The SEC has granted preliminary approval for the Grayscale crypto index fund to convert into an ETF on NYSE Arca, but the fund cannot begin trading until its registration statement is declared effective

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Once operational details are finalized, it will transition to continuous trading and on-exchange creation and redemption.

While the Grayscale crypto index fund conversion has received an initial regulatory nod, the SEC will next have to deem the product’s registration statement effective before it can uplist to an ETF.