Digital asset manager Grayscale Investments has filed with the U.S. Securities and Exchange Commission (SEC) to convert its digital large-cap fund into an exchange-traded fund (ETF), the Wall Street Journal reports.
The fund currently manages over $520 million in assets and offers exposure to a basket of five cryptocurrencies, including Bitcoin, Ethereum, Solana, Ripple, and Avalanche, with 75.58% and 75.58%, respectively. They account for weights of 17.83%, 4.16%, 1.76%, and 0.66%.
“Today, Grayscale filed an application to list the Grayscale Digital Large Cap Fund as a diversified multi-crypto asset ETP on the NYSE Arca. The fund currently trades under the ticker: GDLC and We continue to meet growing demand by offering diversified exposure to cryptocurrencies through our leading portfolio of digital assets. “This reflects Scale’s firm commitment,” Grayscale said in a statement, Decrypt reported.
This filing from Grayscale is particularly noteworthy because the SEC has not yet approved a multi-crypto ETF proposal. The recent approval of Bitcoin and Ethereum ETFs allows Grayscale to convert Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) into ETFs, and the regulatory landscape of cryptocurrencies in the US. This suggests that changes may occur.
If approved, the Digital Large Cap ETF would be a major milestone for the crypto industry, offering investors a more regulated and liquid way to invest in a diverse portfolio of digital assets.
New assets under consideration
Last week, the firm announced an update on the list of assets it is considering listing as part of a single investment product or a multi-asset product. The 35 newly added tokens span a variety of categories, from meme coins to AI-related projects.
Assets under consideration: $aero $AKT $APT $AR $ARB $ATOM $CELO $core $Doge $ENA $FET $HNT $ICP $IMX $INJ $JUP* $KAS $MNT* $METIS $neon* $OM $ONDO* $OP $pendle $POL $PYTH $RUNE $SEI $STRK $TIA $t $TRX $UMA $VET $WLD
*As of September 30, 2024, assets are not included in our crypto sector
— Grayscale (@Grayscale) October 11, 2024
The 36 cryptocurrencies being considered include Kaspa (KAS), Aptos (APT), Arbitrum (ARB), Celestia (TIA), Celo (CELO), Core (CORE), Cosmos (ATOM), Internet Computer (ICP ), Mantle ( MNT), Metis (METIS), Neon (NEON), Optimism (OP), Polygon (POL), Sei (SEI), Starknet (STRK), Toncoin (TON), and Tron (TRX).
Other notable tokens being considered include Aerodrome (AERO), Ethena (ENA), Injective Protocol (INJ), Jupiter (JUP), Mantra (OM), Ondo Finance (ONDO), Pendle (PENDLE), THORChain (RUNE), Dogecoin ( DOGE), Immutable (IMX), Akash (AKT), Arweave (AR), Artificial Superintelligence Alliance (FET), Helium (HNT), Pyth (PYTH), UMA Project (UMA), VeChain ( VET), Worldcoin (WLD)).
These new additions are likely to join the 29 tokens already included in the Grayscale investment product. Grayscale regularly updates this list based on market conditions and investor demand.
The presence of some of these tokens on the list has caused considerable excitement among investors, who see it as a bullish signal for those projects. However, Grayscale emphasizes that not all assets under consideration will necessarily be investment products.
Grayscale previously launched the Aave investment fund in October, the XRP Trust in September, and the Avalanche fund in August.
