SEC Approves Grayscale GDLC Conversion into Spot ETF, XRP Becomes a Key Asset

The U.S. Securities and Exchange Commission (SEC) has officially approved the conversion of the Grayscale Digital Large Cap Fund (GDLC) into a spot Exchange-Traded Fund (ETF). This decision includes XRP as one of the primary altcoins in the ETF’s portfolio, marking a significant milestone in the evolution of the crypto ETF market in the United States.

Approval Details and GDLC Portfolio Composition

According to a report from CryptoSlate, the SEC has authorized a rule change that allows GDLC to be traded on the NYSE Arca as a spot ETF. The ETF portfolio consists of five major cryptocurrencies, namely:

• Bitcoin

• Ethereum

• XRP

• Solana

• Cardano

Meanwhile, CoinDesk reported that GDLC currently holds assets under management (AUM) ranging between USD 755 million and USD 775 million, making it the largest multi-token crypto ETF in the market today.

Implications for XRP and the Crypto Industry

XRP Gains Greater Presence in U.S. Markets

This approval significantly enhances the likelihood of a dedicated XRP ETF. Bloomberg analysts estimate the probability of a standalone XRP spot ETF approval has now reached 95%, with the potential to materialize before the end of 2025.

Driving the Trend of Multi-Asset ETFs

The success of GDLC paves the way for other companies, such as Bitwise and Franklin Templeton, to propose similar ETF products, potentially including other altcoins like Solana (SOL), Cardano (ADA), and XRP.

Access to Regulated Spot Crypto Assets

U.S. investors can now gain exposure to major cryptocurrencies such as Bitcoin, Ethereum, and XRP through regulated spot ETFs, without the need to directly hold these digital assets in personal wallets.

Conclusion: A Significant Step in Crypto Regulation

The SEC’s approval of GDLC’s conversion into a spot ETF represents a major advancement in legitimizing the crypto market. In addition to enhancing XRP’s credibility as an institutional-grade asset, this ETF opens broader access for both retail and institutional investors to participate in the digital asset space through transparent and regulated investment vehicles.

This development is widely regarded as a precursor to the launch of individual spot ETFs for XRP and other altcoins in the U.S. financial markets.