Daniel Walker
The U.S. Securities and Exchange Commission (SEC) has officially approved Grayscale’s Digital Large Cap Fund (GDLC), marking a major milestone for crypto investors. Announced by Grayscale CEO Peter Mintzberg on social platform X, the decision makes GDLC the first-ever multi-crypto asset exchange-traded product (ETP) available to the public.
The fund will give investors exposure to five leading cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano. Mintzberg praised the SEC’s Crypto Task Force, highlighting their role in bringing long-awaited clarity to the digital asset sector.
Earlier this year, GDLC operated as an over-the-counter fund, but the SEC had delayed approval of its conversion into a full-fledged ETP. Now listed on NYSE Arca, GDLC holds over $915 million in assets under management with a net asset value of $57.7 per share, according to Grayscale’s official data.
Regulatory Shift Accelerates ETF Approvals
The SEC’s decision on GDLC coincided with the agency’s move to approve generic listing standards for crypto ETFs on an accelerated basis. This regulatory update is expected to reduce barriers and speed up the approval timeline for dozens of digital asset funds currently awaiting review.
“This decision enhances investor choice and drives innovation by simplifying the listing process for digital asset products,” SEC Chair Paul Atkins said in a statement.
What This Means for the Crypto ETF Market
Analysts believe the impact could be transformative. Eric Balchunas, Bloomberg’s Senior ETF Analyst, noted on X that the last time similar generic listing standards were introduced, ETF launches tripled in number. He suggested there is a “good chance we’ll see over 100 crypto ETFs hit the market within the next 12 months,” covering assets from XRP and SOL to DOGE.
