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Grayscale Investments has submitted a request to the U.S. Securities and Exchange Commission (SEC) to convert its mixed-crypto Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). This fund contains a mix of cryptocurrencies, primarily Bitcoin (75%) and Ethereum (19%), with smaller allocations to Solana, XRP, and Avalanche (AVAX). Currently trading over-the-counter, the fund manages $524 million in assets.
This move follows Grayscale’s successful conversion of its Bitcoin and Ethereum funds into ETFs earlier in 2024, reflecting the firm’s ongoing strategy to make crypto assets more accessible to traditional investors. A spokesperson for Grayscale emphasized the importance of broadening access to the crypto asset class through such financial instruments.
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The crypto industry has seen increased ETF activity recently, with filings from companies like Bitwise and Canary Capital for spot XRP ETFs, although the SEC has not yet approved any spot XRP ETFs. Grayscale has also launched funds focused on XRP and the AAVE governance token, further expanding its range of crypto-based products. The company’s Bitcoin ETF, which began trading in January, currently manages around $14 billion in assets.
Grayscale’s filing aligns with broader trends in institutional crypto adoption, offering diversified exposure through regulated financial vehicles like ETFs.
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