Grayscale 竞相在美国大选前将 GDLC 基金转换为 ETF

10 月 14 日，加密资产管理公司 Grayscale 向美国 SEC（证券交易委员会）申请将其多加密货币基金转换为 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).

加密资产管理公司 Grayscale 周五向美国证券交易委员会 (SEC) 申请将其数字大盘 (GDLC) 基金转换为交易所交易基金 (ETF)。

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

目前，该基金管理着 5.24 亿美元的资产，涵盖比特币 (BTC)、以太坊 (ETH)、Solana (SOL)、XRP 和 Avalanche (AVAX)。

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

BTC和ETH占资金的90%以上。

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

根据一份文件，如果获得批准，该基金将在纽约证券交易所（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，资产管理公司通知其投资者拟议的基金规则变更。

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.

此举正值加密指数 ETF 在美国兴起之际，将基金转换为现货 ETF 使得买卖基金份额变得更加容易。 Grayscale 今年已将两只与 BTC (GBTC) 和 ETH (ETHE) 挂钩的基金转换为现货 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 视为商品。事实上，其他申请类似加密货币指数 ETF 的发行人，如 Hashdex 和富兰克林邓普顿，在其申请中仅包括 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，鉴于其正在向 SEC 提起诉讼，该公司没有明确的监管规定。

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，此举可能是对 11 月美国大选后政府更迭的押注。他说：

“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.”

“感觉发行人正在押注‘政府更迭’……基本上是在特朗普获胜的情况下排队，假设政府会对加密货币更加友好。”

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，专注于加密货币的研究公司 Presto Research 认为该申请是获得山寨币 ETF 批准的潜在途径。

“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.”

“它的批准可能为未来的山寨币 ETF 铺平道路，例如 SOL、XRP 和 AVAX，根据当前 SEC 的规定，这些 ETF 资格的前景仍不清楚。”

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

但 Prestor Research 分析师也指出，该应用的道路可能会“崎岖不平”，并以 8 月份现货 SOL ETF 面临的挑战为由。

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

也就是说，灰度转换的 ETF 面临着加剧的资金外流，正如 GBTC 和 ETHE 中所见。

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

自转换以来，GBTC 总流量已流失超过 200 亿美元，而 ETHE 则有近 30 亿美元的流出。

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，美国大选后申请将如何进行，以及其他监管状况不明确的山寨币是否会获得批准，还有待观察。