Grayscale has filed to convert the Grayscale Digital Large Cap Fund into an exchange-traded fund.
The fund tracks the CoinDesk Large Cap Select Index which measures the market cap weighted performance of some of the largest cryptocurrencies.
A spokesperson for Grayscale said that a filing does not automatically mean that it will bring a product to market.
Grayscale Investments has filed to turn its multi-token fund, the Grayscale Digital Large Cap Fund (GDLC:OTCQX), into an exchange-traded fund (ETF), adding to its offerings of crypto ETFs after the conversion of its bitcoin {{BTC}} and ether {{ETH}} funds earlier this year.
The fund tracks the CoinDesk Large Cap Select Index which measures the market cap weighted performance of five of the largest cryptocurrencies, including bitcoin {{BTC}}, ether {{ETH}}, solana {{SOL}}, XRP {{XRP}}, and avalanche {{AVAX}}.
Once approved and converted into an ETF, the fund which currently trades over the counter, will trade on the New York Stock Exchange, which submitted a 19b-4 filing with the Securities and Exchange Commission (SEC) on Tuesday.
“Grayscale is always looking for opportunities to offer products that meet investor demand. Occasionally, Grayscale will make reservation filings, though a filing does not mean we will bring a product to market. Grayscale has and will continue to announce when new products are available,” a spokesperson told CoinDesk.
It would be Grayscale’s fifth ETF launch this year after the conversion of the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE) as well as two mini versions of the funds earlier this year.
Both GBTC and ETHE have bled money since launching in January and April as investors have pulled over $23 billion out of the two funds, according to data from Farside Investors.
The approval of the ETFs started a wave of fresh applications to launch funds tracking smaller tokens with issuers filing for funds holding XRP, solana and Litecoin {{LTC}}.
The Wall Street Journal reported this story first.
