The United States Securities and Exchange Commission on 1 July approved Grayscale Investments’ Digital Large Cap Fund for uplisting as a spot exchange-traded fund, clearing the way for the five-asset vehicle—weighted predominantly to bitcoin but also holding ether, XRP, Solana and Cardano—to begin trading on NYSE Arca under the Investment Company Act of 1933. The conversion turns a six-year-old private trust, now managing roughly $755 million, into what Grayscale describes as the largest multi-token digital-asset ETF yet sanctioned in the United States.
Momentum around single-asset products is already building. When an X user asked Geraci whether spot XRP, SOL and ADA ETFs were “most likely in Q4,” he replied, “I think sooner, but Q4 at latest.”
Bloomberg Intelligence senior ETF analyst Eric Balchunas argues that such a framework would open the floodgates. “This is what everyone wants… and why we’re so bullish—95 percent on most of the coins—for approval,” he posted, predicting listing standards “loose enough where the vast majority of the top-50 coins would be ok to be ETF-ized.”
His colleague James Seyffart injected a note of caution, pointing out that “the demand for some of these coins in an ETF wrapper is a whole other question,” a reminder that regulatory green lights do not necessarily guarantee commercial success.
At press time, XRP traded at $2.19.
