- Regulatory Milestone: SEC greenlights Grayscale Digital Large Cap Fund (GDLC) for NYSE Arca trading, tracking the CoinDesk 5 Index.
- Diversified Holdings: Provides institutional exposure to BTC, ETH, SOL, XRP, and ADA in a single ETP.
- Broader Implications: New generic listing standards ease approvals for future spot crypto ETFs, boosting market accessibility.
The U.S. Securities and Exchange Commission (SEC) approved the listing and trading of Grayscale Investments‘ Digital Large Cap Fund (GDLC) on Wednesday, marking the debut of the first multi-asset cryptocurrency exchange-traded product (ETP) in the United States. This approval allows investors to gain diversified exposure to leading digital assets through a single vehicle, potentially accelerating institutional adoption in the crypto space.
The GDLC tracks the CoinDesk 5 Index, holding a basket of five major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA). Grayscale’s fund, which has been in operation since 2018 as a private trust, will now convert to an ETP listed on NYSE Arca under the ticker GDLC, with shares available starting September 18, 2025.
In a parallel move, the SEC established generic listing standards for commodity-based trust shares, simplifying the approval process for spot crypto ETFs. This framework reduces regulatory hurdles for similar products, addressing long-standing industry calls for clearer guidelines on crypto asset listings.
“Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards,” Grayscale CEO Peter Barry said in an X post shared by Cointelegraph. “This is a significant step forward for institutional investors seeking diversified exposure to the crypto asset class.” Barry’s statement underscores the fund’s role in bridging traditional finance and digital assets.
The approval arrives amid heightened regulatory momentum in the U.S. crypto sector. By incorporating altcoins like SOL, XRP, and ADA alongside BTC and ETH, the GDLC caters to demand for balanced portfolios that mitigate single-asset risks. However, analysts note potential challenges, including ongoing volatility in altcoin markets and unresolved SEC litigation against Ripple regarding XRP’s status as a security.
Market reaction was swift, with shares of Grayscale’s existing Bitcoin Trust (GBTC) rising 2% in after-hours trading. Industry observers view this as a precursor to further innovations, such as options on Bitcoin ETFs, also approved in tandem. As crypto assets increasingly integrate with mainstream finance, such developments could drive billions in new inflows, though investors should remain vigilant on macroeconomic factors like Federal Reserve policy.
For more details on the fund’s holdings and performance, visit Grayscale’s official page.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
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