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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
🆘 #Gate 2025 Semi-Year Community Gala# | Square Content Creator TOP 10
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The US SEC has approved the Grayscale Digital Large Cap Fund to be listed on the New York Stock Exchange Arca ETF.
Gate News bot news, according to Bitcoin News, the SEC ( approved a rule change on July 1, allowing Grayscale Digital Large Cap Fund LLC to convert into a Spot ETF ), paving the way for its shares to be listed on the NYSE Arca.
This decision will transform the fund from a traditional cryptocurrency investment vehicle into a fully regulated Spot ETF under the revised NYSE Arca Rule 8.500-E. This transition marks a critical step in the regulatory framework for digital asset ETFs, providing a broader investment channel for cryptocurrencies through traditional financial infrastructure.
The fund is currently operated in the form of a spot ETF, tracking the Coindesk 5 index, which includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA).
The document states that as of the date of the release of Amendment No. 1, the fund's constituent stocks and their weights are Bitcoin (80.20%), Ethereum (11.39%), Solana (2.78%), XRP (4.82%), and Cardano (0.81%).
The SEC requires that at least 85% of the fund's assets be cryptocurrencies that support exchange-traded products approved by the authorities. The remaining portion can include other digital assets as long as the portfolio remains compliant. If the threshold is breached or there is a risk of breaching it, the fund manager must rebalance or suspend trading to maintain compliance and manage risks.
The amendment to Rule 8.500-E expands the eligibility of trust units to include limited liability companies and removes the requirement that the fund must be a commodity pool. These changes support a broader cryptocurrency ETF structure while retaining safeguards such as market oversight and transparency. The ETF will calculate its net asset value using the Coindesk reference rate at 4:00 PM Eastern Time each day, allowing authorized participants to issue and redeem shares in blocks of 10,000 for cash.
The SEC emphasized that despite structural adjustments, investor protection measures remain effective.