TLDR
- Nate Geraci stated that Grayscale’s Digital Large Cap Fund could receive SEC approval before any Solana spot ETF.
- The Grayscale fund includes XRP, Solana, Cardano, Ethereum, and Bitcoin among its holdings.
- XRP holds a 4.86% allocation in the fund, making it a significant component after Bitcoin and Ethereum.
- Grayscale filed an S-3 form with the SEC in April to convert the fund into a spot ETF.
- Bloomberg analysts estimate a 90% chance of approval for Solana ETFs and 85% for XRP ETFs.
Grayscale’s Digital Large Cap Fund could become the next spot crypto ETF to receive regulatory clearance in the United States. Nate Geraci, president of ETF Store, stated that the fund may be approved before any standalone Solana ETF. This outlook follows Grayscale’s recent filing with the SEC and increasing regulatory openness to multi-asset crypto products.
XRP Could Lead Next Approval Wave
Grayscale included XRP in its Digital Large Cap Fund, which had a portfolio allocation of 4.86% as of June 11. The fund’s exposure to XRP may 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 has a 3.04% weight in the Digital Large Cap Fund, ranking 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.
Sounds like this may be first in line for approval before spot sol ETFs…
Includes XRP & Cardano.
Pretty clear where this is all heading. pic.twitter.com/zgpUPFKcGI
— Nate Geraci (@NateGeraci) June 12, 2025
Market response has been positive, with GDLC trading at $47.44 on June 11, gaining 14% over the past month. The Solana-based ETF filings continue to progress, but timing remains uncertain. Solana’s role within the Grayscale fund may offer indirect exposure ahead of any standalone approval.
Cardano, Litecoin, and Others Follow
Cardano holds 0.93% in the Grayscale fund, making it the smallest component in the portfolio. The SEC has not yet approved a Cardano-focused ETF, but the coin remains part of key filings. Bloomberg analysts assigned Cardano ETFs an 80% approval probability, suggesting a supportive regulatory view.
Meanwhile, Litecoin shares similar prospects, holding a 90% chance for ETF clearance. Dogecoin and HBAR ETFs also gained attention, with both receiving 80% approval likelihoods 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.
