Grayscale Looks to Turn Multi-Token Fund Into ETF
Summary
Grayscale Investments has filed to convert its Grayscale Digital Large Cap Fund into an exchange-traded fund (ETF). The fund tracks the CoinDesk Large Cap Select Index, which includes bitcoin, ether, solana, XRP, and avalanche. Upon approval, the fund will trade on the New York Stock Exchange. This move follows the conversion of Grayscale's bitcoin and ether funds into ETFs earlier this year. Despite launching new ETFs, Grayscale's Bitcoin and Ethereum Trusts have seen significant investor withdrawals, totaling over $23 billion. The ETF approval has prompted new applications for funds tracking smaller cryptocurrencies.
