Asset management company Grayscale recently announced that the New York Stock Exchange (NYSE) has submitted a proposal to convert the Grayscale Large-Cap Fund (GDLC) into an ETF, which has been published by the U.S. Securities and Exchange Commission (SEC) in the Federal Register, and is now officially entering a 240-day listing review process.
GDLC will become the first multi-cryptocurrency ETF based on Arca 8.800-E
Grayscale's large-cap fund (GDLC) is currently trading in the OTC market, and if approved, it will become the first multi-cryptocurrency ETF listed and traded under the New York Stock Exchange Arca 8.800-E rules. Grayscale states that it will set a precedent for national exchanges, allowing the market to permit not just 'single cryptocurrency trading' limited to Bitcoin or Ethereum, but rather investment products that 'contain multiple cryptocurrencies.'
The GDLC to ETF proposal has been published in the Federal Register
(Note: Arca 8.800-E refers to the rules for the listing and trading of products managing and overseeing the interests of commodities and digital assets.)
GDLC contains five major cryptocurrencies, managing assets over $530 million
As of November 1, 2024, GDLC currently manages assets exceeding $530 million. Grayscale states that GDLC will readjust the cryptocurrencies included in GDLC each quarter based on CoinDesk's large-cap index (DLCS).
The main cryptocurrencies currently held by GDLC are the following five:
Bitcoin (76.53%)
Ethereum (16.92%)
Solana (4.36%)
XRP (1.63%)
Avalanche (0.56%)
Still requires a 240-day review process
Previously, Grayscale submitted an application on 10/16 to transform GDLC into an ETF, allowing GDLC to transition from the existing OTC market to listing on the New York Stock Exchange (NYSE). Shortly after, the NYSE also submitted a related application to the U.S. Securities and Exchange Commission (SEC). On 11/4, the application proposal was published in the Federal Register, but still needs to go through a 240-day review process, during which the SEC will decide whether to approve the listing of GDLC.
(Grayscale's large-cap fund GDLC will convert to an ETF, with the new institution Canary Capital applying for a Litecoin ETF)
This article discusses the proposal for Grayscale's large-cap fund GDLC to convert to an ETF, which the SEC may approve as the first multi-coin ETF appearing in Chain News ABMedia.
