Grayscale’s Digital Large Cap Fund Receives SEC Approval to Convert Into Multi-Asset Crypto ETF
Grayscale has received approval from the U.S. Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF), paving the way for what could become the largest multi-crypto ETF globally.
The ETF will be linked to the CoinDesk 5 Index (CD5) and include major digital assets such as bitcoin (BTC), ethereum (ETH), XRP, solana (SOL), and cardano (ADA). Bitcoin will have the largest weighting, making up approximately 80% of the portfolio.
Initially launched in February 2018, the GDLC fund has accumulated nearly $755 million in assets under management. It carries a 2.5% annual management fee.
“This marks a major milestone,” said Andy Baehr, head of product and research at CoinDesk Indices. “This ETF structure gives investors and advisors exposure to a diversified basket of top digital assets through a single regulated product.”
Baehr also confirmed that once converted, GDLC will become the world’s largest multi-token digital asset ETF by market size.
In parallel, Bitwise Asset Management is awaiting an SEC decision on converting its Bitwise 10 Crypto Index Fund (BITW) into a spot ETF. The BITW fund currently allocates nearly 79% to bitcoin, with the remainder invested in assets like ether, XRP, solana, cardano, Sui (SUI), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Polkadot (DOT).
