Grayscale Investments has applied to convert its diversified crypto fund, which includes Bitcoin, Ethereum, Solana, XRP, and AVAX, into an ETF.
Grayscale Investments submitted an application to the U.S. Securities and Exchange Commission (SEC) on Tuesday, seeking to convert its diversified cryptocurrency fund, which includes popular tokens Bitcoin, Ethereum, Solana, XRP, and Avalanche, into an exchange-traded fund (ETF).
The company has previously converted its Bitcoin and Ethereum funds into ETFs.
A Grayscale spokesperson said via email: "This filing reflects Grayscale's unwavering commitment to making the crypto asset class more accessible to all investors."
According to the company's website, Grayscale's crypto-based financial instrument, known as the "Digital Large Cap Fund," with the stock code GDLC, is currently traded over-the-counter and manages $524 million in assets. The fund is primarily composed of Bitcoin (nearly 75%) and Ethereum (about 19%). According to company documents, the remainder of the fund consists of Solana, XRP, and AVAX.
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Data from the Block Data Dashboard shows that Grayscale's spot Bitcoin ETF, which began trading in January, has an asset management scale of about $14 billion.
In recent weeks, both Bitwise and Canary Capital have applied to list spot XRP exchange-traded funds. The spot XRP ETF has not yet been approved by the U.S. Securities and Exchange Commission, and if approved, it may face challenges.
As for Grayscale, it has recently launched several funds to provide investors with investment opportunities in XRP and AAVE governance tokens.
Once approved and converted into an ETF, the fund, which is currently traded over-the-counter, will be listed on the New York Stock Exchange, which submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) on Tuesday.
"Today, Grayscale applied to upgrade the Grayscale Digital Large Cap Fund to a diversified multi-crypto asset ETP on the New York Stock Exchange Arca. The fund, currently trading with the stock code GDLC, continues to meet the growing demand by offering diversified crypto investments through a market-leading digital asset portfolio. This filing reflects Grayscale's unwavering commitment to making the crypto asset class more accessible to all investors," said a spokesperson.This will be the fifth ETF launched by Grayscale this year. Earlier this year, the company has already converted the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE), as well as these two mini funds.