- Grayscale’s ETF filing includes XRP, Bitcoin, Ethereum, Solana, and Cardano.
- SEC decision on GDLC conversion due by July 2, 2025.
- XRP surges with a 637% on-chain volume increase in 24 hours.
Grayscale Investments has submitted an amendment to the SEC to transform its Digital Large Cap Fund (GDLC) to a spot exchange-traded fund (ETF), giving prominence to XRP among other cryptocurrencies. The application, filed on June 26, 2025, aims to have the ETF listed on NYSE Arca and, in the process, provide regulated exposure to XRP, Bitcoin, Ethereum, Solana, and Cardano for U.S. investors. The SEC is required to provide a determination no later than July 2, 2025, in accordance with the statutory timetable. This is after Grayscale had a successful legal battle with the SEC in 2023, which resulted in the purchase of its Bitcoin Trust to a spot ETF.
GDLC currently possesses 80.8 percent in Bitcoin, 11.07 percent in Ethereum, 4.63 percent in XRP, 2.75 percent in Solana, and 0.75 percent in Cardano, and the total amount of assets is more than 760 million dollars. The approval would become the first U.S. spot ETF to incorporate altcoins such as XRP, which would widen access to institutional and retail investors. The filing takes place alongside better regulatory clarity following Ripple settling an almost-year-old case with the SEC to the tune of 50 million USD.
Market Impact and Price Movements
XRP registered massive gains following the ETF application due to the hope of the SEC approving the application and the end of the legal issues that Ripple has been facing. The cryptocurrency had a better performance than the rest of the market, which lost 0.88%, resulting in the entire crypto market cap of 3.27 trillion dollars. The activity on the chain of XRP increased by more than 637 percent within a day, an indicator of a strong appetite among investors. The coin stabilized at $2.18, where the technical analysis indicated a possible breakout to a higher level of $2.92 or even $3.63 in case the bull run continues.
However, Bitcoin fell and closed a streak of three consecutive gains at 107729.11. Bitcoin spot ETFs are in strong demand, with a net inflow of $501.2 million on June 27, 2025. However, the reduction was caused in part by geopolitical relaxation and the anticipated interest rate cuts in Q3 of 2025 by the Federal Reserve. Currently, Bitcoin is trading at 6.31 percent above its price a week ago, with a market capitalization of $2.14 trillion in the global markets, which testifies to its 64.72 percent dominance in the crypto realm.
The ETF filing will realign market dynamics by making XRP and other altcoins more liquid and legitimate. Single-asset ETFs on XRP, Solana, and Cardano might be approved, even though a longer schedule is expected. With altcoins representing less than 10 percent of assets, the structure of the fund limits the regulatory issues of volatility and liquidity, which makes it a conservative direction in large-scale crypto adoption.
This action by Grayscale is similar to the overall trend of increased institutional demand in cryptocurrencies. In January 2024, the company passed its initial approval on the Bitcoin ETF, which had resulted in major inflows. The same performance in GDLC may propel XRP to its highest price of 2025 at $3.39, supported by the increased business opportunities of Ripple after the settlement. Nonetheless, there is a risk, such as the possible pushback from the SEC or the lack of appeal, which may cause selling pressure on XRP.
