SEC Gives Green Light to Grayscale’s Multi-Crypto Spot ETF

The U.S. Securities and Exchange Commission has officially approved Grayscale’s Digital Large Cap Fund (GDLC) to convert into a spot exchange-traded fund (ETF) under the NYSE Arca exchange. This moves GDLC from a closed-end trust to a fully regulated ETF, permitting daily share creation and redemption to align closely with its underlying assets.

The ETF’s holdings are heavily skewed toward Bitcoin—accounting for about 80% of the portfolio—while Ethereum makes up roughly 11%, XRP nearly 5%, Solana around 2.8%, and Cardano just under 1%. At the time of approval, the fund had approximately $755 million in assets under management.

This approval marks a milestone as the first multi-asset crypto spot ETF approved in the U.S., opening regulated exposure to a basket of major digital assets in a single investment vehicle. Grayscale had previously won a lawsuit against the SEC over its Bitcoin trust, which analysts believe helped pave the way for this broader ETF approval.

Industry observers suggest this could unlock a wave of similar products, as asset managers like Bitwise, Hashdex, and Franklin Templeton await decisions on their own filings. If today’s multi-token ETF sets a precedent, U.S. investors may soon see spot ETFs for other altcoins—such as Solana, XRP, and Litecoin—further broadening crypto’s mainstream appeal.