The U.S. Securities and Exchange Commission (SEC) approved the conversion of Grayscale’s Digital Large Cap Fund (GLDC) into an exchange-traded fund (ETF) on Tuesday, but further details have emerged suggesting the conversion won’t happen right away. The $755 million fund, launched in 2018, holds bitcoin ( BTC), ether ( ETH), solana ( SOL), XRP, and ADA. It is the first fund of its kind to be approved by the regulator. But unbeknownst to many, Bloomberg analyst James Seyffart says the SEC attached a letter to Grayscale’s approval document, halting the conversion until further notice. “In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise,” the letter states. “The Office of the Secretary will notify you of any pertinent action taken by the Commission.”

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