Grayscale 競相在美國大選前將 GDLC 基金轉換為 ETF

10 月 14 日，加密資產管理公司 Grayscale 向美國 SEC（證券交易委員會）申請將其多加密貨幣基金轉換為 ETF。

Crypto asset manager Grayscale applied with the U.S. Securities and Exchange Commission (SEC) on Friday to convert its Digital Large Cap (GDLC) fund into an exchange-traded fund (ETF).

加密資產管理公司 Grayscale 週五向美國證券交易委員會 (SEC) 申請將其數位大盤 (GDLC) 基金轉換為交易所交易基金 (ETF)。

Currently, the fund has $524 million in assets under management, spanning Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Avalanche (AVAX).

目前，該基金管理著 5.24 億美元的資產，涵蓋比特幣 (BTC)、以太坊 (ETH)、Solana (SOL)、XRP 和 Avalanche (AVAX)。

BTC and ETH account for over 90% of the fund.

BTC和ETH佔資金的90%以上。

If approved, the fund will be traded on the New York Stock Exchange (NYSE), according to a filing.

根據一份文件，如果獲得批准，該基金將在紐約證券交易所（NYSE）交易。

In a separate filing, the asset manager notified its investors of the proposed rule changes to the fund.

在另一份文件中，資產管理公司通知其投資者擬議的基金規則變更。

The move comes as crypto index ETFs have gained steam in the U.S. Converting a fund into a spot ETF makes buying and selling shares of the fund much easier. Grayscale has already converted two funds linked to BTC (GBTC) and ETH (ETHE) into spot ETFs this year.

此舉正值加密指數 ETF 在美國興起之際，將基金轉換為現貨 ETF 讓買賣基金份額變得更加容易。 Grayscale 今年已將兩檔與 BTC (GBTC) 和 ETH (ETHE) 掛鉤的基金轉換為現貨 ETF。

However, at the moment, only BTC and ETH are deemed commodities by the SEC. In fact, other issuers that have applied for similar crypto index ETFs, like Hashdex and Franklin Templeton, only included BTC and ETH in their applications.

然而，目前只有 BTC 和 ETH 被 SEC 視為商品。事實上，其他申請類似加密貨幣指數 ETF 的發行人，如 Hashdex 和富蘭克林鄧普頓，在其申請中僅包括 BTC 和 ETH。

But Grayscale has included even XRP, which had no regulatory clarity given its ongoing case with the SEC.

但 Grayscale 甚至包括了 XRP，鑑於其正在向 SEC 提起訴訟，該公司沒有明確的監管規定。

According to Nate Geraci of ETF Store, the move could be a bet on a change in administration after the November U.S. elections. He said:

ETF Store 的 Nate Geraci 表示，此舉可能是對 11 月美國大選後政府更迭的押注。他說：

“Feels like issuers are piling in on the “change in administration” bet…Basically lining-up in the event of a Trump win w/ the assumption that admin would be much more crypto-friendly.”

“感覺發行人正在押注‘政府更迭’……基本上是在川普獲勝的情況下排隊，假設政府會對加密貨幣更加友好。”

For its part, Presto Research, a crypto-focused research firm, viewed the application as a potential pathway to altcoin ETF approval.

就其本身而言，專注於加密貨幣的研究公司 Presto Research 認為該申請是獲得山寨幣 ETF 批准的潛在途徑。

“Its approval could potentially pave the way for future altcoin ETFs, such as SOL, XRP, and AVAX, whose outlook for ETF eligibility has remained unclear under the current SEC.”

「它的批准可能為未來的山寨幣 ETF 鋪平道路，例如 SOL、XRP 和 AVAX，根據當前 SEC 的規定，這些 ETF 資格的前景仍不清楚。”

But Prestor Research analysts also noted that the application's road could be “bumpy”, citing spot SOL ETFs challenges in August.

但 Prestor Research 分析師也指出，該應用的道路可能會“崎嶇不平”，並以 8 月現貨 SOL ETF 面臨的挑戰為由。

That said, Grayscale converted ETFs have faced intensified outflows, as seen in GBTC and ETHE.

也就是說，灰階轉換的 ETF 面臨著加劇的資金外流，如 GBTC 和 ETHE 所見。

Since its conversion, GBTC has bled over $20 billion in total flows while there were nearly $3 billion in outflows in ETHE.

自轉換以來，GBTC 總流量已流失超過 200 億美元，而 ETHE 則有近 30 億美元的流出。

It now remains to be seen how the application will proceed after the U.S. elections, and whether other altcoins with unclear regulatory status will get approved.

目前，美國大選後申請將如何進行，以及其他監管狀況不明確的山寨幣是否會獲得批准，還有待觀察。