Grayscale ETF Approved by SEC, Assets Including XRP, Solana, Cardano

Latest announcement from SEC

On July 1, 2025, the SEC approved NYSE Arca's proposed amendment to Rule 19b-4, allowing GDLC to convert from an Over-the-Counter (OTC) market-traded fund to a spot ETF.

The fund is built on the CoinDesk 5 Index, with an allocation of approximately 80% to Bitcoin, 11% to Ethereum, 4.8% to XRP, 2.8% to Solana, and 0.8% to Cardano, reflecting the market capitalization and liquidity of these assets.

With approximately $775 million in assets under management as of June 30, 2025, GDLC will become the world’s largest multi-asset ETF when it moves to a continuous trading model on NYSE Arca. The decision follows a thorough review process, with the SEC amending Rule 8.500-E to allow index-based funds and comply with strict oversight standards.

The first step for altcoins

The SEC’s approval of Grayscale’s multi-asset ETF is a historic milestone, marking the first time altcoins like XRP, Solana, and Cardano have been included in a US-listed spot ETF product.

Previously, only Bitcoin and Ethereum had spot ETFs, with the first being approved in 2024. This approval reflects the maturity of the cryptocurrency regulatory framework in the US, especially as the new administration under President Donald Trump from 2025 has shown a more crypto-friendly stance.

This not only opens up access to institutional and retail investors, but also sets the stage for future single altcoin ETF products, such as proposals from Bitwise and Hashdex.

The crypto community on platforms like X has expressed excitement, with many calling this a “historic moment” for altcoins like XRP, Solana, and Cardano. Some users are optimistic that the approval could lead to a wave of other altcoin ETF approvals, while others highlight the potential upside for these assets, especially XRP, after resolving regulatory issues with the SEC.

Evaluation and Conclusion

The SEC’s approval of Grayscale’s multi-asset ETF, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano, is a major step forward in the growing acceptance of cryptocurrencies in the traditional financial system. This event not only opens the door to institutional and retail investors but also lays the foundation for the development of more diversified crypto financial products.

However, given the overwhelming weight of Bitcoin and Ethereum, and the regulatory and market challenges, the actual impact remains to be seen. In this context, both investors and companies need to be flexible in adjusting their strategies to take advantage of opportunities and minimize risks in a rapidly changing market.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.

Compiled and analyzed by HCCVenture

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