The US Securities and Exchange Commission (SEC) has approved the conversion of the Grayscale Large Cap Fund (GDLC), which tracks Bitcoin, Ethereum, Solana, XRP, and Cardano, into an ETF. However, the regulator added a note stating that it has not yet authorized trading of the product.
Grayscale’s Large Cap Fund tracks the CoinDesk 5 Index, which measures the performance of the five largest and most liquid digital assets. Bitcoin (BTC) accounts for more than 80% of the fund’s assets. Around 11% is invested in Ethereum (ETH), 2.8% in Solana (SOL), 4.8% in XRP, and 0.8% in Cardano (ADA). As a private trust, the GDLC fund manages nearly USD 800 million and would become the first ETF to include exposure to XRP and ADA after conversion. However, it is still not permitted to trade publicly. Solana received regulatory approval for single-asset ETFs just last week. It’s possible the SEC wants to approve single trackers first before greenlighting combined products.
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ETF wave: Solana, XRP and Cardano at the starting line
For over a decade, the SEC rejected numerous applications for spot Bitcoin ETFs. It was only a year and a half ago that a court ruling forced the regulator to approve one. Since Trump’s term began, however, the agency has been moving relatively quickly to provide broader access to crypto markets for investors. It approved Grayscale’s application to convert the GLDC one day before the decision deadline—whereas in the past, similar applications had been rejected at the last minute.
Just last week, the SEC signaled it is open to funds that allocate the majority of their capital to established cryptocurrencies like Ethereum and Bitcoin. Other digital assets are also deemed acceptable. Solana then became the third candidate to receive the go-ahead, with XRP and Cardano likely to follow soon. Bloomberg analysts James Seyffart and Eric Balchunas expect ETFs for up to eight different altcoins by the end of the year.
Here are mine and @EricBalchunas' most recent odds on spot crypto ETF approvals by the end of 2025. We expect a wave of new ETFs in this second half of 2025. pic.twitter.com/H3pxJhqMy3
— James Seyffart (@JSeyff) June 30, 2025
BlackRock, the world’s largest provider of crypto ETFs with a total of USD 80 billion in assets under management in Bitcoin and Ethereum products, is for leaving the alternative crypto market to its competitors for now. The second-largest player, Fidelity, is also only competing with a Solana ETF. The absence of these major brand names will likely have a dampening effect on inflows into altcoin products. Nevertheless, the approval of these ETFs marks a crucial step in the institutionalization of the market.
