Grayscale Files S-3的數字大型CAP交換基金（ETF）的註冊聲明（ETF）

Grayscale是加密貨幣領域中最有影響力的資產經理之一，它已邁出了重要的一步，朝著擴大對數字資產的機構投資邁出了重要一步。

Grayscale, a prominent asset manager in the cryptocurrency domain, has taken a substantial step towards expanding institutional investment in digital assets. The firm has filed an updated S-3 registration statement for its Digital Large Cap Exchange-Traded Fund (ETF), which aims to provide diversified exposure to a broad range of cryptocurrencies, including leading altcoins like Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP, in addition to Bitcoin (BTC).

Grayscale是加密貨幣領域的著名資產經理，已向擴大對數字資產的機構投資邁出了重大步驟。該公司已針對其數字大型CAP交易所基金（ETF）提交了更新的S-3註冊聲明，該基金旨在為廣泛的加密貨幣提供多樣化的曝光率，包括以太坊（ETH），Solana（Sol），Cardano（ADA）和XRP等領先的Altcoins（例如Ethereum（ETH），Solane（Sol）（Solane）（sola）（sol）（sola）（sol）（sol）（sol）（sol）（sol）（sol）（sol）（sol）（sol）（sol）（sol）（sol）和xrp（btc）。

This filing follows a separate 19b-4 application submitted by NYSE Arca on October 15, 2024, to list shares of the Grayscale Digital Large Cap ETF (GDLC). The U.S. Securities and Exchange Commission (SEC) is currently reviewing the application, with key decision deadlines approaching. The SEC is expected to make an initial ruling by May 3, and a final verdict is due by July 2.

該文件遵循紐約證券交易所ARCA於2024年10月15日提交的單獨的19B-4申請，以列出Grayscale Digital大型ETF（GDLC）的股份。美國證券交易委員會（SEC）目前正在審查該申請，關鍵決策截止日期正在臨近。預計SEC將在5月3日之前作出初步裁決，並在7月2日之前作出最終裁決。

With institutional interest in cryptocurrencies on the rise, this move by Grayscale could mark a pivotal moment in the adoption of digital assets. But what does this mean for the market, and how will it impact investors? Let's explore the implications of this development in detail.

隨著對加密貨幣的機構興趣，灰度的這一舉動可以標誌著通過數字資產的關鍵時刻。但是，這對市場意味著什麼？它將如何影響投資者？讓我們詳細探討這種發展的含義。

Understanding Grayscale’s Digital Large Cap ETF

了解灰度的數字大帽ETF

了解灰度的數字大帽ETF

Grayscale’s Digital Large Cap ETF is designed to offer investors diversified exposure to the top cryptocurrencies by market capitalization. Unlike individual crypto holdings, which require active management, this ETF simplifies the investment process by bundling multiple digital assets into a single financial instrument.

Grayscale的數字大型ETF旨在通過市值為投資者提供多樣化對頂級加密貨幣的風險。與需要主動管理的個人加密貨幣持有不同，ETF通過將多個數字資產捆綁到單個金融工具中簡化了投資流程。

As per Grayscale’s latest statement on X (formerly Twitter):

根據Grayscale在X（以前為Twitter）上的最新聲明：

Today, we filed a registration statement on Form S-3 to register shares of Grayscale Digital Large Cap Fund (ticker: GDLC) with the Securities and Exchange Commission under the Securities Act of 1933. This is another important step toward uplisting GDLC as an ETP. GDLC holds the top 5 crypto assets by market cap.

今天，我們向表格S-3提交了一份註冊表，以根據1933年的《證券法案法》向Securities and Exchange Commission註冊Grayscale Digital大型CAP基金（TICKER：GDLC）的股票。這是向GDLC作為ETP提高GDLC的另一個重要一步。 GDLC按市值持有前5名加密貨幣資產。

— Grayscale (@Grayscale) October 15, 2024

- 灰度（@grayscale）2024年10月15日

The ETF includes a mix of:

ETF包括：

* Bitcoin (BTC)

*比特幣（BTC）

* Ethereum (ETH)

*以太坊（ETH）

* Solana (SOL)

* Solana（Sun）

* Cardano (ADA)

* cardano（那裡）

* XRP

This selection aligns with assets once mentioned by former U.S. President Donald Trump as potential components of a “digital asset stockpile.”

這種選擇與前美國總統唐納德·特朗普（Donald Trump）曾經提到的資產相吻合，這是“數字資產庫存”的潛在組成部分。

The SEC’s Role and the Road to Approval

SEC的角色和批准之路

SEC的角色和批准之路

The fate of Grayscale’s Digital Large Cap ETF now rests in the hands of the SEC. Historically, the regulatory body has been cautious in approving cryptocurrency-related financial products, citing concerns over market manipulation, liquidity, and investor protection. However, 2024 has seen significant progress, with the SEC approving multiple spot Bitcoin ETFs earlier in the year.

Grayscale的數字大型ETF的命運現在落在SEC的手中。從歷史上看，監管機構在批准與加密貨幣相關的金融產品方面一直保持謹慎，並引用了市場操縱，流動性和投資者保護的擔憂。但是，2024年取得了重大進展，SEC在今年早些時候批准了多個位比特幣ETF。

For Grayscale to proceed with launching the ETF, SEC approval of the NYSE Arca listing is crucial. The regulatory process follows a structured timeline:

為了使灰度開始啟動ETF，NYSE ARCA上市的SEC批准至關重要。監管過程遵循結構化的時間表：

* October 15, 2024: NYSE Arca filed an application for the listing of shares of the Grayscale Digital Large Cap ETF (GDLC), also known as the "Yale Bitcoin ETF."

* 2024年10月15日：紐約證券交易所ARCA提出了申請灰度數字大型ETF（GDLC）的股份申請，也稱為“耶魯Yale Bitcoin ETF”。

* May 3, 2025: The SEC is expected to make an initial decision on the application.

* 2025年5月3日：預計SEC將對申請做出初步決定。

* July 2, 2025: The final verdict from the SEC is due.

* 2025年7月2日：SEC的最終判決將於期。

If approved, this ETF would allow investors to gain exposure to a diversified basket of cryptocurrencies without the complexities of directly buying, storing, or managing individual tokens.

如果獲得批准，該ETF將允許投資者獲得多元化的加密貨幣，而無需直接購買，存儲或管理個人令牌的複雜性。

Potential Market Impact

潛在的市場影響

潛在的市場影響

The approval of the Grayscale Digital Large Cap ETF could have far-reaching effects on the crypto market:

灰度數字大型ETF的批准可能會對加密貨幣市場產生深遠的影響：

* Increased institutional investment in cryptocurrencies.

*增加了對加密貨幣的機構投資。

* Greater price stability and reduced volatility in the market.

*更高的價格穩定性和市場波動率降低。

* Enhanced liquidity in the cryptocurrency ecosystem.

*加密貨幣生態系統中的流動性增強。

* Easier access for retail investors to invest in a diversified basket of cryptocurrencies.

*零售投資者更容易地投資於多元化的加密貨幣。

Challenges and Risks

挑戰和風險

挑戰和風險

Despite its potential, the ETF is not without risks:

儘管具有潛力，但ETF並非沒有風險：

* The SEC's decision is uncertain, and any delay could impact the ETF's launch.

* SEC的決定尚不確定，任何延遲都可能影響ETF的發布。

* Issues related to the management and maintenance of the ETF arise due to the decentralized nature of cryptocurrencies.

*與加密貨幣的分散性質有關，與ETF的管理和維護有關的問題。

* Market manipulation concerns remain a key focus for regulators.

*市場操縱問題仍然是監管機構的重點。

A Defining Moment for Crypto Investments

加密投資的決定性時刻

加密投資的決定性時刻

Grayscale’s move to register its Digital Large Cap ETF is a significant step toward greater institutional adoption of cryptocurrencies. If approved, this ETF could provide investors with an easy and regulated way to gain exposure to a diversified mix of top digital assets, potentially driving up market liquidity and price stability.

Grayscale註冊其數字大型ETF的舉動是朝著更大的機構採用加密貨幣邁出的重要一步。如果獲得批准，該ETF可以為投資者提供一種輕鬆而受規律的方法，以獲取頂級數字資產的多樣化組合，有可能提高市場流動性和價格穩定性。

However, regulatory approval remains a key hurdle. The SEC’s decision in the coming months will be closely watched by market participants, as it could set a precedent for future crypto ETFs.

但是，監管批准仍然是一個關鍵障礙。 SEC在接下來的幾個月中的決定將受到市場參與者的密切關注，因為它可能為將來的加密ETF樹立先例。

Whether this marks the beginning of a new era for crypto investing or faces roadblocks along the way, one thing is certain—Grayscale’s ETF filing is a development worth monitoring closely.

這是加密投資的新時代的開始還是沿途面對障礙，一件事是可以肯定的 - grayscale的ETF申請都是值得密切監視的發展。

Stay tuned as we track this evolving story and

在我們跟踪這個不斷發展的故事和