According to (The Block), digital asset management company Grayscale Investments applied to the U.S. Securities and Exchange Commission (SEC) on Tuesday to convert its large-cap cryptocurrency fund "Grayscale Digital Large Cap Fund" (GDLC) into an exchange-traded fund. (ETF). The firm has previously converted its Bitcoin and Ethereum trust funds into spot ETFs.
GDLC, a fund that invests in and derives value from a basket of large-cap digital assets, is currently traded on the over-the-counter market and has approximately $524 million in assets under management.
According to the official website information, the fund is mainly composed of Bitcoin (BTC). As of October 15, BTC accounted for approximately 75.59% of the fund, Ethereum (ETH) accounted for approximately 17.83%, and the remainder includes Solana’s SOL ( 4.16%), Ripple’s XRP (1.76%) and Avalanche’s AVAX (0.66%).
“This application reflects Grayscale’s strong commitment to making the crypto asset class more accessible to all investors,” a Grayscale spokesperson said via email.
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