Grayscale Investments has secured approval from the US Securities and Exchange Commission (SEC) to list the Digital Large Cap Fund (GDLC) as a fund that trades on an exchange.
Products that hold a basket of Bitcoin, Ethereum, XRP, Cardano and Solana are scheduled to open trading on September 19, according to Bloomberg ETF analyst Eric Bulknas.
The approval comes just hours after Grayscale CEO Peter Mintzberg revealed that regulators had cleared the product for launch on the NYSE exchange.
Mintzberg described this decision as a turning point for mainstream crypto investments, highlighting that the structure exposes investors to five most actively traded tokens through a single regulated channel.
By avoiding the need to select individual coins, crypto investors have access to diverse portfolios under one umbrella.
Meanwhile, Mintzberg shows that industry and regulatory cooperation is gradually improving as SEC’s Crypto Task Force provides “regulatory clarity that is appropriate for our industry.”
The move shows a sharp reversal from July when the SEC delayed its decision on whether Grayscale could upgrade GDLC from commercial vehicles to NYSE ARCA listed ETFs. At the time, regulators said further reviews were needed.
However, the SEC shifted the course after just two months by granting approval on a “accelerated basis.” We also adopted a general list standard designed to streamline future cryptographic ETF processes.
“Second-largest Crypto ETF”
Meanwhile, market analysts view this decision as a potential inflection point for multi-asset crypto funds.
James Seyfert of Bloomberg noted that basket-style ETFs could quickly evolve into the second or third largest category of digital asset products, following single asset bitcoin ETFs, provided demand is stable.
In particular, investors’ interest in Crypto ETFS has proven strong over the past year.
According to data from SoSovalue, the Bitcoin-focused fund launched last year currently manages more than $100 billion in assets, with net inflows so far of $57.333 billion. Meanwhile, Ethereum Funds have seen more than $13 billion inflows and manages around $30 billion in assets.
That precedent has fueled speculation that GDLC can attract meaningful influx once the transaction begins.
According to the Grayscale website, the fund’s net asset value is $58 per share, with managed assets exceeding $931 million. The site also shows that the fund has 72% of its assets in Bitcoin, 17% in Ethereum, about 6% in XRP, 4% in Solana and 1% in Cardano.