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.
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.
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.
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