SEC’s Grayscale Approval Shatters Barriers: US Debuts First Multi-Asset Crypto ETF

Wall Street's crypto ice age thaws—with regulators finally playing catch-up.

SEC greenlights Grayscale's landmark multi-asset trust

The dam breaks: After years of foot-dragging, the Securities and Exchange Commission approved Grayscale Investments' revolutionary crypto product—the first US-regulated multi-asset trust holding Bitcoin, Ethereum, and other major digital assets. No more piecing together single-coin ETFs like some decentralized finance amateur.

Pension funds, meet your new volatile best friend

Mainstream investors now get diversified crypto exposure without the wallet headaches. Though let's be real—the same institutions that called Bitcoin a scam in 2018 will now charge you 2% annually to hold it.

The crypto old guard wins—for once

Grayscale's victory laps around the SEC's headquarters mark a rare regulatory win for digital assets. Just don't ask about the 1.5% management fee that makes hedge funds blush.

Tomorrow's headline: BlackRock files for competing product at half the cost

What the SEC Grayscale ETF Brings to the Table

Bitcoin makes up the lion’s share of Grayscale’s GDLC ETF, but it’s not alone. Built on the CoinDesk 5 Index, the fund also pulls in Ethereum, XRP, Solana, and Cardano.

It’s crypto-Jesus for the TradFi crowd, and as we’ve written about all this cycle, retail is being left in the dust while it is institutions who are driving the bull market.

The end of public vs private markets is beginning. Capital formation too is more efficient in crypto markets. Lending markets too. This is democratization of finance and it's only going to accelerate from here… https://t.co/Z7fsKnzLul

— Raoul Pal (@RaoulGMI) June 30, 2025

The SEC’s approval signals a long-overdue pivot. After years of stonewalling spot Bitcoin ETFs, the regulator was forced to blink, thanks, in part, to Grayscale’s legal win in 2023.

Now the agency’s reluctant approval of GDLC reflects mounting pressure from institutions and pension funds looking for clean, regulated access to crypto. The ETF will hit NYSE Arca soon.

What This Means for the Crypto Market

Grayscale’s green light could be the first crack in the dam. 99Bitcoins analysts now expect a flood of crypto ETFs into Polkadot, Sui, Sei, Dogecoin (unironically, LOL), Avalanche, and even Tron. For investors, it’s about finding the crypto assets they want to legitimize.

The SEC’s nod signals that crypto isn’t lawless but maturing slowly but surely.

Hey… So Where Do We Go From Here?

Grayscale’s ETF marks another step in crypto’s march into mainstream finance. “We’re thrilled,” said CoinDesk Indices’ Andy Baehr, calling it a win for investors chasing top-tier digital assets in one package.

As ETFs stack up, the SEC is playing catch-up to a market that’s already moving on.

Key Takeaways

• The SEC Grayscale deal just greenlit Grayscale’s plan to convert its Digital Large Cap Fund (GDLC) into a spot ETF.
• Grayscale’s greenlight could be the first crack in the dam. 99Bitcoins analysts now expect a flood of crypto ETFs into Polkadot, Sui, Sei and more.