Grayscale: The first crypto spot ETF is now available in the USA
- Grayscale has officially launched the Grayscale CoinDesk Crypto 5 ETF (GDLC), the first index-based spot crypto ETF in the US. The asset manager announced this on X.
- The product is based on the Grayscale Digital Large Cap Fund, which was previously traded over-the-counter. With approval from the U.S. Securities and Exchange Commission (SEC), the fund has now received approval for regular trading.
- The ETF offers investors broad exposure to the five largest cryptocurrencies by market capitalization: Bitcoin (73 percent), Ethereum (17 percent), Solana, XRP and Cardano.
- The index was developed by CoinDesk Markets and is adjusted quarterly to align its weighting with the market leaders in the crypto sector.
- Grayscale CEO Peter Mintzberg is pleased with the launch so far: “It reflects our commitment, which we have pursued for a decade: to be first, to be fast, and to provide our investors with transparent access to crypto.”
- Experts expect high demand: “Index-based and actively managed spot crypto ETFs will see significant demand, especially from financial advisors,” said Nate Geraci, President of NovaDius Wealth Management, on the news platform X.
- The market for crypto ETFs is growing rapidly: Just this week, the first spot ETFs on XRP and Dogecoin launched in the US, recording a trading volume of around $55 million on the first day.
- The background to this is a change of course by the SEC under new chairman Paul Atkins. As part of “Project Crypto,” the agency recently relaxed several regulations and approved new listing standards intended to facilitate the market entry of crypto ETFs.
- According to Bloomberg, nearly 100 ETF applications are currently awaiting approval in the US. Observers expect these could come to market in the next 12 months.
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Sources
- X-Post Grayscale
- Commentary by Peter Mintzberg
- Classification Nate Geraci
