Grayscale Moves to Convert XRP and Bitcoin Large Cap Fund Into Publicly Traded ETF
April 1, 2025
Multi-billion-dollar asset manager Grayscale has filed with the U.S. SEC to convert its Digital Large Cap Fund into a publicly available exchange-traded fund (ETF).
Currently, the Digital Large Cap Fund is a private offering only accredited investors can access through private placement. However, Grayscale’s latest Form S-3 Registration Statement seeks to transform this fund into an ETF, making it accessible to everyday investors on public exchanges.
Details of The Filing
Grayscale’s DLC Fund holds top crypto assets by market capitalization, including Bitcoin, XRP, Ethereum, Cardano, and Solana. Its shares represent fractional ownership in these assets.
The shares will list on NYSE Arca under the symbol GDLC. They will be issued continuously, and investors can buy shares in blocks of 10,000 (referred to as “Baskets”) from authorized participants.
Importantly, the Fund will not engage in staking or earning additional digital assets through proof-of-stake validation.
Grayscale’s latest move aims to make crypto investments more accessible to the general public. The firm claims its fund covers approximately 75% of the total crypto asset market cap (excluding stablecoins and meme coins).
This broad coverage would enable investors to own a slice of the largest and most widely held cryptocurrencies without needing to purchase or manage them individually.
Fund Composition and Performance
The Digital Large Cap Fund is heavily weighted toward Bitcoin, which makes up 79.4% of the portfolio. Other holdings include Ethereum (10.69%), XRP (5.85%), Solana (2.92%), and Cardano (1.14%). The fund recently added Cardano in January 2025, following a rebalancing that took out Avalanche (AVAX).
Since its inception in 2018, the fund has delivered impressive returns, with a cumulative increase of 478.83%. Grayscale’s move to convert it into an ETF would allow the broader public to access this robust performance with the benefit of trading the fund on public markets.
The Broader Crypto ETF Landscape
The proposed ETF follows a wave of crypto ETF filings in the U.S., particularly after the approval of Bitcoin spot ETFs in January 2024. Ethereum ETFs soon followed, and the market now sees more experimental filings.
Among these are ETFs for cryptocurrencies like Dogecoin and even a Trump meme coin, although these have not yet secured approval.
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