📣 Grayscale Eyes Major Crypto ETF Conversion
posted 16 Oct 2024
Grayscale Investments has filed with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Digital Large Cap Fund (GDLC) into a traditional ETF. If given the green light, the new ETF will be traded on the New York Stock Exchange, marking Grayscale’s third major offering after its Bitcoin and Ethereum ETFs.
The GDLC fund tracks the CoinDesk Large Cap Select Index to measure the market cap-weighted performance of five cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Avalanche (AVAX). While the current fund has maintained steady interest from investors, the transition to an ETF format is expected to attract more capital, driven by a growing demand for diversified crypto assets.
This filing reflects Grayscale’s steadfast commitment to making the crypto asset class more accessible for all investorsa CoinDesk representative stated.
It’s worth mentioning that Grayscale’s earlier fund conversions—Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE)—saw a loss of more than $23 billion after the approval of Bitcoin ETFs, as investors turned to other products with lower fees, such as BlackRock’s iShares Bitcoin Trust (IBIT).
The approval of the first Bitcoin ETFs has ignited a boom in crypto ETFs, with numerous digital asset ETF filings flooding the market. Recent projects include Ripple (XRP), Solana (SOL), and a dedicated Litecoin (LTC) ETF from Canary Capital.
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