Grayscale aims to convert $600M private crypto fund into public ETF
Asset manager Grayscale has filed an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) that holds a diversified basket of spot cryptocurrencies, including ETH, SOL, ADA, and XRP.
The Grayscale Digital Large Cap Fund, originally launched in 2018 but not yet publicly traded, holds a portfolio of crypto indices comprising Bitcoin, Ethereum, Solana, XRP, and Cardano.
The S-3 filing is a regulatory step required to convert the private fund into an ETF. It follows NYSE Arca’s request, submitted on October 29, seeking approval to list the Grayscale index fund.
As of April 1, the Digital Large Cap Fund has over $600 million in assets under management (AUM) and is currently only available to accredited investors (high-net-worth individuals or institutional clients).
Index-based ETFs are gaining traction
Industry analysts note that crypto index ETFs are becoming a major focus for Wall Street issuers, especially after the debut of spot BTC and ETH ETFs last year.
“The next logical step is index-based ETFs, because indexes work well for investors — just like people buy the S&P 500 through ETFs. The same will happen in crypto,”said Kathleen Tishhauser, Head of Investment Research at crypto bank Sygnum, in an earlier interview with Cointelegraph.
ETF issuers accelerate product launches
Grayscale’s filing reflects a broader trend of accelerated ETF product rollouts, as President Donald Trump’s administration has pushed federal regulators to adopt a more crypto-friendly stance on digital asset regulation.
In December 2024, the SEC approved the first batch of hybrid crypto index ETFs, although the initial funds sponsored by Hashdex and Fidelity only hold Bitcoin and Ether. Since their February launch, they’ve seen modest inflows.
In February, the SEC acknowledged over a dozen new crypto ETF filings, covering issues like staking, options for existing funds, and altcoin-based products, including those focused on SOL and XRP.
As we wrote, in a significant development for the digital asset industry, the U.S. Securities and Exchange Commission (SEC) has officially acknowledged Grayscale’s filing for a spot Cardano (ADA) exchange-traded fund (ETF).
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