NYSE Arca has filed an application with the SEC to list its Grayscale exchange-traded fund (ETF) featuring a variety of cryptocurrencies, providing a major boost to expanding institutional access to digital assets.
A cryptocurrency index portfolio created in 2018, the Grayscale Digital Large Cap Fund includes popular cryptocurrencies such as Bitcoin, Ethereum, and Solana, as well as other altcoins. The filing follows the company’s recent Oct. 16 filing to convert the fund into an ETF.
If approved, the Grayscale Digital Large Cap Fund ETF will introduce investors to a mixed basket of digital assets, positioning itself as a more comprehensive alternative to traditional Bitcoin and Ether-focused ETFs. Become.
The proposed fund stands out from its competitors by tracking the CoinDesk Large Cap Select Index, which includes five different digital assets, offering a broad approach for those seeking exposure beyond BTC and ETH.
The fund currently has approximately $565 million in assets under management (AUM).
Competing ETFs
Grayscale’s competitors also include products from HashDex and Franklin Templeton, both of which initially filed for index ETFs focused solely on Bitcoin and Ether.
Additionally, VanEck, 21Shares, and Canary Capital have filed multiple applications to list spot ETFs related to Solana, XRP, and Litecoin.
Industry analysts have suggested that the outcome of the upcoming US presidential election could have a significant impact on the regulatory landscape for crypto ETFs.
Bloomberg ETF analyst Eric Balciunas recently said that former US President Donald Trump’s victory will prompt the SEC to take a more crypto-friendly stance, accelerating the approval of ETFs holding diverse crypto assets. He commented that it was possible.
The NYSE proposal highlights the growing demand for crypto index ETFs. While the SEC has yet to approve a broad-based crypto index ETF, this filing marks a new wave of crypto investment options and opens the door to diverse, institutional-friendly access to the expanding digital asset market. may open.
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