tl;dr
Grayscale Investments secured SEC approval to uplist its Digital Large Cap Fund (GDLC) as an ETF, launching on NYSE on September 19. The ETF provides access to Bitcoin, Ethereum, XRP, Cardano, and Solana through a single regulated product. CEO Peter Mintzberg called it a "turning point" for crypto i...
**Grayscale’s GDLC ETF: A New Era for Crypto Investment?**
Grayscale Investments has just made history. The digital asset giant secured approval from the U.S. Securities and Exchange Commission (SEC) to uplist its Digital Large Cap Fund (GDLC) as an exchange-traded fund (ETF), marking a pivotal moment for cryptocurrency investors. Starting September 19, the fund will trade on the NYSE, offering retail and institutional investors a single, regulated gateway to five of the most prominent cryptocurrencies: Bitcoin, Ethereum, XRP, Cardano, and Solana.
The move, described by Grayscale CEO Peter Mintzberg as a “turning point for mainstream crypto investment,” eliminates the need for investors to pick individual tokens. Instead, they can access a diversified portfolio of digital assets through a single product. “This structure provides exposure to five of the most actively traded tokens through a single regulated channel,” Mintzberg said, highlighting the fund’s appeal to those wary of the volatility and complexity of direct crypto trading.
The approval comes after a rocky regulatory journey. In July, the SEC delayed its decision on whether to allow GDLC to transition from an over-the-counter vehicle to a listed ETF, citing the need for further review. But just two months later, the agency reversed course, granting approval on an “accelerated basis” and adopting generic listing standards to streamline future crypto ETF applications. Mintzberg credited the SEC’s crypto task force for delivering “regulatory clarity our industry deserves,” signaling a shift toward collaboration between regulators and the crypto sector.
Analysts are already forecasting the impact. Bloomberg’s James Seyffart noted that basket-style ETFs like GDLC could become the second- or third-largest category of digital asset products, following Bitcoin-focused ETFs. The precedent is strong: Bitcoin ETFs launched last year now manage over $100 billion in assets, with $57.33 billion in net inflows, while Ethereum funds have seen $13 billion in inflows and $30 billion in assets under management. If GDLC follows this trajectory, it could attract significant capital once trading begins.
The fund’s current profile suggests potential. With a net asset value of $58 per share and over $931 million in assets, GDLC is heavily weighted toward Bitcoin (72%) and Ethereum (17%), with smaller allocations to XRP, Solana, and Cardano. For investors, this structure offers a balanced approach to crypto exposure without the need to navigate the intricacies of individual tokens.
As the crypto market continues to evolve, Grayscale’s GDLC ETF represents more than just a product—it’s a symbol of growing institutional confidence. With regulatory hurdles easing and investor demand surging, the path to mainstream adoption just got a little smoother. Will this be the catalyst the industry has been waiting for? Only time—and the market—will tell.
What do you think? Could basket ETFs like GDLC redefine how we invest in crypto? Let us know.