The crypto ecosystem crosses a symbolic milestone with accelerated validation, by the dry, of the conversion of the Grayscale Digital Large Cap Fund (GDLC) to ETF. This green light does not only concern Grayscale. He devotes the entry of altcoins to the field of action of regulators. In a context where the political climate is softening with regard to cryptos, this decision could open the way to a new generation of ETF centered on assets such as XRP, Solana or Cardano.
In short
- The American sec approved, via an accelerated procedure, the transformation of the Grayscale Digital Large Cap Fund into ETF listed on the stock market.
- This fund was previously reserved for accredited investors, but will now be accessible to the general public via the Arca NYSE.
- The ETF portfolio is mainly composed of Bitcoin (≈80 %) and Ethereum (≈11 %), with a minority part of XRP, Solana and Cardano.
- This validation could open the way to a diversification of Crypto ETF in the United States, beyond BTC and ETH only.
Grayscale obtains the approval of the dry for a multi-active crypto ETF
While the approval of many major crypto ETFs has been postponed to this summer, this 1er July, the Securities and Exchange Commission (SEC) of the United States has validated, via an accelerated process, the transformation of the Grayscale Digital Large Cap Fund LLC into Exchange-Traded Fund (ETF).
This change was formalized in a regulatory document, the SR-Nysearca-2024-87 amendment, where we can read :: “It is therefore ordered, in accordance with section 19 (b) (2) of the Exchange Act, that the proposal for a rule modification […] be approved on an accelerated basis “.
The fund was previously only accessible in direct transaction for accredited investors. The approval of the SEC will now allow its public rating on the Arca NYSE, making this product available to private investors via traditional markets.
The Grayscale Digital Large Cap Fund has a notable composition, which marks a turning point in the structuring of Crypto ETF. It is distinguished by its multi-active nature:
- Bitcoin: almost 80 % of the portfolio, confirming its dominant position;
- Ethereum: approximately 11 %, second major component of the fund;
- Solana (Sol), Cardano (ADA) and XRP: all three represent individual weights less than 10 %, according to The information published by Grayscale.
This diversity of active ingredients makes GDLC a moderate exposure vehicle for altcoins, while maintaining a secure base on the two main cryptos.
This hybrid positioning allows the fund to play a test role for regulators, which can observe the progressive integration of other cryptos into listed financial instruments, without switching to too risky exposure. This configuration, unprecedented on the American market, constitutes a previous strategic regulatory.
Towards a regulatory opening to ETF linked to altcoins?
Beyond the approval itself, the analysis of the reactions of the sector provides information on a possible expansion of the range of ETF Spot to other cryptos.
Nate Geraci, president of The ETF Store, reacted on social network X on June 30, 2025. He said that this validation of the GDLC “Could then be followed by individual ETF approval for XRP, Sol, ADA, etc. »».
He adds that this decision is an opportunity for the dry to have a “Test in real conditions for other crypto assets encapsulated in an ETF format”. In addition, he emphasizes that “The XRP, the soil and the ADA represent together less than 10 % of the assets of the GDLC”a ratio which he deems ideal for a progressive rise in exposure.
Such a change in political atmosphere plays a significant role. Since the inauguration of President Donald Trump in January, observers have noted a climate more favorable to the crypto industry within the federal bodies.
The SEC is currently examining a series of ETF Crypto proposals specifically relating to altcoins, especially for Solana (soil) and Dogecoin (Doge). GDLC approval could therefore serve as a regulatory precedent, facilitating the transition to financial products focused exclusively on these assets.
This dynamic could mark a turning point for cryptos outside the BTC-Eth duo. If the dry judges satisfying the behavior of this mixed fund on public procurement, it would then have a concrete argument to justify future validations, this time centered exclusively on altcoins, as evidenced by the 70 ETF Crypto which await its approval this year. However, no decision is guaranteed in the short term, because the arbitrations of the SEC are influenced by political, legal and systemic considerations.
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