Important points
Grayscale is close to launching a multi-asset ETF on the New York Stock Exchange leveraging the GDLC fund. ETFs comply with NYSE Arca Rule 8.800-E regarding the storage and trading of assets.
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Through its recent filing with NYSE Arca, Grayscale is in the process of converting its Digital Large Cap Fund (GDLC) into an ETF with a view to listing and trading on the NYSE.
The fund currently holds a diverse range of digital assets, with 75.46% in Bitcoin, 17.90% in Ether, 4.13% in Solana, 1.86% in XRP, and 0.65% in Avalanche.
Founded in 2018, Grayscale’s Digital Large Cap Fund has $540 million in assets under management and was the first to offer exposure to a basket of large digital assets without directly owning the assets. It is one of the funds.
According to Grayscale, converting GDLC into an ETF will unlock approximately $167 million in value for shareholders and create a new way for traditional investors to access digital assets under a regulated structure. A road will be provided.
The proposed conversion is in line with NYSE Arca’s Rule 8.800-E, which ensures continued compliance through rules regarding asset custody, trading requirements, and maintenance of at least 50,000 securities.
As detailed in the filing, Coinbase Custody provides secure storage for private key shards of Grayscale assets, with vaults strategically located in multiple regions for added protection. Manage.
In the event of a technical issue, the NYSE has outlined steps to halt trading or initiate delisting to protect investors, according to the filing.
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