Security Exchange NYSE Arca has formally requested permission from the SEC to list a Grayscale ETF focused on a diversified range of spot cryptocurrencies, as per a filing dated October 29.

The proposed ETF would transform Grayscale’s existing Digital Large Cap Fund into an exchange-traded product. 

Grayscale’s Newly Approved ETF Will Allow Investors to Access Altcoins

Established in 2018, this fund comprises various cryptocurrencies, including Bitcoin, Ethereum, Solana, Avalanche, and XRP. At present, the fund manages around $565 million in assets.

Read More: What Is a Bitcoin ETF?

Grayscale submitted its initial request to convert the fund into an ETF on October 16, just days before NYSE Arca’s own filing. Today, the SEC has officially acknowledged Grayscale’s application for this conversion.

“SEC has formally acknowledged filing to convert Grayscale Digital Large Cap Fund (GDLC) into an ETF…GDLC holds approx 77% btc, 17% eth, & remainder in sol, xrp, & avax. SEC now soliciting public comments & decision clock starts ticking,” ETF expert Nate Geraci wrote in an X (formerly Twitter) post. 

Recently, Grayscale expanded its scope by adding Jupiter (JUP) to a list of 35 altcoins under evaluation for potential investment. This inclusion has fueled a 17% rally for JUP over the past two weeks.

In addition, Grayscale launched its Go to Source to See Full Article
Author: Mohammad Shahid