- SEC approves first US multi-asset crypto ETP, giving investors access to five top cryptocurrencies.
- Analysts sees signs of an altcoin season as Grayscale readies its Digital Large Cap Fund for launch.
- Pudgy Pandas meme coin surges in Asia, blending panda conservation activism with viral crypto hype.
The US Securities and Exchange Commission (SEC) has approved the country’s first multi-asset cryptocurrency exchange-traded product (ETP), clearing Grayscale’s Digital Large Cap Fund (GLDC) for listing.
The milestone marks a new chapter in the evolution of digital asset markets, offering traditional investors regulated access to multiple cryptocurrencies in a single product.
The development comes amid the rise of Pudgy Pandas, an Asian meme coin built around panda conservation and activism.
Multi-asset crypto ETP to usher altcoin season
The SEC’s approval grants Grayscale permission to list its Digital Large Cap Fund on regulated exchanges under the regulator’s new generic listing standards.
This product will give investors exposure to five of the world’s largest cryptocurrencies: Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA).
By bundling these assets into a single vehicle, the ETP offers a simpler way for institutional and retail investors to gain diversified crypto exposure without directly buying tokens or opening exchange accounts.
Grayscale CEO Peter Mintzberg said the team is working “expeditiously” to bring the fund to market, noting it will be the first multi-asset crypto ETP available in the United States.
The task force, created in January under acting SEC Chair Mark Uyeda and led by Commissioner Hester Peirce, has been tasked with delivering regulatory clarity for crypto assets.
Its establishment has been widely interpreted as a pivot from the enforcement-focused approach under former Chair Gary Gensler, when the SEC filed lawsuits against Ripple Labs, Terraform Labs, Binance, Coinbase, and Kraken.
Market observers see the new ETP as a potential catalyst for broader altcoin adoption.
The approval also coincides with investor speculation about an approaching “altcoin season,” a period in bull markets when alternative cryptocurrencies outperform Bitcoin.
Coinbase analysts recently predicted such a phase could emerge in the fall, citing historical patterns.
Pudgy Pandas and the expanding meme coin economy
Alongside regulatory milestones in the United States, Asia is seeing a surge of activity in meme coins, with the launch of Pudgy Pandas drawing significant attention.
The creators are framing the project as a protest against panda exploitation and a push for conservation.
The tokenomics outline a 33-day presale running from September 15 to October 18, 2025, followed by a listing on October 18.
The token is currently trading at $0.02415 with the price set to jump to $0.02777.
The presale’s design ensures the price jumps 14% after the current stage.
Allocation details include 68% for presale and community, 10% each for a Panda Conservation Fund and a Panda Birth Initiative, alongside liquidity, marketing, and team allocations.
Notably, 10% of the supply will be locked into panda charities with a 10-year vesting schedule, while another 10% will fund efforts to burn tokens in line with panda cub births, creating a scarcity mechanism.
The project’s narrative includes initiatives to protest or financially challenge zoos holding pandas, expose corporations accused of exploitation, and mobilise a “PANDA FORCE” to drive awareness through public campaigns under the banner #FreeThePandas.
With PANDA’s presale underway and Grayscale’s multi-asset ETP preparing for launch, the crypto market is entering a phase where institutional finance and meme-driven movements are developing in parallel, signalling both maturity and experimentation within the sector.
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