SEC suddenly stops Grayscale’s fund with Bitcoin, XRP and other crypto

The American Securities and Exchange Commission (SEC) has an earlier decision of its own employees to temporarily dispose of the Digital Large Cap Fund of Grayscale into an ETF. The conversion was approved on Monday, but less than 24 hours later, the committee’s management decided to revise the decision.

Stock exchange listing via NYSE for the time being from the table

The fund, which contains Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and Cardano (ADA), represents a market value of around $ 755 million. The intention was to record the fund via the New York Stock Exchange (NYSE) as a spot-etf. That would give more access to a basket of large crypto coins for investors, without having to manage them themselves.

Yet the sec top threw a spanner in the works. In a letter to the stock market, the committee announced that it will revise the decision of the staff. Until that time, the earlier decision has been suspended. “The order of July 1, 2025 has been paused until the committee decided otherwise,” the letter says. It was not announced which commissioner has submitted the request for revision.

The timing of the procedure is striking. Normally an ETF is good or rejected after the committee’s vote. In this case it was a so -called ‘delegated decision’ in which only staff members were involved. The committee has the possibility to handle such decisions afterwards itself, as happened today.

Grayscale wait for clarity of sec

As long as there is no clarity about the final decision, the fund remains in the waiting room. Grayscale itself has not yet responded publicly, it also remains silent from the NYSE. A SEC spokesperson did not want to explain the reason for the revision when asked.

The crypto asset manager managed to convert all his trusts for Bitcoin and Ethereum to Spot ETFs last year. Moreover, it has a request to bring its XRP product to the stock exchange.

The SEC still gave the green light for another fund on Monday, namely the first Solana ETF. He made his debut yesterday, which experts look back on with satisfaction.