
SEC formally acknowledged Grayscaleโs bid to convert its Digital Large Cap Fund to an ETF.
Canary Capital and Bitwise file for XRP ETFs amid rising interest in crypto ETFs.
Brad Garlinghouse believes XRP ETF approval is inevitable and would support market growth.
Crypto ETFs are becoming very popular!
With recent approvals of Spot Bitcoin ETFs in the U.S., Australia, and Hong Kong, alongside Ethereum ETFs, excitement is building in the financial world. Canary Capital and Bitwise have now joined the movement, applying for XRP ETFs, while Grayscale has asked the U.S. Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fundโincluding Bitcoin (BTC), Ethereum (ETH), and XRPโinto an ETF.
What impact would this have on the market?
Grayscale Eyes Crypto ETF Approval for Major Fund
Grayscale Investments, a leading crypto asset management firm, is pushing to convert its Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF).
This fund currently holds major cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, and Avalanche. If approved as an ETF, it would provide a regulated and straightforward way for investors to access these digital assets. Grayscaleโs move is a big step toward making crypto investments more accessible to mainstream investors.
The SEC has officially opened a comment period on Grayscaleโs ETF application, allowing the public to weigh in. By inviting feedback from investors and other stakeholders, the SEC aims to gather insight on potential investor interest and concerns surrounding Grayscaleโs proposal.
XRP ETFs Stir Interest, But Approval May Be Slow
Interest in XRP ETFs is climbing. In October, Canary Capital and Bitwise submitted applications to launch ETFs focused on XRP. However, industry experts suggest that the SEC may take time before approving these products, as it continues to take a cautious stance on crypto investments.
ETF expert Eric Balchunas believes that a combined crypto ETF, including multiple assets, could see faster approval compared to single-asset ETFs.
Bitcoin ETF Success and What It Means for XRP
Bitcoin ETFs have already drawn billions of dollars, but they took nearly a decade to gain approval in the U.S. This highlights the slow but rewarding path to regulatory approval in the crypto market.
Ripple Labs, the company behind XRP, is facing its own regulatory challenges, including a $125 million fine from the SEC. Despite this, Rippleโs CEO, Brad Garlinghouse, is optimistic about XRPโs future. He sees an XRP ETF as โinevitableโ and believes it could thrive thanks to XRPโs supportive community.
Garlinghouse sees ETFs as an important factor that can drive prices up for different cryptocurrencies. He claims that these products create “upward pressure” on prices, which could help the whole crypto market.
We want to hear from you! How do you feel about the rise of crypto ETFs?