The US Securities and Exchange Commission approved Grayscale’s Digital Large Cap Fund (GDLC) for exchange trading. It is the first US multi asset crypto ETP with exposure to Bitcoin, Ether, XRP, Solana, and Cardano. The decision appears in the same batch of actions that advanced spot crypto products on US exchanges.
The approval came on September 18, 2025 after the Commission acted on new exchange rules for crypto products. Grayscale indicated that GDLC will move from over the counter quotation to exchange listing following this clearance.
The multi asset crypto ETP structure lets investors use a brokerage account to access the crypto basket. They do not need to open exchange accounts or self custody the tokens to gain exposure to Bitcoin, Ether, XRP, Solana, and Cardano.
Generic listing standards and the NYSE Arca Nasdaq Cboe pathway
Alongside GDLC, the SEC approved generic listing standards for spot commodity ETPs that include digital assets. These standards allow NYSE Arca, Nasdaq, and Cboe to list qualifying crypto ETPs without a separate Commission order for each product if the rule criteria are met.
The change shortens reviews that once ran months and required dual filings. As a result, a multi asset crypto ETP like Grayscale GDLC can reach trading faster when it fits the new rule set. Market coverage notes faster timelines and confirms that GDLC received approval within this framework.
The SEC release and statements explain surveillance, eligibility, and disclosure expectations under these generic standards. They describe how exchanges can apply set tests when listing Bitcoin, Ether, XRP, Solana, and Cardano products that hold spot assets.
Bitcoin Ether XRP Solana Cardano exposure in one ETP
Grayscale Digital Large Cap Fund tracks the CoinDesk 5 Index, a market cap weighted basket of five large and liquid crypto assets. The index covers Bitcoin, Ether, XRP, Solana, and Cardano and rebalances on a schedule set by its methodology.
Grayscale describes GDLC as a security that holds this basket and reflects the index, net of fees and expenses. That provides diversified multi asset crypto ETP exposure through a single listed vehicle rather than five separate positions.
Before today’s listing approval, GDLC traded on OTC Markets. The exchange approval moves the product into the same venue class used by spot Bitcoin and Ether funds launched earlier in the year.
Grayscale CEO comment and Coinbase altcoin season context
Grayscale CEO Peter Mintzberg wrote that “Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards,” adding that the team is working to bring the first multi crypto asset ETP to market “expeditiously.” The post also thanked the SEC Crypto Task Force.
The SEC Crypto Task Force launched on January 21, 2025, under Acting Chair Mark T. Uyeda, with Commissioner Hester Peirce as lead. Agency materials and third party summaries describe its mandate to develop a clearer framework for crypto assets.
Separately, Coinbase Institutional’s August 14, 2025 monthly outlook said, “We think current market conditions now suggest a potential shift towards a full scale altcoin season as we approach September.” That note cited falling Bitcoin dominance and rising altcoin participation as context.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
