Grayscale Files S-3的数字大型CAP交换基金（ETF）的注册声明（ETF）

Grayscale是加密货币领域中最有影响力的资产经理之一，它已迈出了重要的一步，朝着扩大对数字资产的机构投资迈出了重要一步。

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是加密货币领域的著名资产经理，已向扩大对数字资产的机构投资迈出了重大步骤。该公司已针对其数字大型CAP交易所基金（ETF）提交了更新的S-3注册声明，该基金旨在为广泛的加密货币提供多样化的曝光率，包括以太坊（ETH），Solana（Sol），Cardano（ADA）和XRP等领先的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.

该文件遵循纽约证券交易所ARCA于2024年10月15日提交的单独的19B-4申请，以列出Grayscale Digital大型ETF（GDLC）的股份。美国证券交易委员会（SEC）目前正在审查该申请，关键决策截止日期正在临近。预计SEC将在5月3日之前作出初步裁决，并在7月2日之前作出最终裁决。

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.

随着对加密货币的机构兴趣，灰度的这一举动可以标志着通过数字资产的关键时刻。但是，这对市场意味着什么？它将如何影响投资者？让我们详细探讨这种发展的含义。

Understanding Grayscale’s Digital Large Cap ETF

了解灰度的数字大帽ETF

了解灰度的数字大帽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的数字大型ETF旨在通过市值为投资者提供多样化对顶级加密货币的风险。与需要主动管理的个人加密货币持有不同，ETF通过将多个数字资产捆绑到单个金融工具中简化了投资流程。

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

根据Grayscale在X（以前为Twitter）上的最新声明：

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，我们向表格S-3提交了一份注册表，以根据1933年的《证券法案法》向Securities and Exchange Commission注册Grayscale Digital大型CAP基金（TICKER：GDLC）的股票。这是向GDLC作为ETP提高GDLC的另一个重要一步。 GDLC按市值持有前5名加密货币资产。

— 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)

*比特币（BTC）

* Ethereum (ETH)

*以太坊（ETH）

* Solana (SOL)

* Solana（Sun）

* Cardano (ADA)

* cardano（那里）

* XRP

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

这种选择与前美国总统唐纳德·特朗普（Donald Trump）曾经提到的资产相吻合，这是“数字资产库存”的潜在组成部分。

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的数字大型ETF的命运现在落在SEC的手中。从历史上看，监管机构在批准与加密货币相关的金融产品方面一直保持谨慎，并引用了市场操纵，流动性和投资者保护的担忧。但是，2024年取得了重大进展，SEC在今年早些时候批准了多个位比特币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:

为了使灰度开始启动ETF，NYSE ARCA上市的SEC批准至关重要。监管过程遵循结构化的时间表：

* 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：纽约证券交易所ARCA提出了申请灰度数字大型ETF（GDLC）的股份申请，也称为“耶鲁Yale Bitcoin ETF”。

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

* 2025年5月3日：预计SEC将对申请做出初步决定。

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

* 2025年7月2日：SEC的最终判决将于期。

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.

如果获得批准，该ETF将允许投资者获得多元化的加密货币，而无需直接购买，存储或管理个人令牌的复杂性。

Potential Market Impact

潜在的市场影响

潜在的市场影响

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

灰度数字大型ETF的批准可能会对加密货币市场产生深远的影响：

* Increased institutional investment in cryptocurrencies.

*增加了对加密货币的机构投资。

* Greater price stability and reduced volatility in the market.

*更高的价格稳定性和市场波动率降低。

* Enhanced liquidity in the cryptocurrency ecosystem.

*加密货币生态系统中的流动性增强。

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

*零售投资者更容易地投资于多元化的加密货币。

Challenges and Risks

挑战和风险

挑战和风险

Despite its potential, the ETF is not without risks:

尽管具有潜力，但ETF并非没有风险：

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

* SEC的决定尚不确定，任何延迟都可能影响ETF的发布。

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

*与加密货币的分散性质有关，与ETF的管理和维护有关的问题。

* Market manipulation concerns remain a key focus for regulators.

*市场操纵问题仍然是监管机构的重点。

A Defining Moment for Crypto Investments

加密投资的决定性时刻

加密投资的决定性时刻

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注册其数字大型ETF的举动是朝着更大的机构采用加密货币迈出的重要一步。如果获得批准，该ETF可以为投资者提供一种轻松而受规律的方法，以获取顶级数字资产的多样化组合，有可能提高市场流动性和价格稳定性。

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，监管批准仍然是一个关键障碍。 SEC在接下来的几个月中的决定将受到市场参与者的密切关注，因为它可能为将来的加密ETF树立先例。

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.

这是加密投资的新时代的开始还是沿途面对障碍，一件事是可以肯定的 - grayscale的ETF申请都是值得密切监视的发展。

Stay tuned as we track this evolving story and

在我们跟踪这个不断发展的故事和