The U.S. Securities and Exchange Commission (SEC) is expected to rule by Wednesday, July 2, on Grayscale’s proposal to convert its Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF). The decision could mark a key moment for diversified crypto investment products in regulated markets.
Grayscale’s GDLC fund currently tracks a basket of five major cryptocurrencies, led by Bitcoin (80.8%) and followed by Ethereum (11.07%), XRP (4.63%), Solana (2.75%), and Cardano (0.75%).
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As of June 27, the fund held nearly $762 million in assets under management, according to Grayscale’s latest update.
The SEC formally acknowledged Grayscale’s amended filing on Friday, signaling active engagement with the asset manager.
The move comes amid growing momentum in the crypto ETF space, as the SEC evaluates multiple spot crypto fund applications from traditional financial institutions.
ETF Store President Nate Geraci said the amendment reflects ongoing dialogue between Grayscale and the SEC. He believes approval is likely and could open the door for future single-asset spot ETFs based on altcoins like XRP, Solana, and Cardano, currently subject to longer review processes.
Why This Matters
An approval would expand investor access to regulated, multi-asset crypto exposure in ETF format.
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People Also Ask:
A spot crypto ETF is an exchange-traded fund that directly holds cryptocurrencies as underlying assets, allowing investors to gain exposure to crypto prices without owning the coins themselves.
GDLC is a fund managed by Grayscale that tracks the performance of a diversified basket of major cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, and Cardano.
The fund would begin trading as a spot ETF on a public exchange, potentially increasing liquidity and investor access.
Approval could set a precedent for diversified and single-asset crypto spot ETFs in the U.S., signaling broader regulatory acceptance.
