Grayscale approved by SEC to convert Digital Large-Cap Fund into ETF

Asset manager Grayscale has received approval from the U.S. Securities and Exchange Commission (SEC) to convert its Digital Large-Cap Fund into an exchange-traded fund (ETF).

The fund includes the five largest cryptocurrencies by market capitalization, based on the CoinDesk Large Cap Select Index. Its current allocation is as follows:

Bitcoin (BTC): 80.2%

Ethereum (ETH): 11.3%

Solana (SOL): 2.7%

XRP: 4.8%

Cardano (ADA): 0.81%

Previously, investors often took advantage of arbitrage opportunities between Grayscale’s trust trading prices and net asset value (NAV), mainly due to lock-up periods and the absence of in-kind redemptions. However, as Grayscale gradually converts its private trusts into ETFs, such arbitrage opportunities have diminished.

https://www.sec.gov/files/rules/sro/nysearca/2025/34-103364.pdf