Multi-billion-dollar asset manager Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into a publicly traded exchange-traded fund (ETF).
Currently, the GDLC Fund is a private offering accessible only to accredited investors. Grayscale’s Form S-3 registration aims to transition the fund into an ETF, enabling retail investors to trade shares on public exchanges like NYSE Arca under the ticker GDLC.
Key Details of Grayscale’s ETF Proposal
The Grayscale Digital Large Cap Fund holds a diversified portfolio of top cryptocurrencies by market capitalization, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Solana (SOL)
- Cardano (ADA)
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Fund Structure & Accessibility
- Shares will be issued in blocks of 10,000 (called "Baskets") via authorized participants.
- The fund does not engage in staking, focusing solely on asset appreciation.
- Investors gain exposure to ~75% of the crypto market cap (excluding stablecoins and meme coins).
Portfolio Breakdown & Historical Performance
The GDLC Fund is heavily weighted toward Bitcoin (79.4%), with smaller allocations to:
| Asset | Allocation |
|-------------|------------|
| Ethereum | 10.69% |
| XRP | 5.85% |
| Solana | 2.92% |
| Cardano | 1.14% |
Since its 2018 launch, the fund has delivered a 478.83% cumulative return. Converting to an ETF would democratize access to these gains.
Expanding Crypto ETF Adoption
Grayscale’s filing aligns with the growing demand for regulated crypto investment products:
- Bitcoin spot ETFs were approved in January 2024.
- Ethereum ETFs gained traction shortly after.
- Experimental filings for Dogecoin and meme coin ETFs highlight market innovation.
FAQ Section
Q: How does the GDLC ETF differ from holding crypto directly?
A: The ETF offers diversified exposure without the need to manage private keys or wallets.
Q: When will the GDLC ETF launch?
A: Pending SEC approval, which could take months or longer.
Q: Is staking supported in the GDLC Fund?
A: No—the fund focuses solely on price appreciation.
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Disclaimer: This content is for informational purposes only and not financial advice. Conduct independent research before investing.
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