The SEC has approved the Grayscale Digital Large Cap Fund's conversion to an exchange-traded fund (ETF), allowing it to hold a diversified portfolio of cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, and Cardano. This marks a significant regulatory step for crypto index funds in the U.S., especially since previous spot ETFs had been limited primarily to Bitcoin and Ethereum. The Grayscale fund, which has been publicly traded since 2019 and has approximately $775 million in assets, can now proceed to list as an ETF following the SEC's approval. Analysts had anticipated this move, citing growing positive discussions between Grayscale and the regulatory body. The SEC will still need to finalize the product's registration before the fund can officially uplist. Additionally, the SEC is currently evaluating single-asset products involving cryptocurrencies such as Solana and others, with decisions expected by October 2025.

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