Grayscale Investments can offer investors an exchange-traded fund primarily focused on Bitcoin but also holding Ethereum, XRP, Solana, and Cardano, the U.S. Securities and Exchange Commission said in a filing on Tuesday.

The regulator’s approval of Grayscale’s bid to convert its Digital Large Cap Fund, or GDLC, from a closed-end fund was expected, considering that Bitcoin and Ethereum account for 90% of the fund’s assets, Bloomberg ETF analyst James Seyffart said on X, formerly Twitter.

Grayscale’s Large Cap fund is modeled on the CoinDesk 5 Index, which measures the performance of the five largest and most liquid digital assets. Bitcoin composes more than 80% of the fund’s holdings. Around 11% of the ETF’s assets will be in Ethereum, with 2.8% in Solana, 4.8% in XRP, and 0.8% in Cardano, according to the SEC filing.



Bitcoin was recently changing hands near $106,000, down 1.3% over the past 24 hours, while Ethereum was hovering around $2,400, off 2.4%, according to crypto markets data provider CoinGecko. Solana stood at $148, a 6% decrease over the past day, while XRP and Cardano fell 1.1% and 4.4%, respectively

Decrypt reached out to Grayscale for comment.

Although the SEC rejected multiple spot Bitcoin ETF applications for more than a decade, the regulator acted relatively quickly in broadening investors’ access through GDLC. The regulator approved Grayscale's application a day before it faced a deadline for its decision, while in the past, it had rejected Grayscale’s applications at the last minute.

GDLC will trade as a full-fledged ETF on NYSE Arca. Among Grayscale’s funds, the asset manager has previously converted its Bitcoin and Ethereum trusts. As closed-end funds, the products traded at a discount or premium relative to the value of their underlying holdings, due to supply and demand imbalances that stemmed from the funds’ structures.

Prior to the SEC’s approval on Tuesday, Seyffart said on X that investors can expect a “wave of new ETFs in this second half of 2025,” with asset managers rallying behind offerings touching Tron, Dogecoin, Sui, Avalanche, Litecoin, and others.

The SEC signaled on Tuesday that it's receptive to funds that devote most of their funds toward established cryptocurrencies like Ethereum and Bitcoin, with others in the mix, but it has yet to greenlight ETF applications that focus solely on smaller altcoins.

Grayscale sued the SEC over repeated denials to convert its Grayscale fund into a full-fledged ETF in 2023. Its courtroom victory, in which an appellate court took issue with the regulator’s logic for denials, contributed to the SEC’s approval of  spot Bitcoin ETFs last year.

Edited by James Rubin

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