The U.S. Securities and Alternate Fee has authorized Grayscale’s Digital Giant Cap Fund conversion right into a spot ETF.
The fund holds Bitcoin, Ethereum, XRP, Solana, and Cardano.
Consultants anticipate approvals of a number of crypto spot ETFs.
The U.S. Securities and Alternate Fee (SEC) has authorized the conversion of Grayscale’s Digital Giant Cap Fund (GDLC) right into a spot exchange-traded fund (ETF).
GDLC is a fund that holds mega cap cryptocurrencies Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA).
SEC’s approval, introduced in a submitting on Tuesday, marks a big milestone for cryptocurrency funding merchandise, significantly as buyers eye additional spot ETF nods from the regulator.
SEC authorized Grayscale’s large-cap fund to transform right into a spot ETF
This resolution, introduced on July 1, 2025, speaks to the SEC’s rising acceptance of regulated cryptocurrency funding merchandise and investor’s quest for publicity.
Greenlight for Grayscale’s digital large-cap fund provides to the obtainable spot ETFs within the US, notably spot Bitcoin and Ethereum ETFs that the regulator authorized in 2024.
With this growth, Grayscale’s fund will now commerce on the NYSE Arca. The ultimate deadline for SEC to both approve or reject the applying was July 2, 2025.
“Approval was our expectation. The fund is over 90% Bitcoin and Ethereum. The following large date is Bitwise’s BITW deadline of July 31,” Bloomberg ETF analyst James Seyffart mentioned. “However SEC might clearly go early.”
The newly authorized ETF will embrace a basket of main cryptocurrencies, comprising Bitcoin (79.4%), Ethereum (11.6%), XRP (4.8%), Solana (2.9%), and Cardano (0.8%), mirroring the fund’s present holdings.
Grayscale initially filed for this conversion on April 1, 2025, proposing a spot ETF construction to offer buyers with direct publicity to those property.
Following regulatory suggestions, the corporate submitted an amended submitting on June 30, 2025, with the SEC setting a ultimate resolution deadline of July 2, 2025. The approval order, launched right now, confirms the fund’s eligibility to record and commerce shares, a course of finalized forward of schedule, highlighting the SEC’s streamlined strategy to this software.
Consultants say SEC will quickly approve a number of crypto spot ETFs
Business analysts anticipate that the SEC’s approval of Grayscale’s ETF indicators the approaching approval of further crypto spot ETFs.
Just lately, Bloomberg ETF analyst Eric Balchunas highlighted the SEC’s imminent approvals. He pointed to the no additional feedback state of affairs round REX and Osprey Funds’ filings for a staked Solana (SOL) ETF as notable. That spot ETF, anticipated to launch on July 3, presents yield-generating staking options and is the primary staked crypto ETF within the U.S.
SEC has not too long ago delayed selections on a number of spot crypto ETFs, together with for XRP and SOL.
