NYSE Arca Seeks SEC Approval for Groundbreaking Grayscale Crypto ETF
On October 29, NYSE Arca formally requested SEC approval to list a diversified Grayscale ETF focused on various spot cryptocurrencies, according to a recent filing.
The proposal would transform Grayscale's existing Digital Large Cap Fund into an exchange-traded product, granting investors easier access to a basket of major cryptocurrencies. Launched in 2018, Grayscale's fund currently holds a diverse range of assets, including Bitcoin, Ethereum, Solana, Avalanche, and XRP, with approximately $565 million under management. Grayscale first submitted its ETF conversion request on October 16, shortly before NYSE Arca's own filing, marking a coordinated move to bring diversified crypto exposure to a wider market.
“SEC has formally acknowledged filing to convert Grayscale Digital Large Cap Fund (GDLC) into an ETF…GDLC holds approx 77% BTC, 17% ETH, & remainder in SOL, XRP, & AVAX,” stated ETF expert Nate Geraci in a social media post, underscoring the fund’s composition and the beginning of the SEC's review process.
Grayscale recently expanded its investment scope by adding Jupiter (JUP) to its list of 35 altcoins under evaluation, sparking a 17% rise in JUP's value over the last two weeks. Additionally, Grayscale launched a Decentralized AI Fund to select investors, providing targeted exposure to blockchain-based AI projects, including Near Protocol, Bittensor, Render, and Filecoin.
This year, crypto ETFs have notably impacted the market, with Bitcoin ETFs alone accumulating over $4 billion in net inflows in October. This surge recently propelled Bitcoin’s price to over $73,000, a level not seen since March, and drove the total net assets of spot Bitcoin ETFs to a record $72.55 billion—accounting for over 5% of Bitcoin’s market cap for the first time.
By focusing on both blockchain and AI-driven altcoins, Grayscale is moving swiftly to address growing institutional demand for diverse crypto investment options. If approved, the Grayscale ETF would join the ranks of crypto products reshaping the financial landscape, positioning investors to benefit from both established and emerging digital assets.