Grayscale Investments, the largest asset manager in the cryptocurrency world, has made a significant move. The company has filed with the SEC to convert its Digital Large Cap Fund into an ETF. The fund includes major assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Avalanche (AVAX). This filing comes as demand for crypto-based ETF products continues to rise, sparking curiosity and excitement across the market.
Grayscale’s Push for Crypto ETFs
Grayscale has submitted a 19b-4 form to the SEC in its bid to transform the Digital Large Cap Fund into an ETF. This move follows their victory in the legal battle with the SEC regarding their Bitcoin Trust conversion into a spot ETF. Now, Grayscale seeks to replicate that success with this new filing, which has already generated considerable buzz within the crypto space. The rise of spot ETFs presents a substantial opportunity for investors.
Grayscale’s recent success with converting its Ethereum Trust into a spot ETF last July has bolstered confidence in this new initiative. The potential impact of this move on the crypto market is enormous, though the outcome of the application remains uncertain. Still, optimism is widespread among market participants.
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XRP and Litecoin ETF Filings
Before Grayscale’s latest move, Canary Capital submitted its own XRP ETF application to the SEC. This filing followed a similar submission by Bitwise just days earlier. Canary Capital argues that XRP now operates in a favorable regulatory environment, with growing interest from investors in assets beyond Bitcoin and Ethereum. Grayscale’s efforts to convert the Digital Large Cap Fund into an ETF align with this broader trend. However, neither Bitwise nor Canary Capital has received SEC approval yet. If Grayscale’s application is rejected, the firm may take legal action, similar to its strategy during the GBTC conversion process.
Wall Street’s Growing Crypto Interest
Institutional investors on Wall Street are increasingly seeking exposure to cryptocurrencies. Nate Geraci, President of the ETF Store, has noted a surge in interest for crypto-based ETFs, with demand spreading across a wider audience. While the results of Grayscale’s latest ETF applications are still pending, there is a positive sentiment in the market. Investors are eager to see what the future holds for these applications, and expectations are high for more developments in the crypto space.
For in-depth updates on Grayscale’s progress and the latest crypto market moves, stay tuned to The Bit Journal.
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