Ripple’s XRP, Solana, And Avalanche In Focus As Grayscale Pushes To Broaden Crypto ETF Lineup
The post Ripple’s XRP, Solana, And Avalanche In Focus As Grayscale Pushes To Broaden Crypto ETF Lineup appeared on BitcoinEthereumNews.com.
Digital asset manager Grayscale has filed a highly noteworthy proposal with the United States Securities and Exchange Commission (SEC). The filing seeks to convert its current Digital Large Cap Fund (GDLC) — which includes Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple’s XRP, and Avalanche (AVAX) — into a spot exchange-traded fund (ETF). Grayscale Looks To Turn Fund With SOL, XRP, AVAX Into ETF The crypto industry’s largest asset manager, Grayscale, has filed with the SEC to turn its $523 million fund, which tracks the performance of multiple cryptocurrencies, into an ETF. The New York Stock Exchange (NYSE) requested the conversion on Grayscale’s behalf in an Oct.14 19b-4 form with the Securities and Exchange Commission. Grayscale’s Digital Large Cap Fund gives investors exposure to major cryptocurrencies, with BTC having the largest weighting in the fund, followed by ETH, SOL, XRP, and AVAX. In an accompanying 8-K form, Grayscale informed its clients that the fund reflects the rule and listing changes proposed by the NYSE. A transformation to a spot ETF allows investors to purchase and sell shares in a fund more seamlessly. “Today, Grayscale filed to uplist Grayscale Digital Large Cap Fund as a diversified multi-crypto asset ETP on NYSE Arca. The fund is currently trading under ticker: GDLC, and continues to meet growing demand by providing diversified exposure to crypto through a portfolio of market-leading digital assets. This filing reflects Grayscale’s steadfast commitment to making the crypto asset class more accessible for all investors,” Grayscale Investments said in a statement. Grayscale’s latest filing follows noteworthy conversions earlier this year. The SEC greenlighted the company’s proposals to convert its Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE) into ETFs, as well as two mini versions of the funds. It’s worth noting that Grayscale helped pave the way for the…
Filed under: News - @ October 17, 2024 12:14 am