Grayscale’s Digital Large Cap Fund: First Multi-Asset Crypto ETP in the US
The U.S. Securities and Exchange Commission (SEC) has approved Grayscale‘s Digital Large Cap Fund (GLDC), marking the first multi-asset cryptocurrency exchange-traded product (ETP) in the United States. This is a significant step forward for the crypto market.
The ETP invests in leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Investors can gain exposure to these major crypto assets without needing to acquire tokens or open accounts on cryptocurrency exchanges.
Peter Mintzberg, CEO of Grayscale, emphasized the speed at which the firm is bringing the first multi-crypto asset ETP to market.
Multi-Asset ETPs Meet Growing Altcoin Demand
The approval comes amid growing expectations for an altcoin season, where altcoins outperform Bitcoin. According to Coinbase, September may mark the start of a full-scale altcoin season, as open interest increases.
David Duong, Global Head of Research at Coinbase, stated:
“With the current market situation, there might be a full-blown altcoin season soon as September approaches.”
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SEC Generic Listing Standards Streamline Approvals
Grayscale’s ETP benefits from the SEC’s generic listing rules, designed to accelerate approval for crypto exchange-traded products on major U.S. exchanges such as Nasdaq, NYSE Arca, and Cboe BZX.
Under these rules, applications are no longer reviewed individually, enabling faster listing timeframes. The SEC Crypto Task Force, established in January 2025 under Acting Chair Mark Uyeda, and led by Commissioner Hester Peirce (“Crypto Mom”), provided clarity for these approvals.
Industry analysts note this marks a shift from the enforcement-heavy approach of former Chair Gary Gensler, which included costly lawsuits against Ripple, Terraform Labs, Binance, Coinbase, and Kraken.
Market Implications
The Grayscale Digital Large Cap Fund allows conventional investors to access multiple cryptocurrencies efficiently. Analysts suggest this approval could catalyze the emergence of additional multi-asset crypto ETPs, providing both investors and the U.S. crypto market with new regulated investment pathways.
