Grayscale's Digital Large Cap Fund Could Become the Next Spot Crypto ETF to Receive Regulatory Clearance

XRP Could Lead Next Approval WaveGrayscale included XRP in its Digital Large Cap Fund, which had a portfolio allocation of 4.86% as of June 11.

The U.S. Securities and Exchange Commission (SEC) may clear Grayscale’s Digital Large Cap Fund (GDLC) ETF before any standalone Solana ETF, according to ETF Store president Nate Geraci.

Its outlook follows Grayscale’s recent filing with the SEC and a broader push for multi-asset crypto products.

XRP Could Lead Next Approval Wave

The Grayscale Digital Large Cap Fund included 4.86% in XRP as of June 11, part of its broader strategy to provide a diversified basket of digital assets.

This exposure to XRP could strengthen its chances of receiving approval before a dedicated XRP spot ETF. According to Bloomberg ETF analysts, XRP ETFs currently hold an 85% likelihood of approval.

The Grayscale Digital Large Cap Fund filed an S-3 form to convert into an ETF earlier this year. If approved, the ETF would give access to several major digital assets under one product.

XRP’s inclusion alongside Bitcoin and Ethereum could support a favourable SEC decision.

Grayscale’s history with the SEC may also help the process move forward without significant delays. The firm previously secured approval to convert its Bitcoin Trust into a spot ETF.

It’s push for a diversified crypto ETF follows the SEC’s nod to mixed funds from Franklin Templeton and Hashdex.

Solana May Wait Despite High Prospects

Solana had a 3.04% weight in the Digital Large Cap Fund, lower than Bitcoin, Ethereum, and XRP. However, Bloomberg analysts gave Solana ETFs a 90% chance of approval, suggesting strong regulatory momentum.

Still, Nate Geraci indicated Solana spot ETFs may follow the Grayscale fund rather than lead.

The SEC is expected to decide on Solana ETF filings by July 2025, but no official guidance has been issued. Geraci suggested that the Grayscale basket fund, with Solana already included, could move ahead sooner.

This implies that broader ETF products may receive preference over single-asset filings.

Solana's inclusion in the Grayscale Digital Large Cap Fund provides indirect exposure ahead of any standalone SOL ETF approval, according to ETF Store president Nate Geraci.

Solana ETFs have a 90% chance of approval, while analysts assigned an 80% approval probability to Cardano ETFs.

Cardano, Litecoin, and Others Follow

Cardano, the smallest component in the portfolio with a 0.93% allocation, is also part of the SEC’s review.

According to Bloomberg ETF analysts, Cardano ETFs have an 80% probability of approval, indicating a supportive regulatory view.

Meanwhile, Litecoin shares similar prospects, holding a 90% chance for ETF clearance.

Dogecoin and HBAR ETFs also gained attention, both receiving an 80% approval likelihood from analysts.

These products remain under review as part of the SEC’s wider digital asset ETF assessments.

The crypto basket ETF decision deadline is July, ahead of October’s deadlines for individual altcoin ETFs.

Grayscale’s multi-asset strategy could accelerate approvals for several tokens simultaneously.

Regulatory timelines may shift, but approval for one could influence others.