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Grayscale has announced a major step forward in crypto investment opportunities by applying to the SEC for converting its Digital Large Cap Fund into a spot ETF. The fund known as GDLC boasts a diverse portfolio with leading cryptocurrencies like Bitcoin and Ethereum making up the bulk of its assets. Since its inception in 2018 the fund has seen a significant return of approximately 479% demonstrating the growing investor interest in digital assets.
Recent adjustments to the fund’s structure included the introduction of Cardano in place of Avalanche following an index rebalancing earlier this year. Grayscale’s move aligns with its goal to bring crypto investments closer to the mainstream financial community. The proposed ETF aims to maintain similar asset allocations while enhancing access for retail investors.
The momentum in the crypto ETF space is undeniable with recent approvals for Bitcoin and Ethereum-based products in 2024. Grayscale’s push to expand its ETF offerings to include cryptocurrencies like XRP ADA and Dogecoin underscores the increasing demand for regulated crypto investment vehicles. Analysts from Bloomberg predict strong approval prospects for upcoming Litecoin and Dogecoin ETFs.
