NYSE Arca seeks SEC approval for Grayscale’s crypto index ETF NYSE Arca seeks SEC approval for Grayscale’s crypto index ETF
The Grayscale Digital Large Cap Fund ETF aims to introduce investors to a mixed basket of digital assets, including Solana and other altcoins beyond Bitcoin and Ethereum.
1 min read
Updated: Oct. 30, 2024 at 11:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
NYSE Arca has filed an application with the SEC to list a Grayscale exchange-traded fund (ETF) featuring a diverse array of cryptocurrencies, marking a significant push to expand institutional access to digital assets.
The Grayscale Digital Large Cap Fund, a crypto index portfolio created in 2018, includes popular cryptocurrencies like Bitcoin, Ethereum, and Solana alongside other altcoins. The application follows the firm’s recent Oct. 16 filing to convert the fund into an ETF.
If approved, the Grayscale Digital Large Cap Fund ETF would introduce investors to a mixed basket of digital assets, positioning itself as a more inclusive alternative to traditional Bitcoin or Ether-focused ETFs.
The proposed fund stands out from competitors by tracking the CoinDesk Large Cap Select Index, which includes five distinct digital assets, offering a broader approach for those seeking exposure beyond BTC and ETH.
The fund currently holds approximately $565 million in assets under management (AUM).
Competing ETFs
Grayscale’s competition includes offerings from Hashdex and Franklin Templeton, both of which have filed for index ETFs that would initially focus on Bitcoin and Ether alone.
Additionally, VanEck, 21Shares, and Canary Capital have submitted multiple filings to list spot ETFs connected to Solana, XRP, and Litecoin.
Industry analysts suggest that the outcome of the upcoming US presidential election could significantly impact the regulatory landscape for crypto ETFs.
Bloomberg ETF analyst Eric Balchunas recently commented that a win by former US President Donald Trump might prompt the SEC to adopt a more pro-crypto stance, potentially accelerating approvals for ETFs with diverse crypto asset holdings.
NYSE’s proposal highlights the growing demand for crypto index ETFs. While the SEC has yet to approve a broad-based crypto index ETF, the filing may signify a new wave of crypto investment options, opening the door to diversified, institution-friendly access to the expanding digital asset market.
Mentioned in this article
Solana 
Bitcoin 
Ethereum 
XRP 
Litecoin 
Grayscale Investments 
21shares 
VanEck 
Donald Trump 
Eric Balchunas Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Bitcoin
$97,288.51
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,463.45
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
XRP
$2.27558
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Litecoin
$101.246
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
21shares
21Shares is a Swiss provider of crypto- currency exchange-traded products (ETPs).
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Donald John Trump was born on June 14, 1946, in Queens, New York City.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.