According to @rovercrc, the U.S. Securities and Exchange Commission (SEC) has officially approved the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF). This new ETF provides investors with exposure to a basket of major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), and Cardano (ADA), as detailed in the filing. The fund, which holds nearly $755 million in assets under management, is heavily weighted towards Bitcoin, which constitutes about 80% of its holdings. The source notes that this approval allows investors to access the largest digital assets through a single, regulated product. Following this decision, the market will be watching for the SEC's verdict on the conversion of Bitwise's 10 Crypto Index Fund (BITW) into an ETF. Despite the positive regulatory news, market data shows the fund's key altcoin components have experienced recent downturns, with SOLUSDT down 7.3%, ADAUSDT down 7.5%, and XRPUSDT down 5.4% in the last 24 hours.