Grayscale Investments has filed a request with the U.S. Securities and Exchange Commission (SEC) to convert its mixed-crypto fund into an exchange-traded fund (ETF).<\/p>\n
This development comes as Canary Capital makes plans for a spot Litecoin ETF.<\/p>\n
Currently trading over the counter, Grayscale\u2019s Digital Large Cap Fund (GDLC) has $524 million in assets under management. According to company documentation<\/a>, Bitcoin (BTC) accounts for 75% of the portfolio, and Ethereum (ETH) makes up 19%. The remainder consists of Solana (SOL), Avalanche (AVAX), and XRP.<\/p>\n If approved, Grayscale expects to list the ETF on the New York Stock Exchange (NYSE). The exchange has already filed<\/a> a 19b-4 form with the Securities and Exchange Commission (SEC) supporting the conversion.<\/p>\n This move follows Grayscale\u2019s success earlier this year in converting its Bitcoin (GBTC) and Ethereum (ETHE) funds and smaller versions of both into ETFs.<\/p>\n In September, the firm also launched<\/a> a dedicated XRP trust to track the price of the token. Similar to its existing Bitcoin and Ethereum funds, this trust could be converted into a spot XRP ETF.<\/p>\n Despite Ripple\u2019s ongoing legal challenges with the SEC, CEO Brad Garlinghouse has expressed confidence that XRP will eventually have its own ETF.<\/p>\n Grayscale isn\u2019t the only player seeking to enter the XRP ETF market. In recent weeks, Bitwise and Canary Capital have logged<\/a> their applications with the SEC for spot XRP ETFs. These funds aim to track the token\u2019s price using the Chicago Mercantile Exchange\u2019s CF Ripple index.<\/p>\n Meanwhile, Canary Capital has also revealed plans for a Litecoin ETF. According to its proposal<\/a>, the ETF would hold Litecoin (LTC) and use the CoinDesk Litecoin Price Index to establish its daily net asset value.<\/p>\n CoinGecko data<\/a> shows that LTC has a market capitalization of nearly $5.3 billion, making it the 26th-largest cryptocurrency.<\/p>\n In a statement shared by Fox Business reporter Eleanor Terret, Canary Capital described<\/a> Litecoin as a reliable, long-established digital asset with significant institutional potential.<\/p>\n \u201cWith its strong foundation, Litecoin continues to play a leading role in the broader cryptocurrency ecosystem, which Canary believes could make it attractive to a wider range of institutional investors,\u201d read the comment.<\/p>\n Earlier this month, a spokesperson from the venture capital firm expressed optimism regarding the SEC\u2019s potential assent of these funds, citing \u201cencouraging signs of a more flexible regulatory environment\u201d following previous approvals.<\/p>\n The post Is Grayscale\u2019s Most Recent SEC Filing Ripple\u2019s (XRP) Best Shot at Having a US-Based ETF?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Grayscale Investments has filed a request with the U.S. Securities and Exchange Commission (SEC) to convert its mixed-crypto fund into an exchange-traded fund (ETF). This development comes as Canary Capital makes plans for a spot Litecoin ETF. Grayscale\u2019s New ETF Currently trading over the counter, Grayscale\u2019s Digital Large Cap Fund (GDLC) has $524 million in […]<\/p>\n","protected":false},"author":0,"featured_media":14200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14199"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14199"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/14199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/14200"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Canary Capital Eyes Litecoin ETF<\/h2>\n