The SEC has approved the Grayscale Digital Large Cap Fund (GDLC), the first multi-crypto ETP in the United States. This step opens a new pathway for institutions and retail investors to access crypto asset portfolios, providing regulated exposure to multiple cryptocurrencies without having to purchase each token individually. Additionally, it represents a significant advancement in integrating crypto assets into traditional markets and could boost the confidence of cautious investors regarding regulatory oversight.
Context and Impact of GDLC
The GDLC combines Bitcoin, Ethereum, XRP, Solana, and Cardano into a single regulated structure. As of September 16, 2025, the allocation was concentrated in Bitcoin (72.49%) and Ethereum (16.91%), with XRP at 5.62% and Solana at 3.99%. This approval marks the first authorization for a product providing multi-crypto exposure on a U.S. exchange and sets a precedent for future diversified ETPs.
Grayscale positions the fund as an institutional alternative.
“GDLC provides exposure to Bitcoin, Ether, XRP, Solana, and Cardano,” said Peter Mintzberg, CEO of Grayscale.
During the process, the SEC paused the listing application, reflecting prior regulatory tensions that remain unresolved. Analysts note that the approval could spark a wave of new multi-crypto ETPs, facilitate institutional capital inflows, and, according to some estimates, generate over 100 new crypto-linked issuances in the coming months, boosting liquidity and structured demand. Furthermore, regulatory transparency is expected to strengthen adoption among pension funds and global asset managers.
Implications for Market and Investors
The conversion of GDLC into a tradable product has several practical effects:
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Portfolio and allocations: BTC 72.49%; ETH 16.91%; XRP 5.62%; SOL 3.99% (as of September 16, 2025).
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Institutional access: enables managers and funds to gain multi-asset exposure without the need to custody tokens.
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Regulatory signal: the approval indicates a path toward normalization of crypto products.
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Risks: concentration in Bitcoin, volatility of underlying assets, and history of regulatory pauses.
Comments from ecosystem participants highlight the interest in the legitimacy provided by a listed and regulated product, including the public endorsement of Charles Hoskinson, founder of Cardano.
The approval of GDLC is a visible milestone: the first U.S. authorization for an ETP that aggregates multiple cryptocurrencies, with allocations reported as of September 16, 2025. It remains to be seen how institutional appetite will evolve and whether the move will reduce the gap between traditional investment and direct token access, particularly in an environment of growing competition among regulated digital products.
