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SEC approves Grayscale’s conversion of BTC, ETH, SOL, XRP fund into an ETF

  • The U.S. Securities and Exchange Commission has approved Grayscale’s Digital Large Cap Fund conversion into a spot ETF.
  • The fund holds Bitcoin, Ethereum, XRP, Solana, and Cardano.
  • Experts expect approvals of multiple crypto spot ETFs.

The U.S. Securities and Exchange Commission (SEC) has approved the conversion of Grayscale’s Digital Large Cap Fund (GDLC) into a spot exchange-traded fund (ETF).

GDLC is a fund that holds mega cap cryptocurrencies Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL) and Cardano (ADA).

SEC’s approval, announced in a filing on Tuesday, marks a significant milestone for cryptocurrency investment products, particularly as investors eye further spot ETF nods from the regulator.

SEC approved Grayscale’s large-cap fund to convert into a spot ETF

This decision, announced on July 1, 2025, speaks to the SEC’s growing acceptance of regulated cryptocurrency investment products and investor’s quest for exposure.

Greenlight for Grayscale’s digital large-cap fund adds to the available spot ETFs in the US, notably spot Bitcoin and Ethereum ETFs that the regulator approved in 2024.

With this development, Grayscale’s fund will now trade on the NYSE Arca. The final deadline for SEC to either approve or reject the application was July 2, 2025.

“Approval was our expectation. The fund is over 90% Bitcoin and Ethereum. The next big date is Bitwise’s BITW deadline of July 31,” Bloomberg ETF analyst James Seyffart said. “But SEC could obviously go early.”

The newly approved ETF will include a basket of major cryptocurrencies, comprising Bitcoin (79.4%), Ethereum (11.6%), XRP (4.8%), Solana (2.9%), and Cardano (0.8%), mirroring the fund’s current holdings.

Bitcoin makes up largest share of the Grayscale Digital Large Cap Fund. Source: Bloomberg

Grayscale initially filed for this conversion on April 1, 2025, proposing a spot ETF structure to provide investors with direct exposure to these assets.

Following regulatory feedback, the company submitted an amended filing on June 30, 2025, with the SEC setting a final decision deadline of July 2, 2025. The approval order, released today, confirms the fund’s eligibility to list and trade shares, a process finalized ahead of schedule, highlighting the SEC’s streamlined approach to this application.

Experts say SEC will soon approve multiple crypto spot ETFs

Industry analysts anticipate that the SEC’s approval of Grayscale’s ETF signals the imminent approval of additional crypto spot ETFs.

Recently, Bloomberg ETF analyst Eric Balchunas highlighted the SEC’s imminent approvals. He pointed to the no further comments scenario around REX and Osprey Funds’ filings for a staked Solana (SOL) ETF as notable. That spot ETF, expected to launch on July 3, offers yield-generating staking features and is the first staked crypto ETF in the U.S.

SEC has recently delayed decisions on multiple spot crypto ETFs, including for XRP and SOL.

The post SEC approves Grayscale’s conversion of BTC, ETH, SOL, XRP fund into an ETF appeared first on CoinJournal.

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Bitcoin to hit $200K by year end: Bitwise reaffirms bullish call

  • Bitwise has reiterated its bullish call for Bitcoin to reach $200,000 by year-end.
  • Bitwise said several of its December 2024 predictions for 2025 remain on track.
  • The firm is less certain about the outlook for Ethereum and Solana, both of which have underperformed this year.

At the midway point of 2025, digital asset manager Bitwise has reiterated its bullish call for Bitcoin to reach $200,000 by year-end, citing surging institutional interest and a supportive regulatory backdrop.

However, the firm is less certain about the outlook for Ethereum and Solana, both of which have underperformed this year.

In a note to clients published Tuesday, Bitwise Chief Investment Officer Matt Hougan and Head of Research Ryan Rasmussen reviewed the firm’s 2025 forecasts, offering a mixed assessment of crypto market dynamics so far this year.

Bitcoin holds strong, ETH and SOL lag

“It’s been a mixed year for crypto asset prices,” Hougan and Rasmussen wrote.

“Bitcoin hit a new all-time high of $112,000 in May thanks to strong ETF flows, growing demand from bitcoin treasury companies, and the creation of a US strategic bitcoin reserve.”

Bitcoin’s gains stand in contrast to the performance of Ethereum and Solana, which are both down year-to-date.

The firm attributes this divergence to broader macroeconomic risks and uneven investor appetite.

Still, Bitwise remains optimistic about the second half of the year.

“We’re holding firm to our BTC $200k prediction, as there is simply too much institutional demand for BTC to keep prices flat for long,” Hougan said.

He added that while the firm is “less confident on ETH and SOL,” developments such as ETF approvals, rising interest in stablecoins, and the emergence of ETH and SOL treasury companies could provide upside.

Bitwise’s crypto predictions for 2025

Bitwise said several of its December 2024 predictions for 2025 remain on track.

The firm’s forecast that Bitcoin ETF inflows would surpass last year’s $35 billion is still in play, especially with expanded access to these products via major wealth platforms.

Bitwise also noted that two of its regulatory forecasts have materialized: the US Department of Labor rescinded crypto restrictions on 401(k) plans, and both Coinbase and Strategy (formerly MicroStrategy) secured positions in the S&P 500 and Nasdaq-100, respectively.

These moves have brought crypto exposure to a wider investor base through passive index-tracking funds.

Meanwhile, Bitwise said its prediction that at least five crypto unicorns would go public in the US in 2025 is now almost guaranteed, with firms like Circle, Webull, and eToro leading the charge in what has become a faster-than-expected IPO boom.

Not all bets are panning out. Bitwise acknowledged that the anticipated meme coin surge — led by AI-generated tokens — has not materialised.

The memecoin mania died down in Q1, Hougan said, pointing to the rapid collapse of politically themed tokens like TRUMP and MELANIA, as well as LIBRA, a coin linked to Argentina’s President Javier Milei.

Additionally, Bitwise’s forecast that Coinbase would surpass Charles Schwab in market capitalization and reach a share price of $700 is now seen as increasingly unlikely within the 2025 timeframe.

Its prediction that the number of countries holding Bitcoin in reserves would double — from nine to 18 — also appears ambitious, though the firm noted that recent disclosures by the United Arab Emirates and Pakistan have moved the needle.

The post Bitcoin to hit $200K by year end: Bitwise reaffirms bullish call appeared first on CoinJournal.