Grayscale Investments is looking to convert its hybrid crypto fund into an exchange-traded fund (ETF) by filing with the U.S. Securities and Exchange Commission (SEC). 🎉

This development comes on the heels of Canary Capital announcing plans for a spot Litecoin ETF. Grayscale’s Digital Large Cap Fund (GDLC) is currently trading over-the-counter and has $524 million in assets.

Grayscale plans to list the ETF on the New York Stock Exchange. This move comes after the success of converting Bitcoin and Ethereum funds into ETFs.

Canary Capital has also announced plans for a Litecoin ETF, citing Litecoin’s strong fundamentals and broad institutional potential. 🚀

Whether the SEC will approve these funds remains to be seen.