In a move that would make even the most jaded investor sit up and take notice, Grayscale Investments has thrown its bowler hat into the ring with a filing to list an exchange-traded fund (ETF) brimming with a motley crew of spot cryptocurrencies. The Grayscale Digital Large Capital Fund, a crypto index portfolio that would make a vicar blush, includes such illustrious digital whatnots as BTC, ETH, SOL, XRP, and ADA.
Not content with merely dipping its toe in the digital currency pond, the plucky asset manager Grayscale has submitted an S-3 regulatory filing to the SEC, effectively saying, “Let’s turn this non-listed fund into a right proper exchange-traded fund, what?”
Grayscale Asks for the Moon: Spot ETF Conversion Desired!
With a flourish and a twirl of its metaphorical mustache, Grayscale Investments has submitted an S-3 regulatory filing to the US Securities and Exchange Commission, essentially asking, “Pretty please, can we turn our non-listed fund into an exchange-traded fund (ETF)?” The April 1 filing (no fooling!) seeks permission to metamorphose its Grayscale Digital Large Cap Fund ($GDLC) into a spot ETF. This fund, born in the year of our Lord 2018, is a crypto index holding a veritable United Nations of digital assets: Bitcoin (BTC), Ether (ETH), Ripple (XRP), Cardano (ADA), and Solana (SOL).
On its website, Grayscale modestly boasts:
“Grayscale Digital Large Cap Fund is among the first investment vehicles solely invested in, and deriving value from, a basket of large cap digital assets in the form of a security—while neatly sidestepping the rigmarole of buying, storing, and safekeeping those digital assets directly.”
Grayscale informs us, with a wink and a nudge, that the Fund consists of assets that make up the CoinDesk Large Cap Select Index:
“Since July 1, 2022, the Fund Components have consisted of the digital assets that make up the CoinDesk Large Cap Select Index (the “DLCS”), as rebalanced from time to time, subject to the Manager’s discretion to exclude individual digital assets in certain cases.”
In a display of digital one-upmanship, BTC claims a lion’s share of 79.37% of the fund; ETH chimes in with a modest 10.83%; XRP pipes up with 5.79%; while ADA and SOL each take a bow with 1.14% and 2.87%, respectively.
As of April 1, the fund’s assets under management (AUM) are valued at a tidy $622 million and are only available to the swankiest of accredited investors. Grayscale hints that after a six-month holding period, “shares are eligible to become as free as a bird and resold in the public market.”
Nasdaq Joins the Crypto Circus: AVAX ETF Listing Afoot!
Hot on the heels of Grayscale’s escapade, the US stock exchange Nasdaq has submitted a filing to the SEC, essentially saying, “Us too, us too! We want to list Grayscale Investment’s spot Avalanche ETF!”
The March 27 filing is a brazen attempt to change the rules and list the Grayscale Avalanche Trust. According to its website, the trust currently boasts over $155 million in assets under management, which is no small potatoes.
ETF Frenzy Under Trump: A Regime of Crypto Optimism!
In a move that can only be described as a stampede, investment manager VanEck has registered a trust company for an Avalanche ETF in Delaware. On March 10, the New York-headquartered company registered the “VanEck Avalanche ETF” with nary a second thought.
There has been a veritable explosion of ETF filings under the Trump Administration, with the SEC’s new leadership taking a shine to crypto. Under its Acting Chairman, Mark T. Uyenda, the SEC has adopted a rosy view of crypto, prompting institutions across the US to scramble to offer new crypto products like there’s no tomorrow. Filings for everything from larger assets like Solana (SOL) and Ripple (XRP) to the humble Dogecoin (DOGE) have been noted in applications.
Rex Shares and Osprey Funds have submitted filings for an ETF tracking the price of MOVE, the native token of the Movement Network, while Canary Capital has taken the first step towards an ETF application tracking the price of Sui. The crypto world is abuzz with excitement!
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2025-04-02 20:13