Crypto asset manager Grayscale Investments filed a Form S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) on March 31 to register and list shares of its Grayscale Digital Large Cap Fund on the NYSE Arca under the symbol GDLC. The move would convert the fund into an exchange-traded fund (ETF) and expand public trading access to a diversified digital asset fund composed of major cryptocurrencies.

Grayscale shared on social media platform X:

Today, we filed a registration statement on Form S-3 to register shares of Grayscale Digital Large Cap Fund (ticker: GDLC) under the Securities Act of 1933. This is another important step toward uplisting GDLC as an ETP. GDLC holds the top 5 crypto assets by market cap.

However, the launch remains dependent on SEC approval of a separate 19b-4 application submitted by NYSE Arca in October 2024. “The Fund will not seek effectiveness of this registration statement and no offering of shares hereunder will take place unless and until such approval is obtained,” Grayscale affirmed.

The fund’s holdings are determined by the Coindesk Large Cap Select Index (DLCS), which selects the top digital assets by market capitalization that meet specific criteria, such as availability on Coinbase Custody and exclusion of stablecoins and meme coins. As of March 31, the fund holds five assets: bitcoin ( BTC), ethereum ( ETH), XRP, solana ( SOL), and cardano ( ADA). As of writing, the portfolio composition by weight includes: bitcoin at 79.40%, ethereum at 10.69%, XRP at 5.85%, solana at 2.92%, and cardano at 1.14%.

“The fund’s investment objective is for the value of the shares (based on NAV per share) to reflect the value of the digital assets held by the fund … plus any cash held by the fund and reduced by the fund’s expenses and other liabilities,” Grayscale explained. Currently, only cash-based creation and redemption of shares are available, and no staking of the fund’s assets is permitted.

Grayscale also addressed the significant historical trading discounts on OTCQX, where the fund’s shares have frequently traded below net asset value (NAV). From July 1, 2022, to Dec. 31, 2024, the maximum observed discount was 63%, with an average of 40%. That discount narrowed to 12% by year-end 2024 and stood at 10% as of March 18. The firm believes that exchange listing and a redemption program could align share price with NAV. The filing detailed:

Upon listing on NYSE Arca, the manager expects the market price of the shares and the NAV per share to converge.

The fund uses Coinbase Custody Trust Company as custodian, The Bank of New York Mellon as administrator and transfer agent, and operates under Cayman Islands regulations.

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