SEC Approves Grayscale's Digital Large Cap Fund Conversion to ETF, Covering Major Cryptos

The U.S. Securities and Exchange Commission (SEC) has greenlit Grayscale’s Digital Large Cap Fund conversion into an ETF, as reported by Odaily Planet Daily. The fund provides exposure to five major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA).

This approval marks another milestone in crypto ETF adoption, following earlier spot Bitcoin and Ethereum ETF approvals. By including multiple assets, the fund offers diversified crypto exposure, potentially attracting institutional investors seeking broader market access.

Market reactions were mixed, with SOL and ADA seeing slight gains, while BTC and ETH remained stable. Analysts suggest this could accelerate demand for multi-crypto investment products, further bridging traditional finance and digital assets.

The SEC’s decision signals growing regulatory acceptance of crypto-based ETFs, though questions remain about future approvals for single-asset funds like Solana or XRP ETFs.