- SEC approves Grayscale GDLC fund for trading on NYSE Arca, giving access to five major cryptocurrencies.
- New SEC rules cut crypto ETF approval time from 240 days to 75 days, speeding up future listings.
- GDLC holds Bitcoin, Ethereum, XRP, Solana, and Cardano, with Bitcoin making up over 72% of the fund.
The SEC has sanctioned the listing and trading of the Digital Large Cap Fund offered by Grayscale (GDLC). This marks a key regulatory step after several months of review. The fund will be listed on NYSE Arca and provide exposure to five major cryptocurrencies.
GDLC comprises Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Grayscale was initially approved several months before, but the SEC postponed the listing. On September 17, the agency confirmed the greenlight, allowing GDLC to move forward on NYSE Arca.
The fund had previously operated over the counter. Now, with the SEC’s decision, it becomes the first multi-asset crypto ETP available on a U.S. exchange. It is expected to be listed later this month.
Fund Composition and Recent Adjustments
Bitcoin remains the largest asset in GDLC, making up over 72% of the fund’s total holdings. Ethereum holds the second spot with more than 17%. The remaining assets include XRP at 5.62%, Solana at 4.03%, and Cardano at 1%.
Grayscale has also recently relocated some of its Bitcoin holdings to provide exposure to the other four assets. This was done to capture the changing market dynamics and investor interest within the crypto market.
The total assets under management in GDLC are valued at over $915 million. The net asset value per share currently stands at $57.70, according to Grayscale’s official data.
Regulatory Shifts Speed Up Crypto ETF Approvals
The GDLC approval coincides with broader regulatory changes. The SEC has introduced generic listing standards for crypto ETFs. This move significantly reduces the review timeline for future filings.
In the past, it used to take 240 days to receive approval. Under the new rules, eligible crypto funds may be listed within 75 days. Exchanges such as Nasdaq, NYSE, and Cboe were in collaboration with the SEC in the finalization of these standards. This streamlined approach allows commodity-based trust shares tied to digital assets to bypass the traditional 19b-4 form. As a result, more issuers can enter the market with less friction.
Market Impact and Future Outlook
Industry analysts expect a surge in new crypto ETFs following this policy shift. Bloomberg analysts forecast that over 100 new crypto ETFs could launch within the next 12 months.
They estimate that 12 to 15 digital assets currently qualify under the new guidelines. This may include additional altcoins such as DOGE and others with futures trading on regulated platforms. The GDLC listing sets a precedent for future multi-asset crypto products. It also reflects growing coordination between regulators and financial markets.
