Grayscale Investments is one of the most prominent Bitcoin ETFs. It filed an application to convert their existing Digital Large Cap Fund, a private fund, into a publicly traded exchange-traded fund. The fund currently includes Bitcoin, Ethereum XRP Solana and Cardano.
As of the date this was written, the private fund that is currently available, but only for accredited investors, has a weighting of 79.4% towards Bitcoin.
Ethereum comes in second with 10.69%. XRP takes up 5,85% of the total. Solana is 2.92 % and Cardano is 1.14%. Cardano has only been added to the Fund in January of 2025. This was after Avalanche(AVAX) had been removed as a result of an index rebalancing.
Grayscale says that the cumulative increase in the fund’s price since it was launched in 2018 is 478.83%.
S-3 Form filed by the U.S. Securities and Exchange Commission Monday appears to retain much of the information while making it widely accessible. The filing, which includes the management fee percentage and other details, is incomplete. It may change.
The conversion of the fund to an ETF, if successful, would allow everyday investors access to the cryptomarket. In the filing it is claimed that this fund will cover 75% of market cap for digital assets excluding memes coins and stablecoins.
Grayscale’s Digital Large Cap Fund is currently only available to qualified investors. Since the US approved the first Bitcoin ETFs in January 2024 the crypto ETF industry has been flooded with applications. The industry has seen a slew of crypto ETF applications since the first batch of Bitcoin spot ETFs were approved in January 2024.
CoinGlass reports that at the moment of this writing U.S. Bitcoin-related ETFs manage assets totaling $97.27billion and Ethereum-related ETFs $8.59billion.
Many issuers saw the U.S. Presidential elections as a start to a new regulatory climate and filed more experimental crypto fund applications. 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.
Eric Balchunas is a senior ETF Analyst at Bloomberg. He speculated on the DOGE ETFs and TRUMP ETFs hitting the market early in April. This was due to a specific type of filing compared to that for other crypto ETFs. Myriad markets predictors think this is unlikely, with 93% voters predicting that there won’t be TRUMP ETFs by April end.
(Disclosure: MYRIAD is owned by Decrypt's parent company, DASTAN.)
Stacy Elliott is the editor.
