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 firm has sent its 19b-4 form to the United States Securities and Exchange Commission (SEC), requesting permission to convert the fund. 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 SEC in a suit to convert GBTC into spot Bitcoin ETF, it is pioneering a new ambitious move.
It also converted its Ethereum Trust into spot ETFs in July after the Commission approved the product in the U.S. The proposed conversion of the Grayscale Digital Large Cap Fund to ETF comes after Canary Capital made a push for Litecoin ETF. In its S-1 registration, the latter highlighted Litecoin as one of the longest running blockchains with 100% uptime. It believes in the coin’s capacity to offer investors access to enterprise-grade use cases.
Per the current outlook, there is a clear evidence that institutional investors on Wall Street want more exposure to crypto. Even ETF Store President Nate Geraci outlined the growing demand for more crypto-based ETFs. While the prospect of these new ETF filings remain unknown, the broader industry has grown quite optimistic.
XRP And LTC ETF Filings on SEC’s Desk
A week ago, Canary Capital filed to list XRP ETF. Bitwise initially lodged the first of such applications with the regulator a few days before.
Notably, Canary Capital attributed its new interest to the “progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum.”
Meanwhile, Grayscale’s move to have this Digital Large Cap Fund converted to ETF products supports Canary’s stance. So far, Bitwise and Canary Capital are yet to receive any notification of acknowledgement from the SEC on their respective XRP ETF filings. It is not yet clear how the Commission would respond to these multiple filings.
Should it not go in favor of Grayscale, the investment asset management firm may employ the same approach it used with its GBTC conversion, featuring lawsuit.
The post Breaking: Grayscale Files To Convert SOL, XRP and AVAX Trust Into ETF appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed