SEC Approves Grayscale’s Multi-Crypto Fund Amid Broader ETF Push

The US Securities and Exchange Commission (SEC) has approved Grayscale’s Digital Large Cap Fund (GDLC), marking the first multi-crypto exchange-traded product (ETP) to hit the market.

Key Takeaways:

• The SEC has approved Grayscale’s GDLC, the first multi-crypto ETP in the US.
• GDLC provides exposure to Bitcoin, Ether, XRP, Solana, and Cardano.
• Analysts expect the approval to trigger a surge in new crypto ETF launches.

The move comes as the agency accelerates its stance on crypto ETFs, signaling a broader shift in regulatory momentum.

Grayscale CEO Peter Mintzberg confirmed the approval on Wednesday via X (formerly Twitter), thanking the SEC’s Crypto Task Force for helping bring long-awaited clarity to the space.

GDLC offers investors diversified exposure to five major cryptocurrencies: Bitcoin, Ether, XRP, Solana, and Cardano.

The approval comes just months after the SEC delayed Grayscale’s bid to convert GDLC from an over-the-counter fund to an ETP listed on NYSE Arca.

With the green light now granted, the fund is poised to trade on a major US exchange, providing broader access to digital assets through traditional investment platforms.

According to Grayscale, GDLC currently holds over $915 million in assets under management, with a net asset value of $57.70 per share.

Its transition to a publicly traded ETP gives retail and institutional investors alike a regulated path to diversified crypto exposure.

Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards. The Grayscale team is working expeditiously to bring the *FIRST* multi #crypto asset ETP to market with Bitcoin, Ethereum, XRP, Solana, and Cardano#BTC #ETH $XRP $SOL…

The SEC’s approval coincided with its broader move to authorize generic listing standards for crypto ETFs—effectively streamlining the approval process and lowering barriers for issuers.

“This helps maximize investor choice and foster innovation,” said SEC Chair Paul Atkins in a statement.

Industry analysts expect a wave of new crypto ETF launches to follow.

“The last time this type of approval happened, ETF launches tripled,” noted Bloomberg’s Eric Balchunas. “We could see more than 100 new crypto ETFs within a year.”

The approval of GDLC may mark a turning point in how multi-asset crypto products are treated under U.S. securities law, opening the door for broader participation in the digital asset market.

A new wave of crypto ETF filings landed at the SEC on Tuesday, showcasing issuers’ growing appetite for exotic and niche digital assets.

The latest batch includes products tied to Avalanche infrastructure, meme coin Bonk, and basis trade strategies involving Bitcoin and Ethereum. Leveraged and income-focused ETFs tied to Orbs, Litecoin, and Sui were also submitted.

Nate Geraci of the ETF Institute warned that the filings represent just the beginning of a flood of novel crypto products, with over 92 ETF applications now pending and key deadlines looming in October and November.

The surge follows regulatory momentum and alternative structures like the 40 Act, which will bring XRP and Dogecoin ETFs to market this week.

Analysts say Avalanche-based products may stand the best shot at approval, while memecoin and basis trade ETFs could face pushback over concerns about volatility and liquidity.

Meanwhile, market flows show Bitcoin ETFs attracting $292 million in net inflows, even as Ethereum products saw $61.7 million in outflows on the same day.

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