Grayscale Files to Convert Its Mixed-Crypto Fund into an ETF

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.

Grayscale, a digital currency asset manager, filed on Tuesday with the U.S. Securities and Exchange Commission to convert its mixed-crypto fund, which contains bitcoin, ether, solana, XRP and avalanche tokens, into an exchange-traded fund.

Grayscale had previously converted both its bitcoin and ether funds into ETFs.

"This filing builds on Grayscale’s successful track record in converting our flagship products into exchange-traded funds, and reflects our steadfast commitment to making the crypto asset class more accessible for all investors," a Grayscale spokesperson said in an emailed statement to CoinDesk.

Grayscale's Digital Large Cap Fund, which trades under the ticker symbol GDLC and currently over the counter, has $524 million in assets under management, according to the firm's website. The fund is mostly composed of bitcoin, which makes up nearly 75%, and ether, which comprises about 19%. The rest of the fund is made up of solana, XRP and AVAX, a company document shows.

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

Grayscale's Digital Large Cap ETF would join a handful of other crypto-focused exchange-traded funds that are already listed in the U.S. These include ProShares bitcoin strategy ETF (CRYPTO: BTC), VanEck bitcoin strategy ETF (CRYPTO: BTF), Invesco bitcoin strategy ETF (BTO), ProShares short bitcoin strategy ETF (NYSE: BITI), Valkyrie bitcoin miners ETF (CRYPTO: RIGZ), VanEck ether strategy ETF (CRYPTO: ETHE), ProShares ultrashort bitcoin strategy ETF (CRYPTO: SBIT), Global X bitcoin miners ETF (CRYPTO: CRYP), Defiance digital revolution ETF (CRYPTO: NFTZ), First Trust nasdaq blockchain economy ETF (CRYPTO: BLCN), ProShares bitcoin short ETF (NYSE: BSKT), VanEck bitcoin miners ETF (CRYPTO: MINR), Amplify transformational data sharing ETF (CRYPTO: BLOK) and Global X digital assets ETF (CRYPTO: GEDE).

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.