Grayscale’s ‘first multi-crypto asset ETP’ in the works: Will BTC, ETH win?

Key Takeaways

What does this approval mean for investors?

It allows traditional investors to access diversified exposure to major cryptocurrencies without buying tokens directly.

Which cryptocurrencies are included in GDLC?

Bitcoin, Ether, XRP, Solana, and Cardano.

The U.S. Securities and Exchange Commission (SEC) has greenlit the Grayscale Digital Large Cap Fund (GDLC) for stock exchange trading. 

The approval, coinciding with relaxed ETF listing standards, opens the door for traditional investors to access the crypto market more easily and signals growing institutional support.

Grayscale CEO Peter Mintzberg weighs in

Grayscale CEO Peter Mintzberg confirmed the development on X (formerly Twitter), praising the SEC’s Crypto Task Force for providing much-needed clarity to the sector.

He said, 

“The Grayscale team is working expeditiously to bring the *FIRST* multi #crypto asset ETP to market with Bitcoin, Ethereum, XRP, Solana, and Cardano.”

He further added, 

“Thank you to the SEC #Crypto Task Force for their continued, unmatched efforts in bringing the regulatory clarity our industry deserves.”

The newly approved Grayscale Digital Large Cap Fund (GDLC) offers investors exposure to five of the world’s largest cryptocurrencies: Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Solana [SOL], and Cardano [ADA].

Impact on included tokens

Following the announcement, markets reacted positively.

BTC traded at $117,153.61 after a 0.69% rise in the past 24 hours, Ether climbed 2.02% to $4,579.73, XRP at $3.10 up by 3.07%, Solana at $245.94 up by 4.78%, and Cardano reached $0.9130 up by 4.85%, per CoinMarketCap.

By packaging multiple cryptocurrencies into a single ETP, GDLC allows traditional investors to gain diversified crypto exposure without the need to open exchange accounts or purchase individual tokens.

This green light comes just months after the SEC had delayed Grayscale’s plan to convert GDLC from an over-the-counter fund to an ETP listed on NYSE Arca.

With approval now granted, the fund is set to trade on a major U.S. exchange, offering broader access to digital assets through familiar investment platforms.

Community reactions and more

Celebrating this momentum, the CEO and co-founder of XiRepari noted, 

“This is super bullish for altcoins like ada, sol, chain, dot, etc.”

Echoing similar sentiments, an X user added, 

“Thank you Peter! Having Cardano within Grayscale’s portfolio will create immense value for Grayscale. I know people who work at the Stamford location and are very excited about the company’s future.”

What’s more?

This coincided with crypto exchange-traded products (ETPs), particularly Ethereum-based funds, seeing record-breaking inflows, signaling a major shift in investor sentiment.

In mid-2024, weekly investments in Ethereum ETPs doubled previous records, pushing year-to-date flows far beyond last year’s totals.

BlackRock’s ETHA dominated the market, attracting billions in assets under management, while Fidelity’s FETH also captured significant capital.

Although Grayscale’s ETHE experienced initial outflows during its conversion, net inflows into new Ethereum ETFs highlight strong investor confidence and the growing legitimacy of regulated crypto products.