Core Insights - Grayscale Investments has launched the Grayscale CoinDesk Crypto 5 ETF (GDLC), which is the first multi-asset cryptocurrency exchange-traded product (ETP) available in the United States, trading on NYSE Arca under the ticker symbol GDLC [1][2]. Group 1: Product Details - GDLC provides investors with exposure to the five largest cryptocurrencies: Bitcoin, Ether, XRP, Solana, and Cardano, representing approximately 90% of the crypto market in a single investment [3]. - The fund will undergo quarterly rebalancing to align with the leading assets in the crypto market and will track the CoinDesk 5 Index [3]. - GDLC was previously known as the Grayscale Digital Large Cap Fund, which launched in 2018 [4]. Group 2: Market Demand and Innovation - The launch of GDLC addresses the increasing investor demand for diverse exposure to cryptocurrencies, with Grayscale's CEO highlighting the ETP's role in providing simplicity and transparent access to major crypto assets [5]. - The approval for GDLC's trading was announced by the SEC, which also approved generic listing standards for ETPs holding digital assets [6]. - SEC Chair Paul S. Atkins emphasized that these standards ensure the U.S. capital markets remain a leading venue for digital asset innovation [7].

🚨 UPDATE: The Grayscale Digital Large Cap Fund covering $BTC, $ETH, $XRP, $SOL and $ADA is set to begin trading tomorrow. https://t.co/BEVpCl06CF ...

Core Insights - The US SEC has approved new listing rules for major exchanges, facilitating the launch of crypto spot exchange-traded funds (ETFs) [1][4] - The new framework allows asset managers and exchanges to meet specific criteria without lengthy case-by-case reviews, significantly speeding up the process from filing to launch [2][5] - Analysts predict a surge in new crypto products, particularly those tracking Solana and XRP, which have been pending for over a year [3][6] Group 1 - The SEC's approval reflects a commitment to reduce barriers and foster innovation while maintaining investor protections, indicating a shift in US policy towards digital assets [4][8] - The streamlined rules could apply to any cryptocurrency with at least six months of futures trading on the Coinbase Derivatives Exchange, potentially qualifying over a dozen tokens for listing [6] - The SEC has also approved the Grayscale Digital Large Cap Fund, which tracks the CoinDesk 5 Index, expanding the range of crypto-linked derivatives available in regulated US markets [7]

Core Insights - Bullish Inc. aims to position its CoinDesk 5 index as the "MSCI of the crypto world," catering to investors seeking broader market exposure while primarily investing in Bitcoin [1][2]. Company Developments - CEO Tom Farley highlighted the potential of Bullish's indices to attract investors looking for diversified options similar to traditional indices like the Dow or S&P 500 [2]. - Bullish has signed agreements with a major global futures exchange and a major U.S. equities exchange to launch products linked to the CoinDesk 5 and CoinDesk 20 indices, with an ETF arrangement also in place [4]. - The CoinDesk 5 index has returned approximately 132% since its launch, while the CoinDesk 20 index has netted 321% [3]. Financial Performance - Bullish reported second-quarter earnings of $0.93 per share, a significant improvement from a loss of $1.03 per share in the previous year [5]. - Ark Invest, led by Cathie Wood, acquired 36,328 shares of Bullish, totaling nearly $1.97 million, indicating strong institutional interest [6]. Market Activity - Bullish shares rose 2.12% in after-hours trading following a 5.82% decline during regular trading, reflecting volatility since its public listing [7]. - The stock has retraced 20% since its initial blockbuster debut, indicating a downward trend over various time frames [7].

Partnerships & Innovation - DBS, Franklin Templeton, and Ripple are partnering to launch trading and lending solutions powered by tokenized money market funds and $RLUSD stablecoin [1] - South Korea's BDACS launches the first KRW-backed stablecoin KRW1 on Avalanche [2] - SBI Shinsei teams with Partior, DeCurret on tokenized cross-border settlement trial [9] - CME Group to launch options on Solana and XRP futures [8] Regulatory Developments - The SEC approves the listing and trading of Grayscale Digital Large Cap Fund covering $BTC, $ETH, $XRP, $SOL and $ADA [3] - The SEC has approved generic ETF standards, a move that could pave the way for digital asset ETFs [4] Monetary Policy & Market Impact - The Federal Reserve signaled that it expects to deliver two more interest rate cuts later this year [5] - Fed reduces interest rates by 25 basis points (0.25%) [6] - $2 billion stablecoin inflow was recorded ahead of the Fed's upcoming rate cut decision [7] Investment & Strategy - Forward Industries announces $4 billion share sale to boost $SOL strategy [10]

Regulatory Approval - SEC approves Grayscale Digital Large Cap Fund for trading [1] Fund Composition - The fund includes cryptocurrencies: BTC, ETH, XRP, SOL, and ADA [1]

Regulatory Approval - SEC approved the listing and trading of Grayscale Digital Large Cap Fund [1] - The fund covers Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) [1] Market Impact - Industry anticipates this approval to be significantly positive for altcoins [1]

JUST IN: 🇺🇸 SEC approves Grayscale Digital Large Cap Fund for trading, which includes the following cryptocurrencies:• BTC• ETH• XRP• SOL• ADA ...

Core Points - The U.S. SEC has approved rules for exchanges to list exchange-traded products (ETPs) holding spot commodities, including cryptocurrencies, without requiring individual review for each listing [1][2] - This decision streamlines the listing process, allowing ETF issuers to propose products directly to exchanges, which can proceed with listing if the proposed strategy meets generic listing standards [2][3] - SEC Chairman Paul Atkins emphasized that the new rules aim to reduce barriers for accessing digital asset products in regulated U.S. markets [2][3] Industry Impact - The approval of generic listing standards is expected to facilitate a wave of spot-based altcoin ETFs entering the market, which have been awaiting regulatory approval [5] - Analysts and industry leaders express optimism about the SEC's decision, viewing it as a significant step towards enhancing access to digital assets for U.S. investors [5] - The SEC's actions, including the approval of the Grayscale Digital Large Cap Fund and options tied to the Cboe Bitcoin U.S. ETF Index, broaden the range of crypto-linked derivatives available in regulated markets [3][4]