Source: Cointelegraph Original: "{title}"
U.S. regulatory documents show that asset management company Grayscale has submitted an application to launch an exchange-traded fund (ETF) that holds a diversified portfolio of spot cryptocurrencies.
On April 1, Grayscale submitted S-3 regulatory documents to the U.S. Securities and Exchange Commission (SEC), which is a necessary step to convert a non-listed fund into an ETF.
The Grayscale Digital Large Cap Fund was established in 2018 but has not yet been listed for trading on an exchange. The fund's cryptocurrency index portfolio includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA).
According to Grayscale's official website, as of April 1, the fund's total assets under management (AUM) exceed $600 million and is only open to accredited investors (i.e., high-net-worth entities or individuals).
The document was submitted after the New York Stock Exchange (NYSE) Arca requested permission for Grayscale's index fund to be listed on October 29, 2024.
Grayscale's Digital Large Cap Fund holds a diversified digital asset portfolio. Source: Grayscale
This application highlights the accelerated pace of ETF issuers in launching crypto products, as federal regulators under President Trump have adopted a more lenient stance on digital asset regulation.
In December of last year, the SEC approved the first mixed cryptocurrency index ETFs. However, these funds, sponsored by Hashdex and Fidelity, only hold Bitcoin and Ethereum, and have seen relatively limited inflows since their launch in February of this year.
Records show that in February, the SEC confirmed over 12 exchange applications related to cryptocurrency ETFs. These applications involve staking and options issues for existing funds, as well as new fund proposals targeting altcoins like Solana and Ripple.
According to industry analysts, after the launch of BTC and ETH-related ETFs last year, cryptocurrency index ETFs have become a major focus for Wall Street issuers. Katalin Tischhauser, head of investment research at crypto bank Sygnum, stated in an interview with Cointelegraph last August: "Index ETFs are the logical next step because indices are more efficient for investors—just as people buy S&P 500 index ETFs, the same will happen in the crypto space."
Related: Fidelity plans to launch a stablecoin after applying for a SOL ETF.
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