The U.S. Securities and Exchange Commission (SEC) approved yesterday (July 1, 2025) the conversion of Grayscale’s Digital Large‑Cap Fund (GDLC) into a spot multi‑crypto ETF, making it the first U.S. ETF to hold a basket of major digital assets—including Bitcoin, Ethereum, XRP, Solana, and Cardano.

📦 What happened and why it matters

✓ Basket diversification

GDLC is benchmarked to the CoinDesk 5 Index, holding:

~80% Bitcoin (BTC)

~11% Ethereum (ETH)

~4.8% XRP

~2.8% Solana (SOL)

~0.8% Cardano (ADA)

This marks the first approval of a U.S.-listed spot ETF containing multiple cryptocurrencies. Previous approvals had been limited to single-asset BTC or ETH ETFs.

✓ Regulatory milestone

The SEC amended NYSE Arca rules (Rule 8.500‑E) to officially allow creation/redemption processes and impose surveillance measures for crypto index products—a shift signaling growing comfort with crypto as a regulated asset.

🔮 Expected effects on the crypto market

📈 Institutional and retail inflows

💰 Altcoin adoption & legitimacy

📊 Price momentum & reduced volatility

🌊 ETF summer on the horizon

🛡 Stronger market infrastructure

🧩 Bottom Line

Grayscale’s new GDLC ETF is a landmark step: the first U.S. spot crypto ETF featuring multiple assets. Expect institutional investment, more altcoin-specific ETFs, and price & volatility stability. The green light also sends a strong message to regulators, custodians, and the broader financial sector that diversified crypto products are ready for mainstream channels.