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13h ago

SEC Clears First U.S. Multi‑Crypto ETP as Grayscale’s GDLC Wins NYSE Arca Approval

New generic listing standards create a faster path for crypto funds, prompting analysts to forecast a broad wave of ETF filings.

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Grayscale's Digital Large Cap Fund approved for trading with new listing standards
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Grayscale's 'first multi-crypto asset ETP' in the works: Will BTC, ETH win?

Overview

  • The SEC approved Grayscale’s Digital Large Cap Fund to list on NYSE Arca, establishing the first U.S.-authorized exchange-traded product holding multiple cryptocurrencies and positioning it to begin trading soon.
  • GDLC offers diversified exposure to Bitcoin, Ether, XRP, Solana, and Cardano within a single regulated vehicle accessible to retail and institutional investors.
  • The fund enters the market with roughly $915 million to nearly $1 billion in assets under management and a reported net asset value near $57.70 per share.
  • Portfolio weights are led by Bitcoin at over 72% and Ethereum above 17%, with smaller allocations to XRP around 5.6%, Solana about 4.0%, and Cardano near 1.0%.
  • Alongside the product approval, the SEC adopted generic listing standards expected to accelerate future launches, with experts such as Eric Balchunas and Nate Geraci predicting a significant increase in crypto ETFs.