Greyscale’s ETF conversion as recognized by the SEC
Crypto ETFs are becoming very popular! After the approval of several Spot Bitcoin ETFs in the US, Australia, Hong Kong and more Ethereum ETFs. This has sparked a wave of excitement around crypto ETFs. Recently, Canary Capital and Bitwise have applied for XRP ETFs. In addition, Grayscale recently asked the SEC to convert digital large-cap funds including BTC, ETH and XRP to E.
SEC-accredited Greyscale's ETF conversion
The US Securities and Exchange Commission (SEC) has officially accepted Greyscale's request to convert the Greyscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF).
Grayscale Investments, a major player in crypto asset management, was looking to transform into a digital large-cap fund. This fund includes popular cryptocurrencies such as Bitcoin, Ethereum, Solana, XRP and Avalanche. By converting to ETFs, Grayscale aims to make these digital assets more accessible and controllable for investors.
However, to involve the public, the SEC opened an advertisement to gather comments from potential investors. This means that the SEC is not only considering Grayscale's request; Everyone wants to hear what you think about it.
XRP ETFs will drive interest.
Demand for XRP ETFs surged in October with filings by Canary Capital Group and Bitwise. However, experts believe that the SEC may not approve these products quickly.
Meanwhile, ETF expert Eric Balchunas thinks that combined crypto ETFs could be approved faster than individual ones.
Bitcoin ETFs have been a huge success, bringing in billions of dollars in investment. Perhaps, it took ten years for these products to be approved, indicating that obtaining approval can take time.
Ripple CEO: XRP ETF is inevitable.
Although Ripple is currently fighting a $125 million fine from the SEC. Despite this challenge, Ripple CEO Brad Garlinghouse is confident about the future of XRP ETFs. He believes that having an XRP ETF is “inevitable” and the growing community around XRP will be good.
Garlinghouse sees ETFs as an important factor that can boost the value of various cryptocurrencies. He says these products will put “upward pressure” on prices, which could help the entire crypto market.
