Grayscale files S-3 for Digital Large Cap ETF

Asset manager Grayscale has filed to list an exchange-traded fund (ETF) holding a diverse basket of spot cryptocurrencies, US regulatory filings show.

On April 1, Grayscale submitted an S-3 regulatory filing to the US Securities and Exchange Commission (SEC), which is required to convert the non-listed fund to an ETF. 

The Grayscale Digital Large Cap Fund, which was created in 2018 but is not yet exchange-traded, holds a crypto index portfolio comprising Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP) and Cardano (ADA). 

As of April 1, the fund has more than $600 million in assets under management (AUM) and is only available to accredited investors (entities or individuals with high net worth), according to Grayscale’s website.

The filing follows an Oct. 29 request by NYSE Arca, a US securities exchange, for permission to list the Grayscale index fund. 

Grayscale’s digital large cap fund holds a diverse basket of digital assets. Source: Grayscale

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The filing underscores how ETF issuers are accelerating planned crypto product launches now that US President Donald Trump has led federal regulators to a softer stance on digital asset regulation. 

In December, the SEC greenlighted the first batch of mixed crypto index ETFs. However, the funds — sponsored by Hashdex and Fidelity — hold only Bitcoin and Ether. They have seen relatively modest inflows since debuting in February.  

In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records. The filings address issues such as staking and options for existing funds as well as new fund proposals for altcoins such as SOL and XRP. 

According to industry analysts, crypto index ETFs are a main focus for Wall Street's issuers after ETFs holding BTC and ETH debuted last year. “The next logical step is index ETFs because indices are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto,” Katalin Tischhauser, head of investment research at crypto bank Sygnum, told Cointelegraph in August.

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