The U.S. Securities and Exchange Commission (SEC) has officially approved the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot multi-crypto ETF, marking the first time such a diversified crypto fund receives regulatory clearance in the United States.
Starting soon on NYSE Arca, this new ETF will offer direct exposure to a portfolio composed of Bitcoin, Ethereum, XRP, Solana and Cardano. GDLC currently manages around $755 million in assets, with its composition rebalanced quarterly: roughly 80% in Bitcoin, 11% in Ethereum, 4.8% in XRP, 2.8% in Solana and 0.8% in Cardano.
This approval is viewed as a milestone for the crypto market, reinforcing regulatory maturity while paving the way for increasingly sophisticated financial products. It also removes the historical price distortions seen in Grayscale’s closed-end funds by allowing daily creation and redemption of shares, keeping market value aligned with net asset value.
For institutional investors and family offices, the new ETF emerges as a practical way to gain diversified crypto exposure without having to set up complex custody or asset management structures. Financial advisors already see GDLC as a potential strategic entry point for portfolios seeking alternatives beyond the classic stock and bond mix.
The market now awaits confirmation of the ETF’s trading start date. Analysts note this SEC move could also streamline future applications by other managers planning multi-token ETFs, like Bitwise and Hashdex, sparking a new wave of regulated crypto products in the U.S.
Ultimately, the GDLC approval strengthens the view that cryptocurrencies are becoming an established pillar of global finance, increasingly integrated into large investor and institutional frameworks.
