Grayscale Investments has filed with the U.S. Securities and Exchange Commission (SEC) to launch the first multi-crypto exchange-traded fund (ETF) in the United States. The fund, called the Grayscale Digital Large Cap Fund (GDLC), will include a variety of crypto assets such as Bitcoin, Ethereum, Solana, Avalanche, and XRP.
If approved, the ETF would allow investors to own a more diversified portfolio of crypto assets through a national securities exchange.
The filing was made through the New York Stock Exchange (NYSE) on October 29, in hopes of getting the SEC to approve the rule change. If approved, it would create a pathway for multi-crypto ETFs to officially trade in the US. According to Grayscale, the initiative would be a significant step in expanding investment options in the crypto sector.
The GDLC fund has been managed since 2018, but until now it has not been available to the public through national exchanges. The fund manages US$534 million in crypto assets, to attract investors who want to gain exposure to crypto.
The multi-crypto ETF filing has drawn significant attention amid growing investor interest and competition from other asset management firms. The SEC now has 240 days to consider the filing. The ETF is significant for the U.S. crypto market, with the potential to boost broad institutional trust.
