The crypto industry’s largest asset manager, Grayscale Investments, has applied to convert its Digital Large Cap Fund into an ETF product. The Grayscale Large Cap Fund comprises of Bitcoin, Ethereum, Solana, XRP and Avalanche as its components.
Grayscale and the Crypto ETF Backing
The Digital Currency Group-affiliated firm is one of the major influences behind the emergence of spot Bitcoin ETF in the US. Barely a year after it won the Securities and Exchange Commission (SEC) in a suit to convert GBTC into spot Bitcoin ETF, it is pioneering a new ambitious move.
The proposed conversion of the Grayscale Digital Large Cap Fund to ETF comes after Canary Capital made a push for Litecoin ETF. Per the current outlook, there is a clear evidence that institutional investors on Wall Street want more exposure to crypto.
While the prospect of these new ETF filings remain unknown, the broader industry has grown quite optimistic.
This is a developing story, please check back for updates!!!
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