On July 2, 2024, the U.S. Securities and Exchange Commission (SEC) approved the conversion of Grayscale's Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF). This marks the first multi-crypto basket index to trade as an ETF in the U.S. (Source: Financial Times, July 2, 2024)
GDLC, launched in February 2018, has attracted nearly $755 million in assets under management. The fund tracks the performance of Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). At the time of approval, the portfolio was weighted approximately 80% in Bitcoin. (Source: Financial Times, July 2, 2024)
In contrast, Bitwise Asset Management's application to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF is still under review, with a new deadline set for March 3, 2025. BITW, launched in November 2017, provides market cap-weighted exposure to the top 10 cryptocurrencies. As of June 30, 2025, the fund reported non-GAAP assets under management of approximately $775 million. (Source: Financial Times, July 2, 2024)