Grayscale files to turn Bitcoin, Solana, XRP, and Ethereum multi-crypto fund into ETF

The move would bring Grayscale’s $524M Digital Large Cap Fund, which includes Bitcoin and Ether, to the NYSE.

Key Takeaways

• Grayscale has filed with the SEC to convert its Digital Large Cap Fund into an ETF.
• The fund predominantly invests in Bitcoin and Ethereum, comprising nearly 94% of its assets.

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Grayscale has filed a request with the SEC to convert its Digital Large Cap Fund into an ETF, according to a report by The Wall Street Journal

The fund holds a mixed portfolio of popular digital assets, including BTC, ETH, SOL, XRP, and AVAX.

Grayscale’s latest filing follows its previous conversions of the Grayscale Bitcoin Trust and Ethereum Trust into spot ETFs earlier this year.

The Digital Large Cap Fund manages approximately $524 million in assets, with nearly 75% allocated to Bitcoin and 19% to Ethereum. The remainder of the portfolio consists of smaller allocations to Solana, XRP, and AVAX, according to a company document.

The SEC’s approval of spot ETFs for Bitcoin and Ether earlier this year marked a major shift, ending a long history of rejected applications for such funds. This change came after a court ruling in favor of Grayscale compelled the regulator to reconsider its stance.

The approval spurred a rally in Bitcoin and Ether prices and has fueled a wave of new filings from asset managers seeking to introduce ETFs for smaller and riskier tokens like Solana, XRP, and Litecoin.

Grayscale’s potential fifth ETF launch of the year highlights the firm’s strategy to diversify its offerings and cater to investor demand for a broader range of digital assets.

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