American digital assets giant Grayscale has submitted an application to the Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund into a spot exchange-traded product (ETF).
American digital assets giant Grayscale has submitted an application to the Securities and Exchange Commission (SEC) for converting its Digital Large Cap Fund into a spot exchange-traded product (ETF).
The existing fund, also known as GDLC, currently holds a basket of major crypto assets, including Bitcoin (79.4%), Ethereum (10.69%), XRP (5.85%), Solana (2.92%), and Cardano (1.14%).
As of March 31, the fund had around $606 million in assets under management, according to an update on Grayscale’s official website. It has gained around 479% since its 2018 launch.
Cardano (ADA) was added to the fund’s assets in January following an index rebalancing, as noted in the S-3 filing. This digital asset replaced Avalanche (AVAX) to make the fund’s holdings match the new index composition.
The proposed ETF would have similar assets and varying asset classes, broadening retail investors’ access. This is also part of Grayscale’s mission to integrate crypto investments into mainstream financial markets.
The new filing follows a Form 19b-4 submitted by NYSE Arca last October. The management fee structure is not yet finalized in the S-3 registration statement.
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