The U.S. Securities and Exchange Commission (SEC) has officially approved the transformation of Grayscale's fund into an exchange-traded fund (ETF), marking an important event in the cryptocurrency market.
What is Grayscale's ETF
Grayscale's ETF is the first of its kind, providing investors with exposure to cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), as well as XRP and other altcoins.
The Crypto ETF Market in the US
The approval of Grayscale's ETF application has officially kicked off the so-called 'crypto ETF summer.' Additionally, several single-token ETF proposals for XRP and Solana (SOL) are expected to be approved in the second half of the year.
Global Achievements in ETF
Earlier in February, Brazil became the first country to approve a spot XRP ETF. This product from Hashdex is available for trading on the Brazilian Stock Exchange (B3). Meanwhile, Purpose Investments launched the first spot XRP ETF in North America on the Toronto Stock Exchange in June.
The approval of Grayscale's ETF signifies a significant step in the development of the cryptocurrency market and provides investors with new opportunities to invest in digital assets.
