The SEC allowed Grayscale to uplist the Digital Large Cap Fund (GDLC), which holds $755 million in bitcoin, Ethereum, XRP, Solana and Cardano, into an ETF through delegated authority — meaning the SEC's commissioners did not vote to approve the conversion, but rather agency staff gave the sign-off.
This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action," the letter, addressed to the New York Stock Exchange, said. "In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise.
