Grayscale Spot ETF Holding Ripple’s XRP, Solana, and Cardano Wins SEC Green Light

The U.S. Securities and Exchange Commission has approved on an “accelerated basis” the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF).

Grayscale’s Digital Large Cap Fund Converts To Spot ETF

The SEC has approved Grayscale’s Digital Large Cap Fund (GDLC) to convert into a spot crypto ETF, according to a Tuesday filing.

“It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act, that the proposed rule change (SR-NYSEARCA-2024-87), as modified by Amendment No. 1, be, and hereby is, approved on an accelerated basis,” the regulator wrote.

The SEC’s approval was expected, given that Bitcoin and Ethereum account for 90% of the fund’s assets, Bloomberg ETF analyst James Seyffart said in an X post.

Approval was our expectation. The fund is over 90% Bitcoin and Ethereum. The next big date is @Bitwise's $BITW deadline of July 31. But SEC could obviously go early…We wrote about this and more here for Bloomberg terminal clients: pic.twitter.com/BdHNe7ZQsS

— James Seyffart (@JSeyff) July 1, 2025

GDLC currently trades over the counter for accredited investors and is comprised mainly of BTC at around 80%, then Ethereum at about 11%. Solana, Cardano, and XRP are also included with single-digit percentages, as per the fund’s official website.

More Altcoin ETFs To Come

As we reported earlier, the REX Osprey Solana Staking ETF is officially set to go live on Wednesday, becoming the first in the US to allow crypto staking.

The SEC also has a bevy of applications for a wide array of crypto ETFs on its desk, from ones that track XRP and SOL to meme coins like Dogecoin and Official Trump amid a more favorable regulatory environment for crypto following President Donald Trump’s return to the White House in January.

According to ETF Store President Nate Geraci, the approval of Grayscale’s GDLC “would then be followed later by approval for individual spot ETFs on XRP, SOL, ADA, etc.”

“Side benefit for SEC in approving GDLC is that it would provide nice ‘test run’ for addn’l crypto assets in ETF wrapper…xrp, sol, & ada represent < 10% combined of GDLC’s holdings,” Geraci postulated. “Easy way to slowly step into other assets.”

Meanwhile, top Wall Street analysts have now estimated the likelihood of SOL, XRP, and Litecoin (LTC) spot ETF approvals coming before the end of the year at 95% in the face of “very positive” engagement from the SEC.