SEC Approves First U.S. Multi-Asset Crypto ETP From Grayscale
Grayscale’s Digital Large Cap Fund (GDLC) is the first multi-asset cryptocurrency platform-traded product (ETP) in the U.S. that has been by the U.S. Securities and platform Commission (SEC). This critical decision, announced on September 17, 2025, marks a significant step toward integrating digital assets into the traditional finance landscape. The fund will be traded on major platforms, including Nasdaq, NYSE Arca, and Cboe BZX.
It provides investors with a broad range of exposure to five of the most popular cryptocurrencies: BTC (BTC), , XRP, Solana (SOL), and Cardano (ADA). This approval follows the success of spot BTC ETFs and indicates that regulators are becoming more open to other types of crypto investments.
The GDLC makes it easier for traditional investors to get involved by offering a single, regulated product. This means they don’t have to worry about managing crypto platform accounts or private wallets.
Easier Access to a Wide Range of Cryptocurrencies
The Greyscale Digital Large Cap Fund, which has over $915 million in assets under management, tracks the CoinDesk 5 Index. Approximately 80% of the portfolio is comprised of BTC. The rest of the allocation includes ETH, XRP, Solana, and , which provide a balanced approach to capitalize on the potential of significant digital assets.
This structure mitigates the risk of individual cryptocurrency price fluctuations by regularly rebalancing them, ensuring adherence to the established rules.
Peter Mintzberg, the CEO of Greyscale, was pleased with the permission and that the Team is working diligently to get the ETP up and running. The new generic listing rules make it easier for the fund to become a publicly listed asset. They also speed up the clearance process for spot . This framework enables platforms to offer digital asset items without needing to examine each one, which speeds up market access.
A Change in Regulatory Framework
The approval indicates that the SEC’s stance has evolved since the Crypto Task Force was established in January 2025 by Acting Chair Mark Uyeda and chaired by Commissioner Hester Peirce.
The task force’s goal is to make the rules for digital assets more straightforward, unlike the strict enforcement strategy of former Chair . This shift has made people more hopeful that more crypto ETFs will be approved. This could lead to an “altcoin season,” where other cryptocurrencies gain popularity.
Grayscale’s GDLC ETP enables both institutional and retail investors to spread their investments in a regulated manner. This is the first multi-asset , and analysts believe it will lead to numerous similar products in the future. This milestone demonstrates the crypto industry’s growth, closing the gap between traditional finance and digital assets, and providing investors with increased access and trust.
