On July 2, 2025, the U.S. Securities and Exchange Commission (SEC) paused the conversion of Grayscale's Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF). This decision, communicated in a letter to the New York Stock Exchange (NYSE), temporarily halts the ETF's debut despite initial approval on July 1, 2025. The SEC is reviewing the decision, as stated by Deputy Secretary J. Matthew DeLesDernier. (Source: Coindesk, Cryptoslate, The Block)
The GDLC fund, launched in February 2018, holds a diverse portfolio of major cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA). The fund manages approximately $755 million in assets, with Bitcoin accounting for about 80% of its holdings. (Source: Coindesk, Cryptoslate, The Block)
Industry analysts suggest the SEC might be awaiting the launch of spot ETFs tracking Solana, Cardano, and XRP. Another possibility is the SEC is considering a broader framework for token-based ETFs. Grayscale has not yet released a public statement regarding the SEC's decision. (Source: Coindesk, Cryptoslate, The Block)