The US Securities and Exchange Commission (SEC) has approved the nation’s first multi-asset cryptocurrency exchange-traded product (ETP), a move that could reshape the digital asset market. Grayscale’s Digital Large Cap Fund (GDLC) will be the first to launch, offering exposure to Bitcoin, Ethereum, XRP, Solana and Cardano in a single regulated product.

This marks a significant milestone for crypto investors, as the approval follows the surge of spot Bitcoin ETFs earlier this year. Unlike traditional crypto purchases, the ETP allows investors to gain exposure to multiple top digital assets without opening exchange accounts or directly handling tokens.

The timing comes as speculation grows around the start of an “altcoin season,” a market phase where alternative cryptocurrencies outperform Bitcoin. On August 15, Coinbase predicted a “full-scale altcoin season” beginning in September, citing market patterns that have historically preceded such cycles.

Grayscale’s fund was approved under the SEC’s newly introduced generic listing standards, designed to speed up crypto-related ETF reviews across major exchanges such as Nasdaq and NYSE Arca. Grayscale CEO Peter Mintzberg celebrated the approval on X, promising to launch the product “expeditiously” and highlighting its historic status as the first US-listed multi-crypto ETP.

Mintzberg also thanked the SEC’s recently formed Crypto Task Force, which was created in January under Commissioner Hester Peirce—widely known as “Crypto Mom.” The task force represents a shift in the SEC’s approach, moving from years of enforcement-heavy crackdowns under former Chair Gary Gensler to a more structured regulatory framework.

The approval signals a turning point for digital asset adoption in the US, as institutional and retail investors now have a streamlined way to diversify into multiple cryptocurrencies. With momentum building and market watchers bracing for altcoin gains, the launch of Grayscale’s fund could mark the start of a new era in crypto investing.