Tuesday, October 21, 2024 – Grayscale Investments submitted a request with the US regulator last week to convert its Digital Large Cap Fund into an exchange-traded fund (ETF).
The fund is worth $520 million, the reports said.
The tokens of BTC, ETH, SOL, XRP, and AVAX are comprised of its digital large-cap fund, where BTC and ETH held dominant investments with approximately 75.59% and 17.83%, respectively.
The 19b-4 filing for the conversion has been submitted by the New York Stock Exchange (NYSE) on behalf of Grayscale.
In January, the firm launched its BTC ETF, hitting an AUM of $14 billion, and succeeded in ETH ETFs, obtaining the approval of the SEC.
Grayscale expects to obtain XRP ETF approval with this filing to meet the investors’ demand for diversified multi-token offerings.
Market experts predict that the approval of XRP ETFs will not come into action soon until the Ripple lawsuit over the SEC is cleared.
Grayscale has facilitated the investors its products of Bitcoin Mini Trust, Ethereum Trust, and Ethereum Mini Trust, which were followed by the launch of its Bitcoin Trust under the ticker of GBTC in 2013.
