This move is exciting because an ETF makes it easier for people to buy and sell shares of the fund on the stock market.
So, what is the Grayscale Digital Large Cap Fund? This fund tracks the CoinDesk Large Cap Select Index, which means it measures the performance of some of the largest cryptocurrencies based on their market value.
Grayscale Expands Crypto Offerings with New ETF Filing
By converting this fund into an ETF, investors will be able to trade it on the New York Stock Exchange, just like they would stocks from companies like Apple or Microsoft. This isn’t Grayscale’s first rodeo with ETFs. Earlier this year, the company successfully converted its Bitcoin and Ethereum funds into ETFs. Now, with the addition of the Large Cap Fund, Grayscale will have launched five different ETFs in just one year.
On Tuesday, Grayscale submitted a filing with the Securities and Exchange Commission (SEC) to get the green light for this conversion. Once the SEC approves it, the GDLC fund will transition from trading over the counter to trading on the stock exchange. This is a big deal because trading on the stock exchange usually brings more visibility and can attract more investors.
After market today @Grayscale filed to convert their Large Cap Fund ( $GDLC) into an ETF to be traded on @NYSE. pic.twitter.com/LiYxmO1ecG
— James Seyffart (@JSeyff) October 15, 2024
However, it’s worth mentioning that Grayscale’s other funds, like the Grayscale Bitcoin Trust (GBTC) and the Grayscale Ethereum Trust (ETHE), haven’t been doing too well. Since their launches earlier this year, both funds have lost a significant amount of money, with investors pulling out over $23 billion. It seems like the grass isn’t always greener on the other side for these funds, as they’ve faced challenges attracting new investments.
More About Grayscale
Grayscale has announced the launch of the Grayscale Bittensor Trust, one of the first securities specifically invested in and deriving value from Bittensor (“TAO”). This innovative trust allows investors to gain exposure to Bittensor without the hassles of buying, storing, and safekeeping the digital asset directly. Shares of the Trust are designed to track the market price of Bittensor, minus any associated fees and expenses.
Looking for exposure to #Bittensor $TAO?
Grayscale Bittensor Trust $TAO is one of the only ways to gain exposure in the US to $TAO at NAV* and is now open to eligible accredited investors.
Learn more, see important disclosures, or reach out to us:https://t.co/WIXNCvBw2e pic.twitter.com/ODRKJigWBI
— Grayscale (@Grayscale) October 14, 2024
Bittensor itself is a digital asset generated and transmitted through the decentralized Bittensor Network. This new trust aims to simplify access to Bittensor for investors, providing a more straightforward way to participate in this emerging digital asset.
Disclaimer
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The post Grayscale to Convert Digital Large Cap Fund into ETF appeared first on Altcoin Buzz.
This articles is written by : Fady Askharoun Samy Askharoun
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