New York Stock Exchange Seeks SEC Approval for Grayscale’s Spot Crypto ETF

The NYSE Arca has submitted a request to the SEC to list a Grayscale exchange-traded fund (ETF) focused on a range of spot cryptocurrencies, aiming to convert Grayscale’s Digital Large Cap Fund into an ETF.

Established in 2018, the fund currently holds about $565 million in assets, including Bitcoin, Ethereum, Solana, Avalanche, and XRP.

Grayscale filed its initial request for conversion on October 16, and the SEC has acknowledged this application. ETF expert Nate Geraci noted that the Grayscale Digital Large Cap Fund allocates approximately 77% to Bitcoin, 17% to Ethereum, and the rest to Solana, XRP, and Avalanche.

Recently, Grayscale expanded its investment list by adding Jupiter (JUP), leading to a 17% price increase over two weeks. The firm also launched a Decentralized AI Fund targeting AI-driven blockchain projects like Near Protocol (NEAR) and Filecoin (FIL).

In pursuit of institutional interest, Grayscale announced plans for the first U.S.-based XRP trust in June. This year, crypto ETFs have attracted significant investment, with Bitcoin ETFs seeing over $4 billion in net inflows, pushing Bitcoin’s price above $73,000.

Total net assets of spot Bitcoin ETFs have now reached $72.55 billion, representing over 5% of Bitcoin’s market value for the first time.