Grayscale Investments has secured approval from the US Securities and Exchange Commission (SEC) to uplist its Digital Large Cap Fund (GDLC) as an exchange-traded fund.

The product, which holds a basket of Bitcoin, Ethereum, XRP, Cardano, and Solana, is scheduled to begin trading on Sept. 19, according to Bloomberg ETF analyst Eric Balchunas.

The approval arrived just hours after Grayscale’s chief executive Peter Mintzberg revealed that regulators had cleared the product for launch on the NYSE Exchange.

Mintzberg described the decision as a turning point for mainstream crypto investment, emphasizing that the structure offers investors exposure to five of the most actively traded tokens through a single regulated channel.

By avoiding the need to pick individual coins, crypto investors can now access a diversified portfolio under one umbrella.

Meanwhile, Mintzberg credited the SEC’s crypto task force for providing “the regulatory clarity our industry deserves,” signaling that cooperation between industry and regulators is slowly improving.

This move marks a sharp reversal from July, when the SEC delayed its decision on whether to allow Grayscale to upgrade GDLC from an over-the-counter vehicle to a listed ETF on NYSE Arca. At the time, the regulator said it required further review.

However, the SEC shifted course only two months after by granting approval on an “accelerated basis.” It also adopted generic listing standards designed to streamline the process for future crypto ETFs.

‘Second-largest crypto ETF’

Meanwhile, market analysts see the decision as a potential inflection point for multi-asset crypto funds.

Bloomberg’s James Seyffart noted that basket-style ETFs could quickly evolve into the second- or third-largest category of digital asset products, following single-asset Bitcoin ETFs, provided demand holds steady.

Notably, investor interest in crypto ETFs has proven strong over the past year.

According to SoSoValue data, Bitcoin-focused funds, launched last year, now manage more than $100 billion in assets, with net inflows of $57.33 billion to date. On the other hand, Ethereum funds have seen over $13 billion in inflows, managing around $30 billion in assets.

That precedent has fueled speculation that GDLC could attract meaningful inflows once trading begins.

According to Grayscale’s website, the fund’s net asset value is $58 per share, with assets under management exceeding $931 million. The site also shows that the fund has 72% of its assets in Bitcoin, 17% in Ethereum, around 6% in XRP, 4% in Solana and 1% in Cardano.

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