SEC approves ETF with Solana, XRP and Cardano

The US stock exchange supervision (SEC) has approved the conversion of the Grayscale Large Cap Fonds (GDLC), which, in addition to Bitcoin, also depicts Ethereum, Solana, XRP and Cardano. However, the supervisory authority added a note that it would not yet allow the product to trade.

Grayscales Large Cap Fonds is based on Coindesk 5 Index, which measures the performance of the five largest and most liquid digital assets. Bitcoin (BTC) accounts for more than 80% of the fund's assets. Around 11% are created in Ethereum (ETH), 2.8% in Solana (Sol), 4.8% in XRP and 0.8% in Cardano (ADA). As a private trust, the GDLC fund manages almost 800 million $ 800 million and would be the first ETF with XRP and ADA exponation after conversion. However, the fund must not be acted publicly yet. Solana Get the green light last week For ETFs with individual illustration. Maybe the SEC wants to approve single trackers before it waves combined products.

ETF wave: Solana, XRP and Cardano on the starting line

Over a decade Lang refused the SEC several applications for spot-bitcoin ETFs. Only a year and a half ago, the regulator was forced to approved due to a court decision. Since Trump's taking office, the supervisory authority has been dealing relatively quickly in order to enable investors to access the crypto markets. She approved Grayscal's application for GLDC conversion one day before the decision period expired, while in the past she had rejected similar applications at the last minute.

Only last week, the SEC signaled that it was open to funds that invest the majority of its funds in established cryptocurrencies such as Ethereum and Bitcoin. Other digital assets are also permitted. Solana then received the knighthood as the third candidate, although XRP and Cardano should also follow soon. By the end of the year, the Bloomberg analysts James Seyffart and Eric Balchunas ETFs await up to eight different old coins.

Here are mine and @EricBalchunas‘ most recent odds on spot crypto ETF approvals by the end of 2025. We expect a wave of new ETFs in this second half of 2025. pic.twitter.com/H3pxJhqMy3

— James Seyffart (@JSeyff) June 30, 2025

Blackrock, the world's largest provider of crypto ETFs with a managed assets of a total of $ 80 billion in Bitcoin and Ethereum products, leaves the alternative crypto market for the time being. The number two, Fidelity, is also only in the race for a Solana ETF. The abstention of these strong brand names will probably have a dampening impact on the inflows in Altcoin products. Nevertheless, the approval of these ETFs is a decisive step for the institutionalization of the market.