Ah, the illustrious world of cryptocurrency, where fortunes are made and lost faster than one can say “blockchain.” It appears that Grayscale, that ever-ambitious crypto asset manager, is poised to have its multi-asset fund featuring the illustrious XRP and the ever-so-charming Cardano (ADA) approved before any of those languishing Solana exchange-traded funds (ETFs). How delightful! If this comes to pass, it would be a veritable triumph for Grayscale, a veritable spark that could ignite the approval of other ETFs waiting in the wings, like actors in a poorly written play.
Our dear Nate Geraci, the president of The ETF Store, has boldly proclaimed that the Grayscale Digital Large Cap (GDLC) Fund may indeed receive the nod from the U.S. SEC before any spot Solana ETFs. In a recent post on the platform formerly known as Twitter, he rather cheekily noted that it’s “pretty clear where this is all heading.” One can only imagine the drama unfolding behind the scenes, as crypto enthusiasts clutch their pearls in anticipation.
The GDLC fund, a veritable cornucopia of Bitcoin, Ethereum, XRP, Solana, and Cardano, is a delightful basket of digital delights. It contains all five primary crypto assets, each vying for a place in the illustrious US Strategic Bitcoin Reserve. However, this treasure trove is only available to the accredited elite, while Grayscale seeks to sprinkle a bit of exposure to the common crypto investor. How generous of them! 🎩
As of June 12, the GDLC fund boasts a staggering $796 million in assets under management (AUM), a figure that would make even the most seasoned investor swoon.
In a move that can only be described as audacious, Grayscale filed Form S-3 in April to convert its GDLC fund into an ETF. This suggests that they are anticipating an expedited approval process, as if they were racing against time itself. Furthermore, the New York Stock Exchange (NYSE) Arca has submitted Form 19b-4 to the SEC, seeking a rule change to allow the GDLC to list and trade as an ETF. One can only hope that the SEC is in a generous mood!
Recently, the SEC has requested potential spot Solana ETF issuers to file an updated Form S-1, complete with language regarding in-kind redemptions and the ever-mysterious approach to staking. Ah, the bureaucratic ballet continues! 💃
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2025-06-12 11:20