Digital Currency Group founder Barry Silbert described Grayscale’s newly approved Digital Large Cap Fund (GDLC) as “groundbreaking,” highlighting its role in bridging traditional finance with digital assets.

A basket beyond Bitcoin

Unlike earlier ETFs that focused on a single token, GDLC packages multiple leading cryptocurrencies into one product. Alongside Bitcoin and Ethereum, the fund includes XRP, Solana, and Cardano — with XRP representing about 5% of the portfolio, making it the third-largest holding.

The vehicle has been around in various forms for years. Originally offered to accredited investors in 2018, GDLC later expanded to OTC trading. Its transition into a fully regulated ETF was briefly delayed when the SEC called for further review in July but is now moving forward with nearly $916 million in assets.

Grayscale CEO Peter Mintzberg said the firm is pushing “expeditiously” to bring GDLC to market, positioning it as the next step after Bitcoin and Ethereum ETFs. He framed the launch as part of Grayscale’s strategy to widen institutional access to crypto.

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Shaping the ETF landscape

Grayscale has long been at the center of the ETF story. Its courtroom win against the SEC opened the door for spot Bitcoin ETFs in 2024, followed by Ethereum products later that year. Its flagship GBTC fund today holds over $20 billion in assets.

For Silbert, GDLC continues that legacy. He argued that by creating a single product with diversified exposure, Grayscale has once again set the pace for the industry — and possibly given institutions a new reason to treat crypto as a mainstream investment class.

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