Grayscale’s Digital Large Cap Fund Gains SEC Approval for Trading
Highlights:
- SEC approves Grayscale’s Digital Large Cap Fund, the first multi-asset crypto ETP in the U.S.
- The fund offers exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano.
- New SEC listing standards will speed up future crypto ETF approvals.
The Digital Large Cap Fund from Grayscale has been approved by the U.S. Securities and Exchange Commission to trade publicly. The approval granted on Wednesday marks the introduction of the first regulated multi-crypto exchange-traded product (ETP) in the United States. The fund provides exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano. In addition, it offers a smooth method for institutional and retail investors to invest in various digital assets in one product.
The approval was announced through social media on September 18 by Grayscale CEO Peter Mintzberg. He confirmed that the team is on a fast track to bring the Digital Large Cap Fund (GDLC) to the market. Mintzberg furthermore gave credit to the SEC Crypto Task Force for its efforts to promote regulatory clarity. The approval of the fund took months of procedure, which was characterized by delays and legal challenges.
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
Digital Large Cap Fund to Trade Under Ticker $GDLC
The Digital Large Cap Fund by Grayscale will be listed on NYSE Arca under the ticker symbol GDLCF. It tracks the CoinDesk Large Cap Select Index and contains five major cryptocurrencies by market capitalization. The fund has more than $915 million of assets under management, according to Grayscale. The current net asset value per share is $57.70.
The product enables the investor to have extensive crypto exposure without having to operate a variety of wallets or exchange accounts. It is run through daily cash creation and redemption in 10,000-share baskets. In addition, the fund has a structure that provides controlled access to crypto markets, including transparency and institutional-grade custody. It also presents new ways of diversifying the portfolios in a single tradable asset.
Moreover, the SEC permitted the listing of options against Bitcoin ETF indexes. They are cash-settled, p.m.-settled, and European-style options traded on the Cboe platforms. These tools could increase liquidity and offer new methods of dealing with market exposure.
The approval is preceded by previous delays in July, when the SEC asked for additional time to review the application of Grayscale. In August, Grayscale petitioned the regulator in legal action, which compelled the regulator to act before its statutory deadline.
New Listing Standards Accelerate Crypto ETFs
To simplify the process of reviewing crypto ETFs, the SEC published generic listing standards on September 17. Within this framework, exchanges such as Nasdaq, NYSE, and Cboe may list eligible digital asset funds without the need for extended reviews. Furthermore, this does away with the months-long procedure that slowed the fast-tracking of new ETFs.
BOOM: SEC has approved the generic listings standards that will clear way for spot crypto ETFs to launch (without going through all this bs every time) under '33 Act so long as they have futures on Coinbase, which currently incl about 12-15 coins. pic.twitter.com/E9FXrniXRS
— Eric Balchunas (@EricBalchunas) September 17, 2025
Chairman Paul Atkins said that the framework would give investors more options and promote innovation. The SEC also aims to accelerate the adoption of digital asset products in American markets by reducing regulatory bottlenecks. Moreover, market experts said that similar standards in the past tripled the launch of ETFs in traditional markets.
Under this system, analysts believe that the crypto ETF market may grow fast. According to Bloomberg Senior ETF Analyst Eric Balchunas, up to 100 crypto ETFs may be launched in the next 12 months. The GDLC approval, then, is a win not only for Grayscale but also indicates industry momentum.
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Raymond Munene
Raymond Munene is a crypto content writer who contributes to Crypto2Community. With over three years of experience, he is interested in Bitcoin, Blockchain, and Technical Analysis. Focusing on daily market analysis, his research helps traders and investors alike. His particular interest in cryptocurrency and blockchain aids his audience.
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