Catenaa, Wednesday, July 02, 2025-The US Securities and Exchange Commission has approved the conversion of Grayscale’s Digital Large Cap Fund into a publicly traded exchange-traded fund, signaling fresh momentum for broader crypto ETF offerings under a more receptive regulatory climate.
In a filing issued Tuesday, the SEC approved the fund’s proposed rule change on an “accelerated basis,” clearing the way for the over-the-counter product to begin trading on a public exchange.
The fund is currently composed of nearly 80% Bitcoin and 11% Ethereum, with smaller allocations to Solana, Cardano, and XRP.
The fund, listed under Grayscale Digital Large Cap Fund LLC, had previously been available only to accredited investors.
The SEC’s expedited approval comes as it continues to review a growing number of ETF proposals tied to individual crypto assets, including those tracking Solana, Dogecoin, and XRP.
Industry voices welcomed the development. Nate Geraci, president of the ETF Store, said the Grayscale approval offers the SEC a “test run” for spot ETFs tied to a wider range of cryptocurrencies, since assets like XRP, Solana, and Cardano comprise less than 10% of the fund’s holdings.
Analysts expect the decision to pave the way for a new wave of spot crypto ETFs entering the market by year’s end.
