Grayscale, a titan in digital asset management, is accelerating its ETF expansion to reclaim its edge.
With five launches or filings planned monthly, up from one in 2024, the firm is targeting a mix of heavyweight cryptocurrencies and niche tokens.
Which tokens will lead this charge? Data points to Bitcoin, Ethereum, XRP, Solana, Cardano, and emerging stars like Maple, Geodnet, and Story Protocol. Here’s the full picture.
Grayscale’s Strategic Pivot
Grayscale is intensifying its ETF efforts. CEO Peter Mintzberg revealed plans for five monthly launches or filings in 2025, a fivefold increase from 2024, in a Fortune interviewon April 23, 2025.
This follows a challenging period. The SEC’s approval of spot Bitcoin ETFs in January 2024, spurred by Grayscale’s legal win, unleashed low-cost competitors from BlackRock and Fidelity.
Grayscale’s Bitcoin Trust (GBTC), with a 1.5% fee, manages $16 Billion but has faced outflows. A “mini” GBTC ETF, launched with a 0.15% fee, has attracted $3.5 Billion, per the same report.
Grayscale’s Digital Large Cap Fund is a cornerstone of its ETF strategy. As of March 31, 2025, it holds Bitcoin (79.4%), Ethereum (10.69%), XRP (5.85%), Solana (2.92%), and Cardano (1.14%), with $606 Million in assets.
On April 1, 2025, Grayscale filed to convert this fund into a spot ETF. These tokens—Bitcoin, Ethereum, XRP, Solana, and Cardano—are likely to anchor a multi-asset ETF, offering investors diversified exposure to leading cryptocurrencies.
Grayscale also launched two Bitcoin covered call ETFs on April 2, 2025: the Bitcoin Covered Call ETF (BTCC) and Bitcoin and Bitcoin Premium Income ETF (BPI). Both use options strategies to generate monthly income.
Digital Assets Under Consideration
XRP is a standout candidate. Grayscale applied to convert its Ripple trust into an ETF, as noted by Tron Weekly on February 3, 2025.
Currently, there arenine pending XRP ETF filings at the SEC. A pro-crypto SEC head, Paul Atkins, appointed by President Trump, could ease approvals, boosting XRP’s chances for a dedicated ETF.
Grayscale’s Q2 2025 “Top 20” list, released March, emphasizes real-world asset (RWA) tokenization, decentralized physical infrastructure networks (DePIN), and intellectual property (IP) tokenization.
Key picks include:
- Maple (SYRUP): Focuses on RWA tokenization, enabling blockchain-based asset management.
- Geodnet (GEOD): A DePIN project building decentralized geospatial networks.
- Story Protocol (IP): Tokenizes intellectual property, with assets like music rights for artists like Justin Bieber.
These sectors are poised for growth. DePIN is predictedto hit $3.5 Trillion by 2028, and RWA mayreach $18 Trillion by 2033. Grayscale’s focus on these tokens suggests future ETFs targeting niche markets.
Other assets under consideration in the list includes 39 tokens across sectors like currencies (Kaspa), smart contract platforms (Aptos, Arbitrum), financials (Binance Coin, Pendle), consumer & culture (Dogecoin, Worldcoin), and utilities & services (Helium, Arweave) (Grayscale).
While these are potential candidates, Grayscale prioritizes tokens fitting its RWA, DePIN, and IP narratives, as seen in its Q2 2025list.
Grayscale applied for Ethereum staking in its Ethereum Trust ETF and Ethereum Mini Trust ETF in February 2024, with a decision delayed to June 1, 2025, per Fortune.
If approved, these ETFs could enhance returns, making Ethereum a key player in Grayscale’s lineup.
Market Context and Implications
Grayscale’s expansion reflects a strategic shift. Facing billions in GBTC outflows due to high fees, the firm is diversifying beyond Bitcoin. The mini-GBTC’s $3.5 Billion in assets shows investor appetite for low-cost options.
By targeting both established tokens and emerging sectors, Grayscale aims to capture institutional and retail interest.
The Q1 2025 “Top 20” list, including Hyperliquid (HYPE), Ethena (ENA), and Jupiter (JUP), focused on DeFi and Solana, but Q2’s shift to RWA and DePIN signals a broader vision).
The regulatory landscape may also favor Grayscale. A crypto-friendly SEC under Paul Atkins could streamline approvals for XRP, Solana, or other ETFs, as suggested by Tron Weekly. This could accelerate Grayscale’s rollout.
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