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.

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.