TL;DR
Grayscale Investments has secured approval from the U.S. SEC to list its Digital Large-Cap Fund (GDLC) as an exchange-traded fund (ETF). This milestone marks a pivotal moment for multi-asset crypto investment products, coinciding with the SEC’s rollout of new listing standards designed to streamline ETF launches. The GDLC will trade on NYSE Arca, offering exposure to a basket of leading digital assets.
Grayscale CEO Peter Mintzberg announced the approval via X on September 18, celebrating the company’s progress toward launching the first multi-crypto asset exchange-traded product. The GDLC tracks the CoinDesk Large Cap Select Index and includes assets such as Bitcoin, Ethereum, XRP, Solana, and ADA. Shares will be created and redeemed in daily 10,000-share baskets, providing institutional and retail investors with diversified crypto exposure.
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
Grayscale initiated the conversion of GDLC from a private trust to a public ETF in June. NYSE Arca submitted a rule change proposal on July 1, prompting the SEC’s Division of Trading and Markets to approve the listing. However, the agency issued a temporary stay the next day, citing internal concerns over multi-asset crypto ETFs. In response, Grayscale filed a legal challenge in mid-August, arguing that the SEC had missed its statutory deadline under the Exchange Act. This pressure led the SEC to lift its stay and grant full approval on September 17.
The SEC simultaneously adopted generic listing standards for exchange-traded products holding spot commodities, including digital assets. These rules eliminate the lengthy 19(b) filing process, which previously required direct SEC rulings and could take up to 240 days. Under the new framework, ETF issuers can work directly with exchanges like Nasdaq, NYSE, or CBOE to register products that meet listing criteria, accelerating market access for crypto-based ETFs.
The approval of GDLC and the broader regulatory shift are expected to trigger a surge in crypto ETF filings. Nate Geraci, president of NovaDius Wealth Management, predicted that the “crypto ETF floodgates” are about to open. He emphasized that these products will bridge traditional finance and decentralized finance, expanding mainstream access to digital assets and fostering innovation across capital markets.
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