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XRP Cardano Solana ETF Grayscale news

XRP, Solana, Cardano Multi-Asset ETF Approval Highly Likely This Week: Expert

Jake Simmons
by Jake Simmons
2 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The US Securities and Exchange Commission (SEC) enters the final stretch of its review of Grayscale Investments’ bid to convert the $760 million Digital Large Cap Fund (GDLC)—which includes Bitcoin, Ethereum, XRP, Solana and Cardano—into an exchange-traded fund, with the statutory deadline set for July 2. ETF Store president Nate Geraci told his followers on X in the early hours of Monday that there is a “high likelihood” the conversion will be cleared, adding that approval would “then be followed later by approval for individual spot ETFs on XRP, SOL, ADA, etc.”

Geraci’s optimism rests in part on the composition of GDLC. As of June 27 the fund holds 80.8 percent Bitcoin and 11.1 percent Ether, while XRP, Solana and Cardano account for a combined 8.1 percent—well below the weights that have historically triggered regulatory push-back on liquidity or market-manipulation grounds. “XRP, SOL & ADA represent <10 % combined of GDLC’s holdings. Easy way to slowly step into other assets,” he wrote, framing the multi-token product as a low-risk sandbox for the agency.

Spot XRP, SOL And Cardano ETFs Incoming

The incremental approach dovetails with the SEC’s own playbook. Spot Bitcoin ETFs were green-lit in January 2024 after a federal court faulted the Commission for inconsistent reasoning, and spot Ether ETFs followed seven months later.

Related Reading: XRP Analyst: No Need To Panic Despite Judge’s Rejection, Rally Still In Play As $2 Holds

Geraci argues that the Commission already has a template for limited non-traditional exposures. Since February the SEC has permitted up to 15 percent of an ETF’s portfolio to consist of illiquid private-credit instruments, provided sponsors can demonstrate robust valuation and liquidity controls. “No reason to not allow 10 % weighting to crypto assets besides already-approved BTC & ETH,” he noted, calling it “incongruent” to maintain different thresholds for digital assets.

Notably, regulatory engagement appears to have intensified. Grayscale filed an amended Form S-3 for GDLC on June 26, a move Geraci highlighted as evidence that “the SEC is clearly engaged.” The registration statement reiterates that NYSE Arca’s Rule 19b-4 proposal to list the shares cannot proceed without Commission sign-off, but it also supplies updated disclosure on custody, creation-unit size and index methodology—changes that typically occur only after iterative feedback from SEC staff.

Related Reading: Ripple-SEC Ruling: What Judge Torres’ Decision Means For The Future

External analysts share Geraci’s assessment. Bloomberg Intelligence’s James Seyffart told Blockworks last week that the agency could approve GDLC precisely because the non-Bitcoin, non-Ether tranche is so small; denying the application, he said, would force the SEC either to draft a comprehensive crypto-ETF framework on the fly or to explain why 8 percent exposure presents an insurmountable risk.

Seyffart and colleague Eric Balchunas have since lifted their probability of approval for most single-asset altcoin ETFs to 90 percent, citing “remarkably positive” regulator–issuer dialogue.

If the conversion is approved this week, GDLC would become the first US spot ETF to give investors regulated exposure to XRP, Solana and Cardano, albeit in modest proportions. More importantly, it would hand the SEC real-time surveillance data on trading, flows and creation-redemption activity—data that could underwrite subsequent decisions on standalone XRP, SOL and ADA funds later in 2025. Market participants will know by the close of business Wednesday whether that experiment is about to begin.

At press time, XRP traded at $2.18.

XRP price
XRP price, 1-day chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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