SEC approves Grayscale to launch multi-crypto ETF
The SEC has greenlit Grayscale’s plan to convert its Digital Large Cap Fund into a new ETF featuring multiple top cryptocurrencies, offering investors exposure to multiple top cryptocurrencies.
Grayscale filed the application for this fund on July 3, 2025, and it was approved approximately two months later.
The new ETF will include five major cryptocurrencies by market capitalization: Bitcoin (~80%), Ethereum (~11%), XRP (~4.8%), Solana (~2.5%), and Cardano (~1%).
The GDLC fund was launched in 2018 and has been publicly traded on the over-the-counter (OTC Markets) since 2019. After the approval, the ETF will be listed on the NYSE Arca (New York Stock Exchange Archipelago Exchange).
At the time of the SEC approval, GDLC had about $440 million in cryptocurrencies under management. Approximately $352 million was in BTC, $48 million in ETH, $21 million in XRP, $12 million in SOL, and $3.5 million in ADA. This distribution highlights the fund’s strong focus on Bitcoin. Over the year, the fund's assets grew approximately 70%, reflecting increased interest from institutional investors in the cryptocurrency market.
According to Cardano's Chief Ambassador, Mauro Andreoli, the SEC's approval of this ETF has reinforced ADA's position among top-tier cryptocurrencies.
The SEC noted that the fund satisfies the requirements for supervision, asset protection, and fraud prevention. The approval also implies that the ETF will be structured so that investors can freely buy and sell its shares, and the fund itself can quickly add new shares or buy them back if needed. Thanks to this, the value of the fund's shares on the exchange will be as close as possible to the real value of all cryptocurrencies included in its composition.
In addition to Grayscale, other firms like Bitwise (BITW), Hashdex, and Franklin Templeton are applying or considering multi-cryptocurrency ETFs, reflecting a broader trend toward diversified crypto investment products.
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