Grayscale Investments Seeks ETF Conversion

Grayscale Investments filed a request on Tuesday with the U.S. Securities and Exchange Commission to convert its mixed-crypto fund containing popular tokens bitcoin, ether, Solana, XRP, and Avalanche into an exchange-traded fund (ETF).

The firm has previously converted both Bitcoin and Ethereum funds into ETFs.

> "This filing reflects Grayscale’s steadfast commitment to making the crypto asset class more accessible for all investors," a Grayscale spokesperson said by email.

Grayscale's crypto-based financial instrument, called its Digital Large Cap Fund, ticker symbol GDLC, currently trades over the counter and has assets under management of $524 million, according to the firm's website. The fund is composed primarily of bitcoin, which makes up nearly 75%, and Ethereum, which comprises about 19%. The rest of the fund consists of Solana, XRP, and AVAX, according to a company document.

Grayscale's converted spot bitcoin ETF began trading in January and has an AUM of about $14 billion, according to The Block Data Dashboard.

Recent ETF Filings

In recent weeks, both Bitwise and Canary Capital filed for permission to list spot XRP exchange-traded funds. A spot XRP ETF has yet to be approved by the SEC, and if it is, it could face challenges.

For its part, Grayscale recently launched funds that provide investors exposure to XRP and to the AAVE governance token.