The SEC has approved the conversion of Grayscale's Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF). This fund tracks bitcoin, ethereum, XRP, Solana, and Cardano, with approximately 80% of its assets allocated to bitcoin. Launched in February 2018, GDLC currently manages $755 million in assets and has a 2.5% expense ratio. CoinDesk Indices' head of product and research, Andy Baehr, expressed enthusiasm about the SEC's approval, highlighting the fund's ability to provide investors access to major digital assets in a single ETF. Meanwhile, Bitwise awaits the SEC's decision regarding its own ETF application for the Bitwise 10 Crypto Index Fund, which similarly has a significant bitcoin allocation. The approval marks a significant step for cryptocurrency investment products in adapting to regulatory standards and meeting investor demands.

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