Grayscale’s Digital Large Cap Fund (GLDC) becomes the first U.S.-listed multi-asset crypto ETP, offering regulated access to Bitcoin, Ether, XRP, Solana, and Cardano.
Grayscale GLDC. First Multi-Crypto ETP in the U.S.
The US. Securities and Exchange Commission (SEC) has approved Grayscale’s Digital Large Cap Fund (GLDC), marking the first multi-asset crypto exchange-traded product (ETP) to hit U.S. markets. The approval comes amid broader regulatory momentum for crypto ETFs, as the SEC seeks to streamline approval processes and expand investor choice.
Grayscale CEO Peter Mintzberg confirmed the approval on X, thanking the SEC’s Crypto Task Force for helping provide long-awaited clarity to digital asset investors.
Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards. The Grayscale team is working expeditiously to bring the *FIRST* multi #crypto asset ETP to market with Bitcoin, Ethereum, XRP, Solana, and Cardano#BTC #ETH $XRP $SOL…
— Peter Mintzberg (@PeterMintzberg) September 17, 2025
Not least to mention, in August of 2023, Grayscale secured a landmark victory when a U.S. appeals court ruled that the SEC acted “arbitrarily and capriciously” in denying its application to convert GBTC (Grayscale Bitcoin Trust) into a spot Bitcoin ETF.
The court found that the SEC failed to explain why it had accepted Bitcoin futures-based ETFs under similar surveillance agreements but rejected Grayscale’s proposal.
Diversified exposure to top cryptocurrencies
GLDC offers investors a single tradable vehicle holding five major cryptocurrencies: Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA). Currently, the fund holds over $915 million in assets under management, with a net asset value of $57.70 per share.
By tracking a basket of tokens and trading like a security on a listed exchange, GLDC eliminates the need for investors to manage custodial responsibilities directly. Grayscale handles custody, rebalancing, and regulatory compliance, providing both institutional and retail investors with simplified, diversified crypto exposure.
Alongside the SEC’s approval of Grayscale’s multi-asset ETP, the firm is also moving into options trading on its Bitcoin fund, following BlackRock’s successful launch earlier this year.
By pairing its diversified GLDC product with derivative instruments like ETF options, Grayscale is positioning itself at the center of a rapidly maturing U.S. crypto market. The trend suggests that regulated crypto exposure is no longer limited to holding coins or ETFs, it now extends to the same sophisticated instruments that drive liquidity in equities and commodities.
Generic listing standards enable faster approvals
The SEC approved GLDC under newly established generic listing standards, designed to standardize reviews for spot crypto products.
This approach reduces the need for case-by-case assessments, allowing compliant issuers faster market access while maintaining investor protections.
“This approval helps to maximize investor choice and foster innovation by streamlining the listing process and reducing barriers to access digital asset products within America’s trusted capital markets” said SEC Chair Paul Atkins.
The approval coincides with a flood of crypto ETF filings targeting exotic and niche assets, including Avalanche, meme coin Bonk, and basic trade strategies with Bitcoin and Ethereum. Analysts expect the decision to trigger a wave of new crypto ETF filings, potentially exceeding 100 products within the next year.
Nate Geraci of the ETF Institute notes that over 92 crypto ETF applications are currently pending, with key deadlines in October and November.
Avalanche-based ETFs may have the best chance for approval, while memecoins and leveraged strategies could face regulatory pushback due to volatility and liquidity concerns.
Meanwhile, market flows show Bitcoin ETFs attracting $292 million in net inflows, even as Ethereum products saw $61.7 million in outflows on the same day.
Roman Zaika
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