- Grayscale files with SEC to convert its Digital Large Cap Fund into a new multi-crypto ETF.
- The fund includes major cryptocurrencies like Bitcoin, Ethereum, XRP, Avalanche, and Solana.
- This move could significantly impact the altcoin market by providing greater exposure and legitimacy.
Grayscale, the largest Bitcoin ETF manager in the world, continues to bet on new crypto ETFs. Just recently, the company filed a 19b-4 form with the SEC, trying to convert its Digital Large Cap Fund (GLDC) into a new ETF.
The GLDC consists of some of the most recognizable cryptocurrency assets in the market. What makes it different is that, if approved, it could become the largest multi-crypto ETF in the world. The fund consists of Bitcoin, Ethereum, XRP, Avalanche, and Solana. Its worth is estimated to be over half a billion dollars – with each individual share priced at $26.85.
Over recent times, the GLDC’s performance has been overwhelmingly positive. According to its official website – the share price grew by almost 60% in value during the last month, going from $17.89 on September 16 to today’s value of $26.85.
76% of the fund consists of Bitcoin, and 18% Ether – while the rest is diversified into XRP, Avalanche, and Solana.
Certainly, this development could have a significant impact on the Altcoin market because it would provide greater exposure and legitimacy to altcoins like Solana, XRP, and Avalanche. Also, it would mark the GLDC as one of the largest mixed-crypto ETFs – and a huge milestone for the popularization of altcoins.
Market Reactions
The assets involved in Grayscale’s new ETF proposal have had a timid – yet positive – market reaction since the news arose. Over the past 24 hours, Ripple’s XRP saw a rise of 1.72%. Bitcoin is a close second with 1.63% gains.
Ethereum grew by around 0.9%, while AVAX is the only one at a loss with a 0.30% decrease.
The addition of a mixed altcoin ETF can certainly generate a lot of interest in the market. Comparing Bitcoin’s performance following its first ETF approval, investors will certainly be on the lookout for how these assets will perform if the GCLD ETF is approved.
