Summary (Bullet Points)
- ✅ SEC approves Grayscale’s Digital Large Cap Fund (GDLC) as a spot ETF.
- ✅ The ETF will include Bitcoin, Ethereum, XRP, Solana, and Cardano.
- ✅ GDLC marks the first multi-asset crypto ETF in the U.S.
- ✅ With nearly $775 million AUM, GDLC is a heavyweight player in the space.
- ✅ The approval may open doors for other single-asset crypto spot ETFs like Solana and XRP.
- ✅ The SEC is also considering changes to eliminate the 19b-4 filing requirement for future crypto ETFs.
- ✅ This shift could speed up the approval process for token-based investment products.
Grayscale GDLC Becomes First Multi-Asset Spot Crypto ETF in the U.S.
The U.S. Securities and Exchange Commission (SEC) has officially approved Grayscale’s proposal to convert its Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF). This groundbreaking move establishes GDLC as the first-ever multi-asset spot crypto ETF listed on NYSE Arca, offering U.S. investors regulated access to a basket of top cryptocurrencies.
What is the Grayscale GDLC ETF?
Grayscale’s GDLC, originally launched in 2018, is designed to provide diversified exposure to the top digital assets by market cap:
- Bitcoin (≈80% weight)
- Ethereum
- XRP
- Solana
- Cardano
As of June 30, the fund has nearly $775 million in assets under management, positioning it as a significant player in the institutional crypto investment space.
“The SEC’s decision could clear a path for single-asset spot ETFs tied to crypto assets like XRP, Solana, and Litecoin,” said Nate Geraci, President of ETF Store.
What the SEC Approval Means for Crypto ETFs
This approval comes after Grayscale filed an amended S-3 registration last week, indicating a strong, ongoing dialogue with the SEC. According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there was already a 95% likelihood of approval.
Grayscale’s win sends a strong signal: the SEC is beginning to embrace broader crypto investment vehicles beyond Bitcoin and Ethereum.
A Potential Shift: Crypto ETFs Without 19b-4 Filings?
In parallel to GDLC’s approval, early discussions are underway at the SEC to potentially remove the 19b-4 rule-change filing requirement for launching crypto ETFs. According to journalist Eleanor Terrett, this would mean:
- ETFs could launch faster using only an S-1 registration.
- Token eligibility could be based on market capitalization, volume, and liquidity.
- This could eliminate months of regulatory back-and-forth for issuers and exchanges.
If implemented, this would revolutionize the approval process for crypto-based ETFs and make the market far more agile.
Why This Matters
The SEC’s decision is more than a green light for one fund. It:
- Signals growing regulatory maturity in the U.S. crypto space.
- Encourages institutional investment by reducing complexity.
- Builds a foundation for future crypto ETF products, possibly including Solana, XRP, Litecoin, and more.
With Grayscale leading the charge, traditional investors now have a compliant, regulated gateway to diversified crypto exposure — something long-awaited in the market.
Final Thoughts
Grayscale’s GDLC spot ETF is a pivotal milestone in the evolution of crypto finance. It not only affirms Grayscale’s first-mover advantage but may also pave the way for a wave of new, diversified crypto ETFs—making crypto investing more accessible and mainstream than ever before.