The fund manages over $931 million in assets, making it one of the largest diversified crypto investment products available to US investors.
The new framework eliminates the need for individual Rule 19b-4 filings for each product, instead requiring only Form S-1 submissions with 75-day review periods.
The standards aim to reduce delays while maintaining threshold requirements for market capitalization, trading volume, and liquidity that not all products will immediately satisfy.
Grayscale CEO Peter Mintzberg credited the SEC’s crypto task force for providing “regulatory clarity our industry deserves,” signaling improved cooperation between industry participants and regulators after years of contentious review processes.
The precedent demonstrates substantial investor appetite for regulated crypto exposure through traditional brokerage accounts.
The ETF structure replaces GDLC’s previous closed-end format with in-kind creation and redemption mechanisms, providing better price discovery and reduced premiums or discounts to net asset value.
The strong debut volume suggests continued institutional and retail demand for crypto exposure through regulated investment vehicles.
