Grayscale Files S-3 to Convert Digital Large Cap Fund into ETF

• Grayscale filed an S-3 form with the SEC on April 1 to convert GDLC into an ETF.
• The SEC’s final decision deadline for GDLC’s ETF conversion is July 2.

Grayscale Investments filed an Import-Form S-3 with the U.S. Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF). The application, submitted on April 1, seeks to change into a publicly traded product what is at present a private investment vehicle.

The GDLC comprises Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA) in its holdings. Grayscale estimates that the fund accounts for about 75% of the total market cap of cryptocurrencies, excluding meme coins and stablecoins.

The SEC is progressing with its decision on the GDLC ETF conversion. NYSE Arca has also made a separate 19b-4 application on October 15, 2024, to list GDLC shares. That request is still with the SEC for review. The regulatory body has, therefore, set a second deadline for May 3 and a final one for July 2.

Grayscale Expands Crypto ETF Push

Grayscale would not move ahead with the offering until SEC approval is given for NYSE Arca’s listing, which, if granted, would possibly have an impact on Bitwise’s pending ETF application for its Bitwise 10 Crypto Index Fund.

GDLC represents the same five cryptocurrencies that President Donald Trump mentioned when he proposed creating a U.S. digital asset stockpile. The fund is rebalanced every so often, and managers may exclude assets. The digital asset treasury was formalized by Trump using an executive order on March 7

The filing is also part of a general trend whereby most crypto ETFs are obtaining approval. Spot Bitcoin ETFs were launched in January next year, then followed closely by Ethereum ETFs in May. Recently, it has filed for an Avalanche ETF. Nasdaq also submitted a 19b-4 application to list that ETF, intending to convert the Avalanche Trust into a publicly traded product

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