The US Securities and Exchange Commission (SEC) has approved the accelerated conversion of the Grayscale Digital Large Cap Fund LLC into an exchange-traded fund (ETF).
This move could signal greater regulatory openness towards cryptocurrency investment products.
The fund, which is currently traded on the over-the-counter market for accredited investors, holds Bitcoin (80%), Ethereum (11%) and smaller allocations to Solana, Cardano and XRP.
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The SEC's approval comes amid growing interest in crypto ETFs, including those tracking SOL and DOGE, against a backdrop of regulatory changes.
Nate Geraci, president of The ETF Store, has noted this approval could pave the way for future spot ETFs linked to individual cryptocurrencies such as XRP and SOL.