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Grayscale Moves to Convert Multi-Token Fund into ETF, Aiming for NYSE Listing

Grayscale

Bitcoins

  • Grayscale Investments is seeking to convert its Digital Large Cap Fund, which holds some of the largest crypto assets by market capitalisation, into an exchange-traded fund (ETF).
  • If approved, this would be Grayscale’s fifth ETF offering.
  • The fund will also move from trading over-the-counter (OTC) to being listed on the New York Stock Exchange (NYSE).

Grayscale Investments aims to convert its Digital Large Cap Fund, which holds Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Avalanche (AVAX), into an exchange-traded fund (ETF).

The Grayscale Digital Large Cap Fund (GDLC) offers exposure to the top assets among the 20 largest by market capitalisation. BTC and ETH make up 94% of the fund, with 76% and 18%, respectively. SOL, XRP, and AVAX account for the rest. 

Related: Monochrome Launches First Australian Spot Ethereum ETF on Cboe

Grayscale’s Fifth ETF Offering 

If the SEC approves the application, the fund will move from trading over-the-counter (OTC) to being listed on the New York Stock Exchange (NYSE). Notably, it was the NYSE that made the request on Grayscale’s behalf.

A Grayscale spokesperson emphasised that this filing aligns with the company’s mission to provide more accessible crypto investment options. This marks Grayscale’s fifth ETF offering this year, including the conversions of its BTC and ETH funds and their smaller counterparts.

The request comes as the US Securities Exchange Commission (SEC) continues to say Solana is an unregistered security, leading to legal actions against several companies selling the asset. Recently, the agency filed a lawsuit against the trading firm Cumberland DRW for operating as an “unregistered securities dealer”, and SOL is one of the coins mentioned in the document.

The SEC initially showed reluctance to approve Ethereum ETFs, but after classifying ETH as a commodity, it allowed them to start trading in May. Despite initial interest, most of these funds have underperformed compared to Bitcoin ETFs, with Grayscale’s ETHE fund experiencing massive outflows in recent months, according to data from Farside.

Source: Farside

Related: CoinGecko Report Shows Ethereum ‘Quickly Losing Market Share’ to Solana, Base

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