Original author: RT Watson

原文标题：Grayscale files to convert mixed crypto fund with bitcoin, ether and solana into ETF

Original source: The Block

Compiled by: Koala, Mars Finance

Grayscale Investments has applied to convert its hybrid crypto fund, which includes Bitcoin, Ethereum, Solana, XRP, and AVAX, into an ETF.

Grayscale Investments filed an application with the U.S. Securities and Exchange Commission on Tuesday to convert its hybrid cryptocurrency fund, which includes popular tokens bitcoin, ether, Solana, XRP and Avalanche, into an exchange-traded fund.

The company has previously converted its Bitcoin and Ethereum funds into ETFs.

“This filing reflects Grayscale’s unwavering commitment to making the crypto asset class more accessible to all investors,” a Grayscale spokesperson said via email.

Grayscale’s crypto-based financial instrument, called the Digital Large Cap Fund and traded under the ticker GDLC, is currently traded over-the-counter with $524 million in assets under management, according to the company’s website. The fund is primarily comprised of Bitcoin (nearly 75%) and Ethereum (about 19%). The rest of the fund is comprised of Solana, XRP, and AVAX, according to company documents.

Grayscale’s converted spot bitcoin ETF, which began trading in January, has about $14 billion in assets under management, according to the Block Data Dashboard.

In recent weeks, both Bitwise and Canary Capital have applied to list spot XRP exchange-traded funds. The spot XRP ETF has not yet been approved by the SEC, and if it is approved, it may face challenges.

Grayscale, for its part, recently launched funds that offer investors exposure to XRP and AAVE governance tokens.

Once approved and converted to an ETF, the fund, which currently trades over-the-counter, will trade on the New York Stock Exchange, which filed a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.

"Today, Grayscale filed to upgrade the Grayscale Digital Large Cap Fund to a diversified multi-crypto ETP on NYSE Arca. The fund currently trades under the ticker GDLC and continues to meet growing demand by providing diversified crypto exposure through a market-leading portfolio of digital assets. This filing reflects Grayscale’s unwavering commitment to making the crypto asset class more accessible to all investors," a spokesperson said.

This will be Grayscale’s fifth ETF launched this year, following the launch of the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) earlier this year, as well as mini versions of the two funds.