Grayscale Investments, one of the largest Bitcoin ETF issuers, filed to convert its existing private Digital Large Cap Fund to a publicly available exchange traded fund (ETF). It currently contains Bitcoin, Ethereum, XRP, Solana, and Cardano.
The existing private fund, which is only available to accredited investors through private placement, heavily leans towards Bitcoin with a 79.4% weighting, at the time of writing.
The rest includes Ethereum with 10.69%. XRP, Solana, and Cardano take up 5.85%, 2.92%, and 1.14% respectively. Cardano was only added to the fund in January 2025, the filing states, following the removal of Avalanche (AVAX) due to an index rebalancing.
Since its inception in 2018, the fund’s market price has cumulatively increased by 478.83%, the Grayscale site says.
The S-3 form filed with the U.S. Securities and Exchange Commission on Monday looks to keep much of this the same while making it more widely available. It is worth noting that the filing is not complete, including the exact management fee percentage, and is subject to change.
If successful, the conversion of this fund into an ETF would enable everyday investors to gain exposure to the crypto market. The filing claims that the fund covers approximately 75% of the market cap of the digital asset market, excluding meme coins and stablecoins.
How Long Until Grayscale’s ETF Runs Out of Bitcoin?
There are myriad reasons why Grayscale’s Bitcoin spot ETF fund is hemorrhaging cash as investors rush for the door—often to jump into a competing product. Is there an end in sight? And is Grayscale going to be okay? Following its conversion from an essentially closed-end fund to a spot Bitcoin exchange-traded fund (ETF) back in January, investors have been hitting the redemption button—and fast. So fast that GBTC has experienced the largest outflows of any ETF since March 2009 at over $15 billi...
Currently only qualified investors could access Grayscale’s Digital Large Cap Fund. The ETF conversion would remove this barrier.Since the first batch of Bitcoin spot ETFs were approved in the States back in January 2024, the industry has seen a slew of crypto ETF applications. This has included Ethereum ETFs that passed in May before a hybrid Bitcoin-Ethereum fund was also approved.
At the time of writing, U.S. Bitcoin ETFs contain $97.27 billion worth of assets under management and Ethereum ETFs have $8.59 billion assets under management, according to CoinGlass.
Which Crypto ETFs Are Next? Dogecoin, XRP, and Solana Lead the List
The cryptocurrency industry notched two major victories last year when several fund issuers secured long-awaited approvals to offer spot Bitcoin exchange-traded funds and their Ethereum-based counterparts in the U.S. But that doesn't mean issuers are ready to rest on their laurels just yet. In recent months, fund managers have proposed new investment offerings directly tracking the prices of a variety of cryptocurrencies, from Dogecoin to XRP, Solana, and even Donald Trump’s meme coin. Here ar...
With Donald Trump winning the U.S. Presidential election, many issuers have seen it as the start of a new regulatory environment and have filed for more experimental crypto funds. As such, we’ve seen ETF filings for the likes of Dogecoin, Bonk, and even the official Donald Trump meme coin—none of which have been approved as of yet.
Bloomberg senior ETF analyst Eric Balchunas speculated that the DOGE and TRUMP ETFs could hit the market in early April, due to the specific filing type compared to other crypto ETF filings. However, predictors on Myriad Markets believe this is unlikely with 93% of voters believing there will not be a TRUMP ETF by the end of April.
(Disclosure: MYRIAD is owned by Decrypt's parent company, DASTAN.)
Edited by Stacy Elliott.
