GrayscalehasfiledtoconverttheGrayscaleDigitalLargeCapFundintoanexchange-tradedfund.
ThefundtrackstheCoinDeskLargeCapSelectIndexwhichmeasuresthemarketcapweightedperformanceofsomeofthelargestcryptocurrencies.
AspokespersonforGrayscalesaidthatafilingdoesnotautomaticallymeanthatitwillbringaproducttomarket.
GrayscaleInvestmentshasfiledtoturnitsmulti-tokenfund,theGrayscaleDigitalLargeCapFund(GDLC:OTCQX),intoanexchange-tradedfund(ETF),addingtoitsofferingsofcryptoETFsaftertheconversionofitsbitcoin(BTC)andether(ETH)fundsearlierthisyear.
ThefundtrackstheCoinDeskLargeCapSelectIndexwhichmeasuresthemarketcapweightedperformanceoffiveofthelargestcryptocurrencies,includingbitcoin(BTC),ether(ETH),solana(SOL),XRP(XRP),andavalanche(AVAX).
OnceapprovedandconvertedintoanETF,thefundwhichcurrentlytradesoverthecounter,willtradeontheNewYorkStockExchange,whichsubmitteda19b-4filingwiththeSecuritiesandExchangeCommission(SEC)onTuesday.
“Grayscaleisalwayslookingforopportunitiestoofferproductsthatmeetinvestordemand.Occasionally,Grayscalewillmakereservationfilings,thoughafilingdoesnotmeanwewillbringaproducttomarket.Grayscalehasandwillcontinuetoannouncewhennewproductsareavailable,”aspokespersontoldCoinDesk.
ItwouldbeGrayscale’sfifthETFlaunchthisyearaftertheconversionoftheGrayscaleBitcoinTrust(GBTC)andtheGrayscaleEthereumTrust(ETHE)aswellastwominiversionsofthefundsearlierthisyear.
BothGBTCandETHEhavebledmoneysincelaunchinginJanuaryandAprilasinvestorshavepulledover$23billionoutofthetwofunds,accordingtodatafromFarsideInvestors.
TheapprovaloftheETFsstartedawaveoffreshapplicationstolaunchfundstrackingsmallertokenswithissuersfilingforfundsholdingXRP,solanaandLitecoin(LTC).
TheWallStreetJournalreportedthisstoryfirst.
coindesk.com