In a major development for the digital asset space, <b>Barry Silbert</b>, the founder of Digital Currency Group, has described the recent approval of the Grayscale Digital Large Cap Fund (GDLC) as "groundbreaking." This multi-crypto exchange-traded fund (ETF) marks a significant milestone, as it provides traditional investors with direct exposure to a basket of leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and several altcoins. Silbert’s comment underscores Grayscale’s position as a "first mover" in creating products that bridge the gap between traditional finance and the crypto market.
<h2>The Fund’s Composition and Journey to Approval</h2>
[embed]https://twitter.com/BarrySilbert/status/1968483517307797884[/embed]

The GDLC is a "combo" fund with a total of $915.6 million in assets. It is notable for its diverse composition, which includes exposure to major tokens such as Bitcoin, Ethereum, Solana (SOL), and Cardano (ADA). Significantly, XRP is the third-largest holding in the fund, with a 5.2% share. The fund’s journey to becoming a fully-fledged ETF was a long one; it initially launched in early 2018 as a private placement and was later made available on over-the-counter markets. The U.S. Securities and Exchange Commission (SEC) approved its conversion to an ETF in early July, following a brief review period.
<h3>Grayscale’s Role in the ETF Movement</h3>
The approval of the GDLC is a testament to Grayscale's persistent efforts in the <a href="https://www.cryptoknowmics.com/news/best-cryptocurrency-etf/" target="_blank" rel="noopener">cryptocurrency ETF</a> movement. The firm played a pivotal role by winning a landmark court case against the SEC, which ultimately paved the way for the approval of Bitcoin and Ethereum ETFs in 2024. This recent development with the GDLC, which includes altcoin exposure, is seen as the next logical step in the mainstream adoption of digital assets, opening up new avenues for institutional and retail investors alike.

Barry Silbert Hails Grayscale ETF with XRP Exposure as "Groundbreaking"

Barry Silbert says the new Grayscale ETF with XRP exposure is "groundbreaking," marking a major step for institutional crypto adoption.

Barry Silbert Hails Grayscale ETF with XRP Exposure as "Groundbreaking"

Top Picks