The U.S. Securities and Exchange Commission's leaders are reviewing the agency's recent approval of a Grayscale effort to convert a fund into an exchange-traded fund (ETF), a letter dated July 1 said.

The SEC allowed Grayscale to uplist the Digital Large Cap Fund (GDLC), which holds $755 million in bitcoin BTC, Ethereum ETH, XRP XRP, Solana SOL and Cardano ADA, into an ETF through delegated authority — meaning the SEC's commissioners did not vote to approve the conversion, but rather agency staff gave the sign-off.

"This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action," the letter said. "In accordance with Rule 431(e), the July 1, 2025 order is stayed until the Commission orders otherwise."

Any commissioner can ask that an SEC action be reviewed. In the past, commissioners have asked to review ETF disapprovals, for example.

GDLC is benchmarked to CoinDesk's CoinDesk 5 Index.

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