whales.