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The race for altcoin ETFs is heating up, but it might not be Solana that crosses the finish line next. According to Nate Geraci, president of The ETF Store, another fund, one that already includes XRP, could win the SEC’s approval first.
So, what makes this ETF so special?
The Hidden Contender: Grayscale’s Multi-Coin Fund
While most eyes are fixed on Solana’s spot ETF proposal, Geraci believes the real contender is the Grayscale Digital Large Cap Fund (GDLC). This isn’t a new player. It’s been around since 2018, offering exposure to major cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, and Cardano. But here’s the twist—it may soon become an ETF.
Grayscale had filed to convert this crypto fund into an ETF back in October 2023, and the SEC acknowledged it by the end of 2024.
And now, experts say this ETF might get the green light even before any Solana-focused product does.
XRP Has a Strong Spot in the Fund
Looking at the Grayscale Digital Large Cap Fund (GDLC), as of June 11, and here’s, here’s how the fund is divided:
Bitcoin (BTC): 78.77%
Ethereum (ETH): 12.40%
XRP: 4.86%
Solana (SOL): 3.04%
Cardano (ADA): 0.93%
This mix makes the GDLC a more balanced and possibly more SEC-friendly product. It’s not betting too heavily on low-liquidity altcoins, which could help it pass regulatory hurdles faster.
Approval Odds Favor Multi-Asset ETFs
Recent multi-asset index ETFs like GDLC currently have some of the highest odds of approval. Solana and Litecoin ETFs stand at 90%, while spot XRP ETFs are close behind at 85%. Cardano and Polkadot trail with 75%.
Interestingly, giants like BlackRock and Fidelity haven’t jumped into the altcoin ETF race yet. But Geraci doesn’t think they’ll stay out for long. Once the first wave of approvals begins, the rest may follow quickly.