Grayscale submits a petition to convert its mixed crypto fund into an ETF

United States crypto investment firm Grayscale has petitioned the United States Securities and Exchange Commission (SEC) to convert its mixed crypto fund into an exchange-traded fund (ETF). The fund contains a mix of assets including BTC, XRP, ETH, and AVAX.

Grayscale wants the United States financial regulator to grant its request to remodel its Grayscale Digital Large Cap Fund (GDLC) into an ETF. The investment firm filed its petition on October 15 to enable the firm to add its digital mixed fund as another ETF.

Grayscale’s GDLC has 75% of its AUM in Bitcoin

According to its official website, Grayscale’s fund has about five assets under management, including Bitcoin, XRP, and Avalanche. The largest asset in the pool is Bitcoin, which is about 74.47% of the total figure. Ethereum is a close second with 18.55%, while Solana takes up the third spot with 4.26%. Others include Avalanche and XRP, with a lower share of 0.66% and 2.06%, respectively.

The GDLC has $524.3 million worth of assets under its control, with a price of $23.15 per share. The Net Asset Value Per Share is also about $33. The fund operates under the ticker GDLC for its OTC transactions, charging a modest fee of 2.5% for management.

In a report confirmed by The Block, a Grayscale representative said that the move is to ensure that crypto is accessible to investors irrespective of their backgrounds.

The firm submitted the same application earlier this year, converting its BTC and ETH funds to ETFs. The firm started trading its BTC ETF this year after the green light from the regulator. Presently, Grayscale’s Bitcoin ETF has $14 billion in assets under management while its Ethereum ETF has $4.21 billion.

Bitcoin ETFs record three days of positive inflows

According to data from Sosavalue, Bitcoin ETFs have recorded positive inflows in three days. The streak began on October 11, when the ETFs saw $253 million. It stretched further to October 14 and 15, where the ETFs registered inflows of $555 million and $371 million, respectively.

BlackRock’s IBIT led in additional Bitcoin purchases, registering $288 million. Fidelity’s FBTC followed with a $35 million inflow. Grayscale’s GBTC and its mini trust also enjoyed inflows yesterday. GBTC registered a small $7 million compared to its mini trust’s BTC which registered $13 million in inflows.

On the other hand, Ethereum has been registering slow movements over the last couple of days. Ethereum ETFs saw a huge outflow of about $12 million. However, Grayscale’s ETHE was the only ETF to register a net negative outflow. Sosavalue reported that investors with ETHE removed $15 million from the ETF while Fidelity’s ETF saw inflows worth $2.59 million. Grayscale’s Ethereum ETF failed to register any flows.

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