SEC Approves Grayscale Multi-Asset Crypto ETF Including XRP, Solana, Cardano

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On July 1, 2025, the US Securities and Exchange Commission approved a rule change to allow the Grayscale Digital Large Cap Fund to be listed and traded as a spot exchange-traded fund (ETF) on NYSE Arca. The decision marks the first approval of a multi-asset crypto ETF in the United States and signals growing acceptance of regulated digital asset baskets.

🚨JUST IN: @SECGov has approved the conversion of @Grayscale’s Digital Large Cap Fund into an ETF including $SOL, $BTC, and others. pic.twitter.com/UjLkk1MiN5

— SolanaFloor (@SolanaFloor) July 1, 2025

The fund will follow the CoinDesk 5 Index, which includes Bitcoin BTC $105 906 24h volatility: 1.4% Market cap: $2.11 T Vol. 24h: $25.40 B (80.20%), Ethereum ETH $2 409 24h volatility: 3.5% Market cap: $290.90 B Vol. 24h: $13.85 B (11.39%), XRP $2.18 24h volatility: 4.4% Market cap: $128.54 B Vol. 24h: $3.04 B (4.82%), Solana SOL $146.6 24h volatility: 6.2% Market cap: $78.39 B Vol. 24h: $4.35 B (2.78%), and Cardano ADA $0.54 24h volatility: 6.5% Market cap: $19.60 B Vol. 24h: $655.36 M (0.81%). Under the updated guidelines, at least 85% of the holdings must consist of assets previously approved by the SEC in other exchange-traded products.

Regulatory Framework Updated To Support Index-Based Portfolios

To accommodate this conversion, the SEC amended Rule 8.500-E to allow trust units issued by limited liability companies and clarified that underlying investments can include index-based portfolios. This allows Grayscale’s ETF to operate under a fully regulated exchange framework, offering a gateway for institutional and retail investors to gain diversified exposure through traditional brokerage platforms.

The fund, which previously traded over-the-counter under the ticker GDLC, will now transition to continuous exchange trading, enabling on-exchange creation and redemption mechanisms.

XRP, Solana, Cardano Get First Spot ETF Access

This approval is particularly notable because it marks the first inclusion of XRP, Solana, and Cardano in a US-listed spot ETF. The decision may also influence upcoming rulings on similar filings from Bitwise and Hashdex, which have proposed expanded index products.

While the ETF’s portfolio is still dominated by Bitcoin and Ethereum, the inclusion of other large-cap assets reflects broader regulatory maturity and signals the SEC’s evolving approach to crypto classifications.

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