The Securities and Exchange Commission (SEC) has approved the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF), a filing shows.

The fund tracks the price of bitcoin BTC, ethereum ETH, XRP XRP, Solana SOL and Cardano ADA. The majority of the fund’s weight, currently about 80%, is in bitcoin. The SEC's letter on Tuesday noted that the fund consisted of the CoinDesk 5 Index (CD5).

GDLC was launched in February 2018 and has since attracted nearly $755 million in assets under management. It has a 2.5% expense ratio.

In a statement, CoinDesk Indices head of product and research Andy Baehr said, "We are thrilled to see SEC approval, paving the way for this Grayscale fund, benchmarked to the CoinDesk 5 Index, to be uplisted as an ETF, and enabling investors and advisors to capture the largest and most liquid digital assets in a single product."

Crypto asset manager Bitwise is next to receive a decision from the SEC to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF. BITW holds 79% in bitcoin and the rest in ethereum, XRP, SOL, ADA, Sui SUI, Chainlink LINK, Avalanche AVAX, Litecoin LTC and Polkadot DOT.

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