Grayscale Files to Convert GDLC Fund Into Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP, and Avalanche (AVAX) ETF
- DDDOriginal
- 2024-10-16 16:04:12609browse
Grayscale Investments has filed to convert its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF)
Grayscale Grayscale’s Grayscale Digital Large Cap Fund (GDLC) has filed to become an exchange-traded fund (ETF), expanding its lineup of crypto ETFs, CoinDesk reports.
The Grayscale Digital Large Cap Fund currently trades over-the-counter and tracks the CoinDesk Large Cap Select Index, providing exposure to five major cryptocurrencies. These include Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP, and Avalanche (AVAX), and are weighted by market capitalization.
Once approved by the U.S. Securities and Exchange Commission (SEC), the fund will trade on the New York Stock Exchange (NYSE) following a 19b-4 filing submitted by the exchange.
A 19b-4 filing is a formal request that a stock exchange submits to the SEC to propose a rule change, such as listing a new security like an ETF. This filing requires the SEC to respond within a set timeframe.
A Grayscale spokesperson said that the Grayscale Digital Large Cap Fund is designed to meet growing demand by providing diversified access to a portfolio of leading digital assets.
“We believe that offering the Grayscale Digital Large Cap Fund as an ETF will provide investors with a convenient, transparent, and cost-effective way to gain exposure to a broad range of digital assets,” the spokesperson added.
The filing comes after the successful conversion of Grayscale's Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) into ETFs earlier this year.
However, both GBTC and ETHE have seen investor outflows exceeding $23 billion, according to Farside Investors.
Despite these challenges, Grayscale has continued to explore new opportunities, with the filing for GDLC potentially marking the firm's fifth ETF launch this year.
Grayscale's moves have sparked interest in the market, with other issuers filing for ETFs linked to smaller tokens like XRP, Solana, and Litecoin.
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