Grayscale Aims to Transform Multi-Token Fund into ETF

Grayscale Investments has filed to convert its multi-token fund, the Grayscale Digital Large Cap Fund, into an exchange-traded fund (ETF). This fund tracks the CoinDesk Large Cap Select Index, which measures the performance of leading cryptocurrencies by market capitalization including Bitcoin, Ethereum, Solana, XRP, and Avalanche.

If approved, the fund, currently trading over the counter, would be listed on the New York Stock Exchange (NYSE). Grayscale announced this filing as part of its ongoing commitment to broaden access to cryptocurrency investments.

“Today, Grayscale filed to uplist Grayscale Digital Large Cap Fund as a diversified multi-crypto asset ETP on NYSE Arca. The fund is currently trading under ticker: GDLC, and continues to meet growing demand by providing diversified exposure to crypto through a portfolio of market-leading digital assets. This filing reflects Grayscale’s steadfast commitment to making the crypto asset class more accessible for all investors.”

This would be Grayscale’s fifth ETF launch this year, following the conversions of the Grayscale Bitcoin Trust and Grayscale Ethereum Trust, among others. Despite recent outflows, the rise of such offerings has stimulated interest in funds that track smaller cryptocurrencies and alternative tokens.

The Wall Street Journal first reported this development.