TLDR:
- Grayscale’s ETF will trade on NYSE Arca and includes BTC, ETH, SOL, XRP, and ADA.
- The SEC approved the ETF just before the July 2nd conversion deadline.
- New SEC standards could cut ETF approval time to 75 days for qualifying tokens.
- Investors gain diversified crypto exposure with institutional-grade compliance and custody.
The crypto investment landscape shifted today as regulators greenlit another major exchange-traded fund conversion. Digital asset investors now have expanded access to diversified crypto exposure through traditional brokerage accounts.
This development comes alongside reports of streamlined approval processes that could reshape how crypto ETFs reach the market.
The Securities and Exchange Commission continues building frameworks for digital asset products. Today’s approval represents the latest step in crypto’s mainstream financial integration.
Grayscale’s Digital Large Cap Fund Gets ETF Status
Grayscale’s Digital Large Cap Fund received official approval to convert into an exchange-traded fund structure. The newly approved ETF holds five major cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, and Cardano.
Bloomberg ETF analyst James Seyffart confirmed the approval through social media channels. The conversion deadline was set for July 2nd, making this a last-minute regulatory decision.
NEW: There’s the approval order for @Grayscale‘s $GDLC to convert into an ETF. This is their Digital Large cap fund that holds Bitcoin, Ethereum, Solana, XRP, and Cardano. Final deadline was tomorrow https://t.co/jSt1HBWD3E pic.twitter.com/9kALeDD2Uh
— James Seyffart (@JSeyff) July 1, 2025
The SEC’s approval order allows NYSE Arca to list and trade shares of the converted fund. This marks another significant milestone for crypto ETF products in traditional markets. Investors can now access diversified crypto exposure without directly purchasing individual tokens.
The fund’s structure provides institutional-grade custody and regulatory compliance for digital assets.
New Generic Listing Standards Could Streamline Future Approvals
Crypto journalist Eleanor Terrett revealed that the SEC is developing generic listing standards for token-based ETFs. These standards would work in coordination with major exchanges to create clearer approval pathways.
🚨SCOOP: The @SECGov is in the early stages of creating a generic listing standard for token-based ETFs in coordination with exchanges.
The thinking, I’m told, is that if a token meets the criteria, issuers could skip the 19b-4 process, file an S-1, wait 75 days, and the…
— Eleanor Terrett (@EleanorTerrett) July 1, 2025
The proposed system could allow issuers to skip lengthy regulatory processes if tokens meet specific criteria. Market participants would file simplified paperwork and wait just 75 days for listing approval.
The new framework could dramatically reduce administrative burdens for both issuers and regulators. Current approval processes involve extensive back-and-forth communication and detailed comment periods.
Market cap, trading volume, and liquidity metrics are reportedly under consideration for the new standards. However, the SEC declined to provide official comments on the developing framework.
Crypto ETF Market Continues Expanding
The approval of Grayscale’s multi-crypto ETF adds to the growing roster of digital asset investment products.
Traditional investors increasingly seek exposure to cryptocurrency markets through familiar investment vehicles. ETF structures provide transparency, liquidity, and regulatory oversight that appeals to institutional investors.
This latest approval demonstrates regulators’ evolving approach to crypto investment products. The potential for streamlined listing standards suggests more crypto ETFs could reach markets faster.
Digital asset prices often respond positively to increased institutional access and regulatory clarity. The new approvals and simplified processes could accelerate crypto’s integration into traditional finance.
