SEC Approves Grayscale’s Digital Large Cap Fund as Spot ETF
On July 1, 2025, the US SEC approved Grayscale's Digital Large Cap Fund to be listed as a spot ETF on NYSE Arca. This marks the first multi-asset crypto ETF approval in the US.
- The fund will track the CoinDesk 5 Index, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano.
- At least 85% of holdings must consist of SEC-approved assets from other ETFs.
- The SEC amended Rule 8.500-E to allow trust units from limited liability companies and clarify that index-based portfolios are permissible.
- The fund transitions from over-the-counter trading to exchange trading.
- Includes XRP, Solana, and Cardano, setting a precedent for future ETF approvals.
- The decision reflects the SEC’s evolving stance on crypto regulations.
This approval may impact upcoming filings from Bitwise and Hashdex for expanded index products.