The U.S. Securities and Exchange Commission has approved Grayscale’s Digital Large Cap Fund conversion into a spot ETF.
The fund holds Bitcoin, Ethereum, XRP, Solana, and Cardano.
Experts expect approvals of multiple crypto spot ETFs.
The U.S. Securities and Exchange Commission (SEC) has approved the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF).
GDLC is a fund that holds mega cap cryptocurrencies Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA).
SEC’s approval, announced in a filing on Tuesday, marks a significant milestone for cryptocurrency investment products, particularly as investors eye further spot ETF nods from the regulator.
SEC approved Grayscale’s large-cap fund to convert into a spot ETF
This decision, announced on July 1, 2025, speaks to the SEC’s growing acceptance of regulated cryptocurrency investment products and investor’s quest for exposure.
Greenlight for Grayscale’s digital large-cap fund adds to the available spot ETFs in the US, notably spot Bitcoin and Ethereum ETFs that the regulator approved in 2024.
With this development, Grayscale’s fund will now trade on the NYSE Arca. The final deadline for SEC to either approve or reject the application was July 2, 2025.
“Approval was our expectation. The fund is over 90% Bitcoin and Ethereum. The next big date is Bitwise’s BITW deadline of July 31,” Bloomberg ETF analyst James Seyffart said. “But SEC could obviously go early.”
The newly approved ETF will include a basket of major cryptocurrencies, comprising Bitcoin (79.4%), Ethereum (11.6%), XRP (4.8%), Solana (2.9%), and Cardano (0.8%), mirroring the fund’s current holdings.
Grayscale initially filed for this conversion on April 1, 2025, proposing a spot ETF structure to provide investors with direct exposure to these assets.
Following regulatory feedback, the company submitted an amended filing on June 30, 2025, with the SEC setting a final decision deadline of July 2, 2025. The approval order, released today, confirms the fund’s eligibility to list and trade shares, a process finalized ahead of schedule, highlighting the SEC’s streamlined approach to this application.
Experts say SEC will soon approve multiple crypto spot ETFs
Industry analysts anticipate that the SEC’s approval of Grayscale’s ETF signals the imminent approval of additional crypto spot ETFs.
Recently, Bloomberg ETF analyst Eric Balchunas highlighted the SEC’s imminent approvals. He pointed to the no further comments scenario around REX and Osprey Funds’ filings for a staked Solana (SOL) ETF as notable. That spot ETF, expected to launch on July 3, offers yield-generating staking features and is the first staked crypto ETF in the U.S.
SEC has recently delayed decisions on multiple spot crypto ETFs, including for XRP and SOL.
