US SEC approves Grayscale ETF with BTC, ETH, SOL, XRP and ADA

Asset management firm Grayscale has received a ruling from the U.S. Securities and Exchange Commission (SEC) banning its Digital Large-Cap fund.
Grayscale has been gradually converting its existing cryptocurrency trust products into ETFs. The fund will be a CoinDesk fund.
It is composed of the top five crypto assets by market capitalization included in the CoinDesk Five Index. Approximately 80.2% of the total fund composition is Bitcoin.
Coin (BTC) dominates the list, followed by Ethereum at 11.3%, Solana at around 2.7%, Ripple at over 4.8%, and CalDano at 0.81%.
To date, Grayscale’s crypto trust products have offered arbitrage opportunities at premiums or discounts to net asset value (NAV).
This arbitrage was caused by the lock-up period of the trust products and the structure that did not allow withdrawals (in-kind redemption) into physical assets. However, as the conversion to ETFs progressed,
The approval letter released on the same day stated that "the investment objective of the fund is to maximize the value of the digital assets held by the fund, i.e., the index price and the fair value of each asset."
"It reflects the value of the 'fund components' calculated based on their weighting within the portfolio, but the value of the shares after deducting the fund's expenses and other liabilities is equal to the value of the shares."
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