Crypto asset manager Grayscale’s multi-asset fund with XRP and Cardano (ADA) might get approval before any Solana exchange-traded fund (ETF), an ETF expert claimed on Thursday. If approved, this could prove a major milestone for Grayscale to trigger approval for other pending ETFs.
Nate Geraci, president of The ETF Store, believes Grayscale Digital Large Cap (GDLC) Fund may get approval before any spot Solana ETFs pending before the U.S. SEC. In an X post on June 12, he specifically highlighted XRP and Cardano, saying it’s “pretty clear where this is all heading.”
GLDC fund is a basket Bitcoin, Ethereum, XRP, Solana, and Cardano. Notably, the fund contains all five primary crypto assets lined up for inclusion in the US Strategic Bitcoin Reserve. The fund is only available to accredited investors, while Grayscale seeks to provide exposure to other crypto investors.
As of June 12, GLDC has over $796 million asset under management (AUM), according to the Grayscale website.
In April, Grayscale Digital Large Cap Fund filed Form S-3 to convert its GDLC fund to an ETF. This means grayscale is anticipating accelerated approval of its fund due to an already regulated fund publicly traded. Moreover, the New York Stock Exchange (NYSE) Arca has submitted Form 19b-4 to the SEC, seeking a rule change to allow GLDC to list and trade as an ETF.
Recently, the SEC asked potential spot Solana ETF issuers to file an updated Form S-1, with language related to in-kind redemptions and how issuers would approach staking.
