the first multi-crypto ETP debuts in the USA

The SEC has approved the conversion of the Grayscale Digital Large Cap Fund (GDLC) into an ETP listable on NYSE Arca, as documented in the S-3 filing submitted to the SEC SEC EDGAR – S-3 GDLC and confirmed by the issuer on its own site Grayscale.

This is the first time a multi-crypto product has received explicit approval in the United States for listing on a regulated exchange, opening a regulated channel for diversified exposure to digital assets.

The public confirmation came on September 18, 2025 through official communications from the issuer and updates on market bodies. In this context, the market’s attention immediately shifted to timing and operational details.

According to the data collected by our research team monitoring SEC filings since 2023, this is one of the few cases where the authority’s staff has authorized the listing of a multi-asset product with explicit reference to the Generic Listing Standards.

Industry analysts note that the decision could accelerate the timeline of over 90 related filings currently in the pipeline in 2025, increasing the likelihood of new listings in the next 6-12 months.

In the intraday monitoring of ETF flows, we found that Bitcoin products have recently recorded daily flow averages close to $292 million, a value used in our numerical analysis to size the potential impact.

What has been approved and why it matters

The SEC has authorized the conversion of the GDLC from an OTC fund to a listable ETP on NYSE Arca, along with the adoption of Generic Listing Standards for selected crypto-assets.

As highlighted by SEC.gov, the move aims to streamline bureaucracy and accelerate the introduction of new products, impacting access, liquidity, and transparency. That said, the potential impact concerns both retail investors and institutional players.

Key Data on GDLC

• Full name: Grayscale Digital Large Cap Fund (GDLC)
• Structure: multi-crypto ETP (conversion from OTC)
• Expected market: NYSE Arca
• AUM: over $915 million (latest data reported by the issuer)
• NAV per share: $57.70 (latest data reported by the issuer)
• Ticker ETP: in definition (awaiting official communication)
• Expense ratio: not disclosed at the publication date
• Date of public confirmation: September 18, 2025

Composition: the 5 cryptocurrencies included

The GDLC offers diversified exposure to five large-cap digital assets, namely Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and Cardano (ADA).

According to Grayscale, this combination aims to build a multi-asset profile that goes beyond the exposure of individual ETFs, with benefits in terms of diversification and reduction of specific risk.

The percentage weights of the components will be detailed in the prospectus and may vary over time based on periodic realignments; transparency on the weights will be a key element for evaluating the risk/return ratio.

How to Invest

Once listed, GDLC shares will be tradable intraday through brokers that offer access to NYSE Arca.

The ETP structure allows for real-time execution, ensures transparency on prices, and integrates with institutional portfolios, providing investors with a regulated path to digital assets. It should be noted that market depth and trading spreads remain central issues.

The operational issue regarding the ticker, total costs, and custody remains to be defined, elements that will influence the product’s attractiveness for different types of investors.

Market Impact: What Changes Immediately

The approval of the GDLC could serve as a catalyst for the launch of new products. According to Bloomberg (Eric Balchunas), in similar situations, the conversion of ETFs has led to a tripling of launches on an annual basis.

There are over 90 active applications on the market, with close deadlines. That said, the actual pace of listings will depend on the outcome of individual reviews.

As Nate Geraci of the ETF Institute observes, the current wave of filings represents only the beginning of a broader cycle.

Market flows also highlight a situation in rotation: during a typical day, Bitcoin ETFs recorded net inflows of +$292 million, while Ethereum products showed net outflows of -$61.7 million. In this context, interest in diversified instruments might intensify.

Brief Numerical Analysis

If a multi-crypto ETP like the GDLC were to capture even just 5% of the daily flows observed in traditional Bitcoin ETFs (amounting to $292 million), this would equate to about $15 million in a single market session.

This is a hypothetical scenario, useful for framing the magnitude of potential demand.

New filings and “exotic” products: between opportunities and risks

The easing of regulatory rules is spurring proposals on less established assets. Recently, requests have emerged for products linked to Avalanche, the meme coin Bonk, Orbs, Litecoin, Sui, and for leveraged, income-focused, and basis trade strategies on Bitcoin and Ethereum.

Analysts believe that solutions based on infrastructures with greater liquidity and robustness, such as those of Avalanche, have better chances of approval, while proposals linked to memecoins or complex strategies might encounter obstacles related to volatility, transparency, and price formation. Yet, the range of ideas in the pipeline remains broad.

Crypto ETF vs OTC Funds: What Really Changes

Crypto ETP/ETFs offer advantages such as real-time pricing, market making, and arbitrage opportunities, reducing deviations from the NAV. In contrast, OTC funds frequently exhibit persistent discounts or premiums, more limited access, and lower liquidity.

The migration to an ETP structure also facilitates due diligence, improves compliance, and can reduce the tracking error compared to the underlying assets. Indeed, the format transition also impacts the quality of price formation.

Frequently Asked Questions

What is the difference between multi-crypto ETP and single asset ETF?

The multi-crypto ETP like the GDLC offers diversification within a single instrument, while an ETF on a single asset concentrates the exposure and risk on just one cryptocurrency.

When is the listing expected?

The exact date of the listing on NYSE Arca has not yet been announced. With the SEC authorization now confirmed, an official statement from the exchange will follow with the indication of the ticker and operational timelines.

What are the costs?

The expense ratio has not been disclosed and will be indicated in the final prospectus, affecting the long-term holding cost.

How will the custody of assets occur?

The custody methods have not yet been specified in detail. The final documents will define the role of the custodian, the adoption of cold storage, and the security measures.

What main risks should be considered?

Among the main risks are the high volatility of assets, possible deviations from the NAV during periods of stress, operational risk, and regulatory uncertainty. While on one hand, diversification helps mitigate these risks, on the other hand, these factors are not completely eliminated.

Context and Next Steps

With the adoption of the Generic Listing Standards, the listing path for products with established assets becomes more straightforward.

A new wave of filings and updates to existing prospectuses is expected to comply with the new rules, as confirmed by SEC.gov. In this context, the predictability of the process can encourage a greater number of initiatives.

For investors, the focus remains on costs, liquidity, tracking, and governance of the product. Transparency on weights and possible reallocations will be decisive for evaluating the risk/return ratio.

Related Insights

• Crypto ETP/ETF: guide and updates
• Timeline of SEC Approvals on Bitcoin ETFs
• Flows into Ethereum products: recent trends

Editorial note: allocation weights, expense ratio, ticker, and custody methods were not public at the time of writing. The piece will be updated as soon as the issuer’s or exchange’s final documents are available.