In an effort to convert Grayscale’s Digital Large Cap Fund into an ETF, the NYSE Arca has submitted a request to the SEC to list a Grayscale exchange-traded fund (ETF) that concentrates on a variety of market cryptocurrencies.
Established in 2018, the fund presently manages approximately $565 million in assets, which encompasses Bitcoin, Ethereum, Solana, Avalanche, and XRP.
On October 16, Grayscale submitted its initial request for conversion, and the SEC has acknowledged this application. According to ETF expert Nate Geraci, the Grayscale Digital Large Cap Fund allocates approximately 77% of its assets to Bitcoin, 17% to Ethereum, and the remaining portion to Solana, XRP, and Avalanche.
A 17% price increase over the course of two weeks was the result of Grayscale’s recent expansion of its investment list to include Jupiter (JUP). The company also established a Decentralized AI Fund that is focused on blockchain initiatives that are propelled by AI, such as Filecoin (FIL) and Near Protocol (NEAR).
Grayscale announced plans for the first U.S.-based XRP trust in June in order to attract institutional interest. This year, crypto ETFs have garnered substantial investment, with Bitcoin ETFs experiencing over $4 billion in net inflows, which has pushed Bitcoin’s price above $73,000.
For the first time, the total net assets of spot Bitcoin ETFs have exceeded $72.55 billion, which accounts for more than 5% of Bitcoin’s market value.
Also Read: U.S. SEC Filing by Canary Capital Joins Race for First Solana ETF
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