SEC Approves First Multi-Crypto ETF

(MENAFN- Yolo Wire) The U.S. Securities and Exchange Commission (SEC) has approved a new exchange-traded fund (ETF) from asset manager %GrayscaleInvestments that will track the spot prices of multiple different %Cryptocurrencies .

The new ETF from Grayscale will include %Bitcoin (CRYPTO: $BTC), %Ethereum (CRYPTO: $ETH), XRP (CRYPTO: $XRP), %Solana (CRYPTO: SOL), and %Cardano (CRYPTO: ADA) all in one fund.

The majority of the fund's weight, about 80%, will be in Bitcoin, which is the largest cryptocurrency by market capitalization.

The SEC said the new fund will be benchmarked against the CoinDesk 5 index (CD5).

In a written statement, CoinDesk said, "We are thrilled to see SEC approval… enabling investors and advisors to capture the largest and most liquid digital assets in a single product."

This is the world's first and largest multi-token crypto ETF, according to Grayscale.

However, other asset managers are seeking to also offer exposure to multiple cryptocurrencies in a single fund.

%TrumpMedia&Technology Group (NASDAQ: $DJT) is seeking approval to launch a joint Bitcoin and Ethereum ETF.

Grayscale Investments is a privately held U.S. asset manager that specializes in digital currencies and crypto.

The company, based in Stamford, Connecticut, was founded in 2013 and launched its Bitcoin Trust (GBTC) that same year. Today, it has $50 billion U.S. of assets under management.

BTC is currently trading at $107,300 U.S., having gained 15% on the year.

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