The U.S. Securities and Exchange Commission (SEC) has approved Grayscale’s move to convert its Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF), marking a major milestone for crypto ETFs. This newly approved product is the first of its kind to offer diversified exposure to multiple digital assets, including Bitcoin (BTC), Ethereum (ETH), XRP, and other altcoins.
Grayscale’s amended S-3 registration was acknowledged just ahead of the July 2 deadline, signaling regulatory momentum in favor of broader crypto adoption through traditional financial products. This approval not only enhances investor access to diversified crypto portfolios but also kicks off what analysts are calling the “crypto ETF summer.”
XRP's inclusion in the Grayscale ETF is especially notable. While Bitcoin and Ethereum spot ETFs have already been launched in the U.S., this is the first SEC-approved multi-asset ETF to include XRP. This development follows Brazil’s approval of the first spot XRP ETF by Hashdex in February, and the launch of Purpose Investments' XRP ETF on the Toronto Stock Exchange (TSX) in June.
Bloomberg analysts expect more single-token ETFs, including those focused on XRP and Solana (SOL), to gain regulatory approval later this year. The trend points to increasing institutional interest and regulatory acceptance of altcoins beyond Bitcoin and Ethereum.
Earlier in January, the SEC approved Bitwise’s dual-crypto ETF combining BTC and ETH, further signaling the agency’s evolving stance on crypto-linked securities. As the market awaits further ETF greenlights, Grayscale’s GDLC conversion sets a precedent for more diversified crypto ETF products in the U.S.
With this approval, XRP takes a significant step toward mainstream financial integration, potentially boosting investor confidence and market liquidity.
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