SEC approves Grayscale's XRP spot cryptocurrency ETF — CoinMarketCap

Grayscale Investments has received approval from the US Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into a spot cryptocurrency ETF. This was reported by CoinMarketCap. It marks the first time a US spot ETF will include direct investments in XRP. Previously, access to such alternative coins was limited due to the lack of suitable financial instruments.

The GDLC fund now offers investors a diversified portfolio including Bitcoin, Ethereum, Solana, Cardano and, for the first time, XRP. The majority of capital is allocated to Bitcoin (80%) and Ethereum (11%), with other cryptocurrencies represented in smaller shares.

As noted by CoinMarketCap, these changes may trigger an influx of institutional investments into the mentioned cryptocurrencies.

While awaiting new SEC decisions, experts anticipate increased demand and trading activity for these assets. Historical data suggests that such ETF conversions can significantly impact trading dynamics and asset allocation strategies.