Ah, dear reader, gather ’round as we delve into the delightful world of ETFs, where the only thing more volatile than the market is the enthusiasm of its proponents! According to the illustrious Nate Geraci, the esteemed president of The ETF Store, it appears that the Grayscale Digital Large Cap Fund (GDLC) ETF is poised to waltz its way into the approving arms of the U.S. Securities and Exchange Commission (SEC). How charming! 💃
As reported by the ever-reliable U.Today, this cryptocurrency-native asset manager, in a fit of optimism, filed to transform the fund into an ETF product last October. The SEC, in its infinite wisdom, acknowledged this filing in the late hours of 2024. One can only imagine the bureaucratic ballet that ensued! 🕺
In the early days, ETF analysts were positively giddy about its chances of approval, given that it contains only a smattering of altcoins with liquidity so low, one might mistake it for a desert oasis. Bitcoin (BTC), the reigning monarch, holds a staggering 78.77% of the fund, while Ethereum (ETH) and XRP play the roles of dutiful courtiers with 12.4% and 4.9% weightings, respectively. How quaint! 👑
And let us not forget the minor dalliance with Solana (SOL) and Cardano (ADA), which offer a mere whisper of exposure. One can only hope they don’t get too jealous! 😏
Geraci, with the confidence of a man who has just discovered a new shade of beige, believes that Grayscale’s multi-token ETF proposal will gallop ahead of the Solana ETF proposals. A race for the ages, indeed!
Bloomberg’s ETF Approval Odds
Meanwhile, in the hallowed halls of Bloomberg, analysts have updated their crystal ball regarding ETF approval odds. Solana (SOL) and Litecoin (LTC) are basking in the glow of a 90% approval chance, alongside some index ETFs, including the one proposed by Grayscale. How delightful for them! 🎉
Spot-based XRP ETFs, meanwhile, are not far behind, strutting in with an 85% approval likelihood. Cardano (ADA) and Polkadot (DOT) ETF proposals are trailing at a respectable 75%. It seems the crypto-friendly administration is taking its sweet time, as if savoring a fine wine rather than rushing to the approval table. 🍷
It is worth noting, dear reader, that neither BlackRock nor Fidelity has deigned to join the altcoin ETF race. Yet, Geraci, with the foresight of a seasoned oracle, has predicted that they shall not remain mere spectators for long. How thrilling! 🎭
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2025-06-12 10:06