Grayscale Files with the U.S. SEC to Convert Its Digital Large Cap Fund into an ETF

Currently, the Digital Large Cap Fund is a private offering only accredited investors can access through private placement. However, Grayscale's latest Form S-3 Registration Statement seeks to transform this fund into an ETF, making it accessible to everyday investors on public exchanges.

Multi-billion-dollar asset manager Grayscale has filed with the U.S. SEC to convert its Digital Large Cap Fund into a publicly available exchange-traded fund (ETF).

The firm’s latest move aims to make crypto investments more accessible to the general public.

Grayscale’s DLC Fund, a private offering accessible only to accredited investors via private placement, will now be packaged into an ETF and offered to everyday investors on public exchanges.

Details of Grayscale’s latest filing

The fund, which will trade on NYSE Arca under the ticker GDLC, will hold top crypto assets in accordance with their market capitalization. These will include Bitcoin, XRP, Ethereum, Cardano, and Solana.

Its shares will represent fractional ownership in these assets. They will be issued continuously, and investors can buy shares in units of 10,000 (called “Baskets”) from authorized participants.

The fund will not engage in staking or attempt to earn additional digital assets through proof-of-stake validation.

Grayscale’s fund covers about 75% of the total crypto asset market cap (excluding stablecoins and meme coins). This broad coverage will allow investors to own a portion of the biggest and most widely held cryptocurrencies without having to purchase and manage them individually.

The Digital Large Cap Fund is heavily weighted toward Bitcoin, which comprises 79.4% of the portfolio. Other major holdings include Ethereum at 10.69%, XRP at 5.85%, Solana at 2.92%, and Cardano at 1.14%.

The fund recently added Cardano in January 2025, following a rebalancing that saw Avalanche (AVAX) exit the portfolio.

Since its inception in 2018, the fund has seen impressive returns, with a cumulative increase of 478.83%. Grayscale’s move to convert it into an ETF will allow the broader public to access this robust performance and trade the fund on public markets.

The proposed ETF follows a wave of crypto ETF filings in the U.S., especially after the approval of Bitcoin spot ETFs in January 2024. Ethereum ETFs followed closely, and the market is now seeing more experimental filings.

Among these are ETFs for cryptocurrencies like Dogecoin and even a Trump meme coin, although these have yet to gain approval.