Asset supervisor Grayscale has filed to listing an exchange-traded fund (ETF) holding a various basket of spot cryptocurrencies, US regulatory filings present.
On April 1, Grayscale submitted an S-3 regulatory submitting to the US Securities and Trade Fee (SEC), which is required to transform the non-listed fund to an ETF.
The Grayscale Digital Giant Cap Fund, which was created in 2018 however will not be but exchange-traded, holds a crypto index portfolio comprising Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP (XRP) and Cardano (ADA).
As of April 1, the fund has greater than $600 million in property underneath administration (AUM) and is simply out there to accredited buyers (entities or people with excessive web price), in keeping with Grayscale’s web site.
The submitting follows an Oct. 29 request by NYSE Arca, a US securities alternate, for permission to listing the Grayscale index fund.
Grayscale’s digital giant cap fund holds a various basket of digital property. Supply: Grayscale
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Index ETFs in focus
The submitting underscores how ETF issuers are accelerating deliberate crypto product launches now that US President Donald Trump has led federal regulators to a softer stance on digital asset regulation.
In December, the SEC greenlighted the primary batch of blended crypto index ETFs. Nonetheless, the funds — sponsored by Hashdex and Constancy — maintain solely Bitcoin and Ether. They’ve seen comparatively modest inflows since debuting in February.
In February, the SEC acknowledged greater than a dozen alternate filings associated to cryptocurrency ETFs, in keeping with data. The filings tackle points corresponding to staking and choices for present funds in addition to new fund proposals for altcoins corresponding to SOL and XRP.
In keeping with trade analysts, crypto index ETFs are a major focus for Wall Avenue’s issuers after ETFs holding BTC and ETH debuted final yr. “The following logical step is index ETFs as a result of indices are environment friendly for buyers — identical to how folks purchase the S&P 500 in an ETF. This would be the similar in crypto,” Katalin Tischhauser, head of funding analysis at crypto financial institution Sygnum, informed Cointelegraph in August.
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