PANews reported on October 16 that according to The Block, Grayscale Investments submitted an application to the U.S. Securities and Exchange Commission on Tuesday to convert its hybrid crypto fund containing Bitcoin, Ethereum, Solana, XRP and Avalanche into an exchange-traded fund (ETF). The company has previously converted Bitcoin and Ethereum funds into ETFs.

Grayscale's cryptocurrency-based financial instrument, its Digital Large Cap Fund, trades under the ticker GDLC and currently trades in the over-the-counter market with $524 million in assets under management, according to the company's website. The fund is primarily comprised of Bitcoin, which accounts for nearly 75%, followed by Ethereum, which accounts for about 19%. The rest is made up of SOL, XRP, and AVAX, according to company documents.