Bitcoin treasuries stall in Q4, but largest holders keep stacking sats

The post the first multi-crypto ETP debuts in the USA appeared on BitcoinEthereumNews.com. The SEC has approved the conversion of the Grayscale Digital Large Cap Fund (GDLC) into an ETP listable on NYSE Arca, as documented in the S-3 filing submitted to the SEC SEC EDGAR – S-3 GDLC and confirmed by the issuer on its own site Grayscale. This is the first time a multi-crypto product has received explicit approval in the United States for listing on a regulated exchange, opening a regulated channel for diversified exposure to digital assets. The public confirmation came on September 18, 2025 through official communications from the issuer and updates on market bodies. In this context, the market’s attention immediately shifted to timing and operational details. According to the data collected by our research team monitoring SEC filings since 2023, this is one of the few cases where the authority’s staff has authorized the listing of a multi-asset product with explicit reference to the Generic Listing Standards. Industry analysts note that the decision could accelerate the timeline of over 90 related filings currently in the pipeline in 2025, increasing the likelihood of new listings in the next 6-12 months. In the intraday monitoring of ETF flows, we found that Bitcoin products have recently recorded daily flow averages close to $292 million, a value used in our numerical analysis to size the potential impact. What has been approved and why it matters The SEC has authorized the conversion of the GDLC from an OTC fund to a listable ETP on NYSE Arca, along with the adoption of Generic Listing Standards for selected crypto-assets. As highlighted by SEC.gov, the move aims to streamline bureaucracy and accelerate the introduction of new products, impacting access, liquidity, and transparency. That said, the potential impact concerns both retail investors and institutional players. Key Data on GDLC Full name: Grayscale Digital Large Cap…