Grayscale Investments has filed an S-3 type with the U.S. Securities and Change Fee to transform its Digital Large Cap Fund into an exchange-traded fund.
The April 1 submitting seeks to transition the non-public funding automobile right into a publicly traded product, broadening investor entry.
The Digital Large Cap Fund at the moment consists of Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA). Beforehand obtainable solely to accredited traders by way of non-public placements, the fund’s conversion into an ETF would permit retail traders publicity to a diversified basket of digital belongings.
Since launching in 2018, the fund’s market value has surged 478.83%, in keeping with Grayscale.
The corporate has said that the fund covers roughly 75% of the digital asset market cap, excluding meme cash and stablecoins.
Crypto going mainstream
If accredited, the transfer would align with Grayscale’s technique of integrating crypto into mainstream investments. The submitting follows a broader pattern of crypto ETF approvals, together with spot Bitcoin ETFs in January 2024 and Ethereum ETFs in Could.
Grayscale’s newest software follows its separate efforts to launch an Avalanche (AVAX) ETF, for which Nasdaq not too long ago filed a 19b-4 type with the SEC.
The agency additionally not too long ago filed for a Hedera (HBAR) ETF, signaling its continued push for crypto ETF growth.
