In what analysts describe as a regulatory milestone, the U.S. Securities and Exchange Commission (SEC) has approved Grayscale’s Digital Large Cap Fund (GDLC), making it the country’s first multi-asset crypto exchange-traded product to gain SEC approval. This fund includes exposure to Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
According to experts, the approval wasn’t just about approving a new product—it came alongside new generic listing standards for crypto ETFs, intended to streamline the formerly arduous regulatory process.
Grayscale CEO Peter Mintzberg revealed via social media that GDLC will now trade on NYSE Arca under the ticker “GDLC,” giving retail and institutional investors alike regulated brokerage access to a diversified crypto exposure without managing individual wallets. Meanwhile, the SEC’s new framework reduces the barriers for products tied to digital assets, replacing case-by-case reviews under Section 19(b) with clearer criteria and faster listing mechanisms.
Market watchers note that this move could spark a surge of investment into multi-crypto ETFs. The presence of altcoins like Solana and Cardano in a regulated product reflects growing confidence in broader crypto market participation beyond just Bitcoin and Ethereum.
While the precise asset allocation breakdown shows Bitcoin commanding the largest share, followed by Ethereum, with XRP, Solana, and Cardano at smaller weights, the approval signals a shift in how crypto investment products are structured and regulated in the U.S.
For many in the crypto industry, this is more than a single product launch; it’s a sign that institutional investors will soon have access to a broader and more sophisticated suite of investment tools. The next few months will reveal how many issuers seize the opportunity to build on this precedent.
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