Grayscale files for basket-type cryptocurrency ETF with five stocks including XRP, Solana, and ADA

On March 31, Grayscale, a US asset management company, submitted an application (S3 form) to the US Securities and Exchange Commission (SEC) to convert its mutual fund product "Digital Large Cap Fund" into an ETF.

According to the application, the fund will invest in assets that account for approximately 75% of the total market capitalization of the cryptocurrency (virtual currency) market, excluding meme coins and stable coins.

Until now, it was a private fund available only to accredited investors through private placement, but if the conversion to an ETF is approved, general investors will be able to purchase it.

At the time of writing, the majority of the fund's composition is bitcoin...