Avalanche

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/sec-reviews-grayscales-application-to-convert-gdlc-fund-into-an-etf/" data-wpel-link="internal">SEC Reviews Grayscale’s Application to Convert GDLC Fund into an ETF</a> 
The U.S. Securities and Exchange Commission (SEC) has officially started evaluating Grayscale’s application to convert its “Digital Large Capital Fund” (GDLC) into an Exchange-Traded Fund (ETF). This step is considered significant within the <a href="https://en.coin-turk.com/investors-withdraw-147-million-from-digital-asset-investment-products/" data-wpel-link="internal">cryptocurrency</a> sector as the SEC has initiated a process to gather public opinions, marking the beginning of a countdown for this transformation decision. 
<h2 style="text-align: justify" id="strong-grayscale-s-fund-conversion-move-strong">Grayscale’s Fund Conversion Move</h2> 
Grayscale Investments submitted its application to the SEC on October 15, requesting the GDLC fund, currently traded over-the-counter, to attain ETF status. The fund includes a portfolio of cryptocurrencies such as Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL), XRP, and <a href="https://en.coin-turk.com/bitcoin-price-struggles-as-altcoins-like-avax-feel-the-heat/" data-wpel-link="internal">Avalanche</a> (AVAX). Previously, the company successfully converted funds focused solely on Bitcoin and Ethereum into ETFs. 
The current asset distribution of GDLC consists of 75% BTC, 19% ETH, and the remainder in other cryptocurrencies. This diversified structure is part of Grayscale’s strategy to offer investors a broad cryptocurrency portfolio. The total assets under management (AUM) of the fund traded over-the-counter amount to $524 million. 
<h2 style="text-align: justify" id="strong-sec-s-decision-process-strong">SEC’s Decision Process</h2> 
The President of the ETF Store, Nate Geraci, highlighted on X that the SEC’s formal acceptance of GDLC’s application for ETF conversion has drawn public attention. The SEC’s move to open this application for public commentary indicates that the decision process is likely to progress rapidly. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-402310" src="https://coin-turk.com/wp-content/uploads/2024/10/GbKSL3fWgAAyqzW.jpeg" alt="" width="965" height="600"> 
This development is viewed as a major turning point in the market and is closely monitored due to its potential to facilitate broader access to cryptocurrencies for investors. If Grayscale’s application is approved, it will be a first in the <a href="https://en.coin-turk.com/bitcoin-and-ethereum-outperform-sp-500-index-in-weekly-gains/" data-wpel-link="internal">cryptocurrency market</a>, offering a fund that encompasses a wide range of cryptocurrencies as an ETF. 
Experts suggest that the conversion of GDLC into an ETF will provide investors with more direct access to cryptocurrencies and create a significant impact across the market. Grayscale’s move is seen as a pivotal moment, not only for cryptocurrency investors but also for a wider circle of investment communities. 
The post <a href="https://en.coin-turk.com/sec-reviews-grayscales-application-to-convert-gdlc-fund-into-an-etf/" data-wpel-link="internal">SEC Reviews Grayscale’s Application to Convert GDLC Fund into an ETF</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

SEC Reviews Grayscale’s Application to Convert GDLC Fund into an ETF

Table of Contents

COINTURK NEWS

Other articles published on Oct 31, 2024

Foresight Ventures Co-hosts Neo X Grind Hackathon, Accessing $22 Million Funding to Propel Blockc...

PumpCat is your next Cat meme to blast off on Solana

Cybercriminals Exploit Traders with Deceptive Malware

Mawari Announces Node Sale to Bring Immersive Content to the World (31 Oct)

Top Most Profitable Cryptocurrencies to Watch in October 2024: Key Updates on SUI, Dogecoin & Pendle

Experts Predict Bitcoin Price Will Reach New Heights

Join our free newsletter for daily crypto updates!