The U.S. Securities and Exchange Commission (SEC) has approved the first multi-asset crypto ETP (exchange-traded product) in the United States, giving the green light to the Grayscale Digital Large Cap Fund (GLDC). The decision, disclosed in a filing on Wednesday, September 17, 2025, marks a significant milestone for the digital asset industry, opening a new, regulated pathway for investors to gain diversified exposure to a basket of the market's largest cryptocurrencies beyond Bitcoin. The landmark SEC approval was facilitated by new generic listing standards, a mechanism designed to streamline and accelerate the launch of crypto funds on national exchanges.

• For the first time, U.S. investors will have access to a regulated, exchange-traded fund that holds a basket of top cryptocurrencies.
• Discover the five major digital assets that make up the fund's initial portfolio.
• Learn about the new fast-track approval process that made this launch possible and could open the floodgates for more products.

This approval represents the next major chapter in the integration of digital assets into mainstream U.S. finance, building on the wild success of spot Bitcoin ETFs launched earlier in the year. While those funds were a monumental step, they were limited to a single asset. The launch of a multi-asset crypto ETP from Grayscale signifies a new level of regulatory comfort, acknowledging that the digital asset market is a diverse ecosystem with multiple, significant projects. It provides a simple, one-stop solution for retail and institutional investors who want broad market exposure without the complexity of picking individual winners or managing private keys.

A key enabler of this milestone is the SEC's adoption of new generic listing standards. Previously, each crypto ETF application was subject to a lengthy, bespoke, and often contentious review process. The new standards create a streamlined, template-based pathway for funds that meet specific criteria, such as those based on assets with regulated futures markets. This dramatically accelerates the approval pipeline, allowing products like Grayscale's fund to come to market more efficiently. This procedural shift is a direct result of the SEC's new, less adversarial approach to the industry, a change that was signaled by the recent joint statement on collaboration from the SEC and CFTC.

The portfolio of the Grayscale Digital Large Cap Fund offers investors a snapshot of the current crypto landscape's most significant sectors. It will initially provide exposure to five of the largest cryptocurrencies by market capitalization: Bitcoin, the original and largest digital asset; Ether, the dominant smart contract platform; XRP, a major player in cross-border payments; and Solana and Cardano, two leading high-performance blockchain platforms. This curated basket allows investors to capture the performance of the established market leaders in a single trade.

The timing of the launch is particularly noteworthy, as it aligns with growing market sentiment that an "altcoin season" may be imminent. This is a cyclical market phase where cryptocurrencies other than Bitcoin (altcoins) tend to outperform. In a recent report, Coinbase Institutional noted that market conditions suggest a potential shift towards such a season beginning in September. By launching a multi-asset crypto ETP now, Grayscale is providing a perfectly timed vehicle for investors looking to capitalize on this potential market rotation.

This new fund enters an increasingly sophisticated product landscape. It demonstrates a market evolution where asset managers are creating more nuanced, thematic products. This trend is also evident in other recent proposals, such as the Bitwise ETF targeting the stablecoin and tokenization sectors, which carves out its own specific niche. This diversification of regulated products is a strong sign of a maturing industry.

Ultimately, this landmark SEC approval is expected to open the door for a wave of new and diverse crypto investment products in the U.S. It validates not only the asset class but also the foundational blockchains themselves, like Solana and Cardano. This investor-level validation comes as development on these platforms continues to accelerate, with projects like the Coinbase-backed Open Intents Framework working to improve the usability of their application ecosystems. This creates a potential virtuous cycle: as investment flows into the base layers, the incentive to build valuable applications on top of them grows, further increasing the network's value.

Expert Opinions and Quotes

“Grayscale Digital Large Cap Fund $GDLC was just approved for trading along with the Generic Listing Standards. [We are] working to launch the product ‘expeditiously.’” — Peter Mintzberg, CEO of Grayscale, in a post on X - Source

FAQs

What is the Grayscale Digital Large Cap Fund (GLDC)?
GLDC is the first multi-asset crypto ETP to be approved in the United States. Issued by Grayscale, it is an exchange-traded fund that provides investors with regulated exposure to a diversified basket of the world's largest cryptocurrencies.

Which cryptocurrencies are included in the fund?
The fund will initially offer exposure to five major digital assets: Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA).

What are "generic listing standards"?
The generic listing standards are a new, streamlined regulatory process adopted by the SEC. They create a template for approving spot crypto ETFs that meet certain criteria, which speeds up the review process and avoids the need for a lengthy individual assessment for each application.

Why is the approval of a multi-asset crypto ETP significant?
It signifies a major step beyond single-asset products like Bitcoin ETFs. It shows increasing regulatory comfort with the broader digital asset ecosystem and provides investors with a simple, regulated way to diversify their crypto holdings.