BREAKING: SEC Greenlights Grayscale’s GDLC ETF—Bitcoin, Ethereum, XRP, Solana & Cardano Now Institutional-Grade

The crypto world just got a seismic upgrade. The SEC—yes, the same folks who dragged their feet on spot Bitcoin ETFs for a decade—finally approved Grayscale’s GDLC ETF. This isn’t just another Bitcoin fund. It’s a diversified crypto powerhouse bundling Bitcoin, Ethereum, XRP, Solana, and Cardano under one ticker.

Wall Street’s playing catch-up—again. While retail traders piled into altcoins years ago, institutions can now ape in with a single trade. No more custody headaches, no regulatory gray zones (mostly). Just pure, SEC-sanctioned exposure to crypto’s heavy hitters.

The irony? Traditional finance spent years dismissing these assets as ‘speculative garbage.’ Now they’re packaging them like mortgage-backed securities circa 2007. Some things never change—except this time, the underlying assets actually have utility.

TLDR

• Grayscale’s GDLC Fund Gets ETF Status, Now Trading on NYSE Arca

• Bitcoin Dominates Grayscale’s New ETF with 80% Portfolio Share

• XRP and Solana Secure Key Roles in SEC-Approved GDLC Crypto Basket

• Cardano Joins Big Leagues with Entry into Grayscale’s Regulated ETF

• Grayscale’s ETF Milestone Sets Stage for More Multi-Crypto Fund Approvals

Grayscale has received final approval from the U.S. Securities and Exchange Commission to convert its Digital Large Cap Fund (GDLC) into a spot ETF. The ETF will track the CoinDesk 5 Index, holding Bitcoin, Ethereum, XRP, Solana, and Cardano. With this move, Grayscale will list the fund on NYSE Arca, transitioning it from an OTC product to a fully regulated exchange-traded fund.

Bitcoin Dominates GDLC Portfolio with Over 80%, while Ethereum Represents 11% Weight

The GDLC ETF will hold approximately 80% of its total value in Bitcoin, maintaining its dominant position in the index. Grayscale modeled the fund after the CoinDesk 5 Index, which measures top digital assets by market capitalization and liquidity. The SEC approved the structure after confirming the asset weightings and surveillance standards meet exchange listing requirements.

NEW: There's the approval order for @Grayscale's $GDLC to convert into an ETF. This is their Digital Large cap fund that holds Bitcoin, Ethereum, Solana, XRP, and Cardano. Final deadline was tomorrow https://t.co/jSt1HBWD3E pic.twitter.com/9kALeDD2Uh

— James Seyffart (@JSeyff) July 1, 2025

Ethereum forms the second-largest allocation in the GDLC ETF, comprising about 11% of the total portfolio as listed in the filing. Grayscale continues to support ethereum in both single-asset and multi-asset vehicles as part of its long-term strategy. The company highlights Ethereum’s utility in smart contracts and decentralized applications, reinforcing its place in the index.

XRP Secures Nearly 4.8% Share and Solana 2.8% Amid Regulatory Clarity

XRP accounts for 4.8% of the GDLC ETF portfolio, marking one of its most prominent allocations in any regulated ETF. Grayscale included XRP after improving regulatory clarity surrounding its classification and exchange availability. The SEC did not object to the asset’s inclusion, signaling acceptance of its liquidity and market maturity.

Based on market cap and liquidity rankings, solana comprises 2.8% of the total assets in the approved GDLC ETF. Grayscale selected Solana for its rising adoption in DeFi and NFTs, supporting its place in the top five index. The SEC’s approval indicates acceptance of Solana as a sufficiently mature and liquid asset.

Cardano Gains Exposure Through 0.8% Index Allocation

At launch, Cardano made up 0.8% of the GDLC ETF, rounding out the portfolio of the five largest cryptocurrencies. Grayscale included Cardano due to its consistent ranking among top assets and expanding smart contract functionality. Although smaller in allocation, Cardano’s inclusion reflects its position in market cap rankings.

The SEC’s approval of Cardano’s role confirms its eligibility under the same surveillance and quality standards applied to larger tokens. Grayscale plans to rebalance the ETF periodically to reflect market shifts. This ensures that all assets maintain their index over time.

New ETF Format Strengthens Grayscale’s Position in Regulated Crypto Funds

The approval completes Grayscale’s efforts to convert the GDLC fund into a regulated ETF format, with $775 million under management. The fund will now offer continuous creation and redemption on NYSE Arca, unlike the previous OTC model. This change improves pricing efficiency and liquidity for market participants.

Grayscale’s move could pave the way for other basket products to transition into ETF structures in the coming months. Bitwise and Franklin Templeton are among those seeking similar approval for diversified digital asset funds. With the GDLC conversion complete, Grayscale remains the leading name in regulated multi-asset crypto exposure.