SEC Approves First US Multi-Crypto ETF: Grayscale GDLC Fund Now Trading
The U.S. Securities and Exchange Commission has given its approval for Grayscale’s Digital Large Cap Fund (GDLC) to be traded as an exchange-traded product, making it the first multi-crypto ETF in the United States. The fund, which includes bitcoin, ethereum, XRP, solana, and cardano, currently manages $755 million in assets and will commence trading on NYSE Arca on September 19, 2025.
Grayscale GDLC Fund Composition and Allocation Strategy
The GDLC portfolio comprises Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), with respective allocation percentages of 72.23%, 12.17%, 5.62%, 4.03%, and 1% as of September 2025. Recently, the fund reduced its BTC allocation to increase its exposure to ETH, XRP, SOL, and ADA, thereby providing investors with a diversified portfolio of the leading cryptocurrency assets.
Fund Performance and Market Response
As of September 18, 2025, GDLC, a fund managed by GDLC, has accumulated an assets under management (AUM) of $915 million. The fund’s shares have closed at $58.50, marking a significant 7.75% increase following positive news from the Securities and Exchange Commission (SEC). With a 2.5% expense ratio, GDLC has been operational since February 2018.
SEC’s New Generic Listing Standards Transform Crypto ETF Market
The approval of GDLC coincided with a significant regulatory development. The SEC’s adoption of generic listing standards for crypto ETFs is a pivotal moment that aims to expedite the launch process. This move, as stated by SEC Chairman Paul Atkins, seeks to reduce barriers to access digital asset products in a regulated manner.
This regulatory framework signifies a significant change in how cryptocurrency investment products can access traditional markets, which could potentially lead to the creation of numerous additional altcoin ETFs.
Market Impact and Institutional Adoption Prospects
The approval signifies a pivotal moment in the institutional adoption of cryptocurrency. Unlike single-asset Bitcoin or Ethereum ETFs, GDLC offers exposure to five major digital assets within a single regulated investment vehicle, thereby catering to the institutional demand for diversified crypto exposure.
The fund’s composition strategically captures over 90% of the total cryptocurrency market capitalization, making it an efficient vehicle for broad crypto market exposure without the complexity of managing multiple individual positions.
Regulatory Significance and Future Implications
Grayscale CEO Peter Mintzberg issued a thank you to the SEC Crypto Task Force for their “unmatched efforts in bringing the regulatory clarity our industry needs.” This approval signals the SEC’s evolving stance toward multi-asset cryptocurrency products under the current administration.
The decision builds on previous regulatory wins for spot Bitcoin and Ethereum ETFs, extending institutional access to major altcoins including XRP, Solana, and Cardano for the first time through a regulated ETF structure.
Investment Vehicle Details and Trading Information
- Ticker Symbol: GDLC
- Exchange: NYSE Arca
- Launch Date: September 19, 2025 (ETF conversion)
- Assets Under Management: $915 million
- Expense Ratio: 2.5%
- Minimum Investment: Standard brokerage minimums apply
Key Takeaways From the Multi-Crypto ETF
- Historic First: GDLC becomes the first multi-asset cryptocurrency ETF approved by the SEC for US trading
- Diversified Exposure: Provides regulated access to Bitcoin, Ethereum, XRP, Solana, and Cardano in one fund
- Regulatory Milestone: SEC’s new generic listing standards will accelerate future crypto ETF approvals
- Market Size: Fund manages $915 million in assets with strong institutional interest
- Strategic Allocation: Weighted portfolio captures over 90% of total cryptocurrency market capitalization
- Trading Access: Now available to retail and institutional investors through traditional brokerage accounts
Also read, Santander’s Openbank Launches Crypto Trading in Germany.
Frequently Asked Questions
The Grayscale Digital Large Cap Fund (GDLC) is the first SEC-approved multi-asset cryptocurrency ETF in the United States, providing exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano through a single regulated investment vehicle.
As of September 2025, GDLC allocates approximately 72% to Bitcoin, 17% to Ethereum, 5.6% to XRP, 4% to Solana, and 1% to Cardano, with periodic rebalancing to maintain target weightings.
GDLC trades on NYSE Arca under the ticker symbol “GDLC” and is available through traditional brokerage accounts, making it accessible to both retail and institutional investors.
The fund charges a 2.5% annual expense ratio, which covers management fees, custody costs, and operational expenses for maintaining the multi-asset cryptocurrency portfolio.
The SEC’s approval of GDLC, combined with new generic listing standards, significantly reduces regulatory barriers and is expected to accelerate the launch of additional altcoin ETFs in the US market.
Christine Morgan is a senior staff writer and journalist at ReadBitz.com, where she brings clarity and context to the most pressing global events. As a leading voice on the daily news desk, she is dedicated to demystifying the complex web of international affairs, politics, and economics for a diverse global readership.