Grayscale has just obtained SEC approval to transform its Digital Large Cap fund (GDLC) into a crypto spot ETF. This groundbreaking product will offer direct exposure to five of the largest cryptocurrencies, BTC, ETH, SOL, XRP, and ADA, all in one investment vehicle.
The SEC’s approval signals a clear message – diversification into digital assets is gaining respectability on regulated US markets. For investors, this means simplified, more secure, and institutional access to a basket of cryptos representing the majority of the market.
This approval paves the way for a unique product that allows investors to capture the strongest digital assets in the market in a single transaction.
Andy Baehr, Product Head at CoinDesk Indices
The GDLC fund, launched in 2018, already held nearly $755 million in assets before its ETF status. The current allocation is dominated by Bitcoin (about 80%), followed by Ethereum, Solana, XRP, and Cardano. The reference index is the CoinDesk 5 Index (CD5), known for its strict selection of the most liquid and representative assets in the ecosystem.
With its ETF conversion, the GDLC now becomes the world’s largest multi-token crypto ETF.
This SEC green light is more than just a technical validation. It’s a paradigm shift. Until now, approved ETFs exclusively focused on Bitcoin or Ethereum. Grayscale is breaking new ground by incorporating a basket of assets, better reflecting the reality of the crypto market in 2025.
Other asset managers are now waiting in line. Particularly Bitwise, whose BITW fund could follow the same path, exposing investors to a dozen tokens, including BTC, ETH, SOL, ADA, as well as SUI, LINK, AVAX, LTC, and DOT. The countdown has begun.
The approval of GDLC as a spot ETF comes at a time of increased professionalization in the sector. After years of regulatory ambiguity, the introduction of diversified and accessible products on the stock exchange represents a significant step forward for the general public and institutional investors.
For the crypto sector, this is also a powerful legitimizing tool. Each validated ETF is another gateway into the heart of traditional markets, putting additional pressure on those who are still skeptical.
