SEC Gives Green Light to First Multi-Asset Crypto ETP in the U.S.

The U.S. SEC has approved the country’s first multi-asset cryptocurrency exchange-traded product (ETP), paving the way for Grayscale’s Digital Large Cap Fund (GLDC) to be listed on a national exchange. 

This landmark decision allows mainstream investors to gain exposure to five leading digital assets—Bitcoin, Ether, XRP, Solana and Cardano—through a single regulated investment vehicle.

The authorization, revealed in a Wednesday filing, represents a major step forward for digital asset adoption and follows the successful rollout of U.S. spot Bitcoin ETFs earlier last year. By bundling multiple cryptocurrencies into one product, GLDC offers traditional investors a straightforward method to diversify their crypto holdings without managing separate wallets or exchange accounts.

Rising Optimism for an Altcoin Season

The timing of the approval coincides with growing speculation of an upcoming “altcoin season,” a phase in which alternative cryptocurrencies historically outperform Bitcoin. Coinbase analysts recently predicted that September could kick off a broad rally in altcoins, pointing to past market cycles and current trading patterns. Such sentiment has fueled renewed interest from both institutional and retail investors looking to expand beyond Bitcoin.

David Duong, Coinbase Institutional’s global head of research, emphasized in a recent report that market conditions are aligning for a potential shift toward altcoin dominance. If these forecasts materialize, Grayscale’s new product could become an attractive gateway for investors eager to capture gains across several high-profile digital assets at once.

Streamlined SEC Approval Signals Policy Shift

Grayscale’s fund was approved under newly adopted generic ETF listing standards, which simplify and accelerate the review process for spot crypto ETFs and ETPs on major U.S. exchanges like Nasdaq, NYSE Arca, and Cboe BZX. This framework allows the SEC to evaluate product types collectively rather than on a case-by-case basis, reducing regulatory delays and offering clearer guidance to issuers.

Grayscale CEO Peter Mintzberg celebrated the decision on X, calling it a milestone for the company and the broader industry. He praised the SEC’s Crypto Task Force, led by Commissioner Hester Peirce, for providing the regulatory clarity that market participants have long sought.

The task force’s creation earlier this year marked a notable departure from the SEC’s more aggressive enforcement stance under former Chair Gary Gensler, whose tenure was defined by high-profile lawsuits against Ripple, Binance, Coinbase and others. 

Market observers now see the latest approval as a sign that U.S. regulators are moving toward a more collaborative and transparent approach to crypto oversight, potentially opening the door to a wider range of digital asset investment products in the near future.