Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) requesting permission to convert its $520 million multi-cryptocurrency fund into an exchange-traded fund (ETF).

The New York Stock Exchange (NYSE) filed Form 19b-4 with the SEC on October 14 on behalf of Grayscale. The form requests the conversion of Grayscale’s Digital Large Cap Fund into an ETF.

Grayscale’s fund consists of Bitcoin (76%), Ether (18%), and other crypto assets such as Solana, XRP, and Avalanche.

The filing comes after Grayscale converted its Bitcoin and Ethereum funds into ETFs. The SEC began reconsidering spot crypto ETF applications following a court ruling in Grayscale’s favor in August.

Spot ETFs make transactions easier for investors, removing additional regulatory hurdles.

Investors in Grayscale funds have begun selling their shares due to changes in net asset value (NAV) discounts. Its Bitcoin fund has seen $21 billion in outflows since January, while its Ethereum ETF has seen $3 billion in outflows since July.

Grayscale has also considered 35 altcoins, including Dogecoin and Worldcoin, for future investment products. The firm has launched new crypto funds, including the Aave investment fund in October, the XRP Trust in September, and the Avalanche fund in August.