Grayscale Investments has filed to convert its Digital Large Cap Fund into an exchange-traded fund, a move that would expand public investor access to a diversified portfolio of major cryptocurrencies including Bitcoin, Ethereum and XRP.
The fund, valued at around $600m, is currently available only to accredited investors through private placement. If approved, the ETF would offer broader market access to a basket of digital assets also comprising Solana and Cardano.
At the time of filing, Bitcoin accounted for 79.4% of the fund, followed by Ethereum at 10.69%, XRP at 5.85%, Solana at 2.92%, and Cardano at 1.14%. Cardano was added in January 2025 after Avalanche was removed as part of an index rebalancing. Since launching in 2018, the fund’s market price has risen by 478.83%, according to Grayscale.
The application was submitted via an S-3 filing to the US Securities and Exchange Commission on April 1. Grayscale said the ETF would aim to track roughly 75% of the digital asset market, excluding stablecoins and meme tokens. The final management fee has not yet been disclosed.
The filing comes amid accelerating momentum for crypto ETFs following the approval of Bitcoin spot ETFs in January 2024 and subsequent launches of Ethereum and hybrid crypto funds. According to CoinGlass data, US Bitcoin ETFs now manage $97.27bn in assets, while Ethereum ETFs hold $8.59bn.
Grayscale’s own Bitcoin spot ETF has experienced more than $15bn in outflows, the largest ETF withdrawal since 2009, prompting questions about long-term reserve sustainability.
As regulatory acceptance widens, issuers are increasingly filing for ETFs tied to alternative digital assets, including XRP, Solana and Dogecoin, signalling continued expansion of crypto exposure within traditional financial markets.
