Grayscale has filed an application with the SEC to convert its Digital Large Cap Fund into an ETF.
The fund primarily invests in bitcoin and ethereum, which account for almost 94% of its assets.
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The gray scale has filed an application to the SEC to convert its Digital Large Cap Fund into an ETF, according to a report by The Wall Street Journal
The fund holds a mixed portfolio of popular digital assets, including btc, eth, SOL, XRP, and AVAX.
Grayscale's latest filing follows its previous conversions of Grayscale bitcoin Trust and ethereum Trust into spot ETFs earlier this year.
The Large Cap Digital Fund crypto-products/grayscale-digital-large-cap-fund” target=”_blank” rel=”noopener nofollow noreferrer”>manages approximately $524 million in assets, with almost 75% allocated to bitcoin and 19% to ethereum. The rest of the portfolio consists of smaller allocations to Solana, XRP and AVAX, according to a company document.
The SEC's approval of spot ETFs for bitcoin and Ether earlier this year marked a major change, ending a long history of rejected applications for such funds. This change came after a court ruling in favor of Grayscale forced the regulator to reconsider its stance.
The approval fueled a rally in bitcoin and Ether prices and has fueled a wave of new filings from asset managers seeking to introduce ETFs for smaller, riskier tokens such as Solana, XRP and Litecoin.
Grayscale's potential fifth ETF launch of the year highlights the company's strategy to diversify its offerings and meet investor demand for a broader range of digital assets.
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