Grayscale Files S-3 Form with the US Securities and Exchange Commission (SEC) on April 1 to Register Its Multi-Asset

Grayscale filed an S-3 Form with the US Securities and Exchange Commission (SEC) on April 1 to register its multi-asset Grayscale Digital

Grayscale has filed S-3 Form with the US Securities and Exchange Commission (SEC) to register its multi-asset Grayscale Digital Large Cap Fund (GDLC) as an exchange-traded fund (ETF).

The filing, dated April 1, comes after NYSE Arca, a subsidiary of the New York Stock Exchange, submitted an application to list and trade shares of the Grayscale fund in October 2024.

The S-3 form is used by issuers that meet specific reporting requirements to register securities for public sale, either immediately or on a delayed basis, according to the SEC.

The registration statement will not become effective unless and until SEC approval is obtained for the NYSE Arca listing, Grayscale said in the filing.

The clock for an SEC decision has been running since the 19b-4 filing. The second deadline is May 3, and the final is July 2.

Moreover, a potential approval for converting GDLC into an ETF could also benefit Bitwise, which has a conversion filing for its Bitwise 10 Crypto Index Fund awaiting regulatory action, and these often happen in batches.

The multi-asset fund is currently composed of Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), the five cryptocurrencies that President Donald Trump mentioned during a recent interview.

However, the fund’s composition is periodically rebalanced, and the manager may exclude any asset in its discretion, according to the filing.

The president’s mention of these cryptos has no ulterior motives, according to White House “Crypto Czar” David Sacks.

In an interview with Bloomberg Technology, Sacks said the market was reading “a little bit too much” into Trump’s remarks and that the cryptos mentioned by the President were chosen because they are among the largest by market cap.

The Digital Asset Stockpile, consisting of all the altcoins retained by US authorities, was formalized through an executive order signed by Trump on March 7.