According to Nate Geraci, president of The ETF Store, the Grayscale Digital Large Cap Fund (GDLC) ETF could be next in line to gain approval from the U.S. Securities and Exchange Commission (SEC).
As reported by U.Today, the leading cryptocurrency-native asset manager originally filed to convert the fund into an ETF product last October. The filing was then acknowledged by the regulator in late 2024.
Early on, ETF analysts were optimistic about its approval odds since it contains only a small portion of altcoins with lower liquidity.
Bitcoin (BTC) accounts for the vast majority of its holdings (78.77%). Ethereum (ETH) and XRP come in second and third places with 12.4% and 4.9% weightings, respectively.
The fund also offers some minor exposure to Solana (SOL) and Cardano (ADA).
Geraci believes that Grayscale's multi-token ETF proposal will be able to race ahead of Solana ETF proposals.
In the meantime, Bloomberg analysts recently updated their ETF approval odds.
Solana (SOL) and Litecoin (LTC) have the highest approval odds of 90% alongside some index ETFs such as the one proposed by Grayscale.
Spot-based XRP ETFs come in second place in terms of approval odds, with 85%.
Cardano (ADA) and Polkadot (DOT) ETF proposals are at 75%.
Despite the crypto-friendliness of the new administration, the agency is in no rush to grant approval for new crypto products.
It is worth noting that neither BlackRock nor Fidelity has joined the altcoin ETF race, but Geraci previously predicted that they would not remain on the sidelines.
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