After the Bitcoin and Ethereum fund, Grayscale now registers its third fund with the SEC
Digital asset manager Grayscale Investments announced yesterday that its Digital Large Cap Fund has been reported to the Securities and Exchange Commission (SEC). In May of this year, Grayscale filed a Form 10 application with the SEC. Now the registration statement has entered into force and the shares in the fund have been registered.
As the world’s largest digital currency asset manager, Grayscale Investments offers its clients exposure to digital currencies in the form of a security. The company was founded in 2013 and has more than $ 29.6 billion in assets under management (AUM) as of July 9, 2021.
The Digital Large Cap Fund was founded in early 2018 and is traded on the OTCQX under the ticker GDLC. It consists of various assets with strategic allocations, including 67.5% Bitcoin, 25.3% Ethereum, 4.3% Cardano, 1% Bitcoin Cash, 1% Litecoin and 0.9% Chainlink.
The fund has nearly $ 300 million in assets under management and has achieved a return of approximately 300% over the past 12 months. The Grayscale Digital Large Cap Fund now intends to meet its obligations under the Exchange Act by filing reports and financial statements with the SEC, among other things.
After the Bitcoin Trust and the Ethereum Trust, the Digital Large Cap Fund is the first diversified fund that Grayscale registers with the SEC. In addition to these three funds, Grayscale today announced that it has filed registration statements with the SEC for the Grayscale Litecoin Trust, Grayscale Bitcoin Cash Trust, and Grayscale Ethereum Classic Trust.
Craig Salm, Vice President of Legal at Grayscale Investments commented:”We set a high standard for our products because we are convinced that our investors want it and deserve it. Events such as the registration of this fund as a third entity with the SEC and the additional Form 10 filings signal continued investor interest in engaging in the growing ecosystem of digital currencies within the existing regulatory framework and demonstrate that regulators continue to work with market participants in this asset class.“
This news marks an important chapter in Grayscale’s long-term vision, which includes the goal of launching exchange-traded funds (ETFs) for digital currencies.