Grayscale got approval to list its Digital Large Cap Fund (GDLC) on the New York Stock Exchange after a regulatory pause by the SEC. The indexed fund combines Bitcoin, Ethereum, XRP, Solana and Cardano, opening a regulated channel for assets beyond BTC and ETH. The move could shift flows and rotations among cryptoassets, affecting investors and managers seeking varied exposure to major altcoins.
Context and impact
GDLC copies an index of the five most liquid cryptocurrencies — Bitcoin 72%, Ethereum 17%, XRP 5.6%, Solana 4% and Cardano 1% — according to Grayscale’s website, as cited by Yahoo Finance. The fund offers weighted exposure with BTC and ETH making up 89% of the basket, while positions in XRP, SOL and ADA represent a smaller but important fraction for portfolio diversification.
Index-tracking means the fund seeks to replicate the make-up and performance of a specific index. This structure gives investors a single, regulated instrument to access multiple cryptoassets, while potentially altering market dynamics through rotations out of BTC or ETH and toward higher-beta assets during periods of risk appetite.
Regulation and timelines
The approval comes alongside changes to the SEC’s “generic listing standards”. These changes could speed up future approvals of ETFs on assets other than Bitcoin and revive applications still waiting. VanEck, 21Shares along with Bitwise are among the managers with proposals for altcoin ETFs.
Bloomberg and TradingView, estimate high probabilities (around 95%) for approval of Solana, XRP and Litecoin ETFs by October 2025. This view suggests an operational timeline that is relevant for traders and flow desks monitoring potential market catalysts.
The SEC shows both progress and caution. While GDLC received listing permission, the agency continues postponing decisions on other funds. The resolution on Grayscale’s Cardano ETF was put off until October 26, 2025, according to on-chain data, marking a key milestone for markets and for assessing regulatory risk in positions that hold ADA and other altcoins.
- GDLC composition: BTC 72% / ETH 17% / XRP 5.6% / SOL 4% / ADA 1%.
- Probabilities: 95% for SOL/XRP/LTC ETF approvals by October 2025.
- Key date: Cardano ETF decision extended to October 26, 2025.
- Regulatory change: SEC’s “generic listing standards” can speed up future listings.
Trading of GDLC on the NYSE is expected soon, and the next regulatory milestone to watch is the decision on the Cardano ETF on October 26, 2025. For traders and managers, monitoring hedging levels and ETF flows remains crucial, as BTC and ETH still dominate the basket and absorb most price impact while a wider opening of listings could drive more applications and potential rebalancing among issuers.
