Ethereum, XRP, and Bitcoin as Big Cap Funds for Conversion to an ETF using Grayscale Files

One of the largest Bitcoin ETF issuers, Grayscale Investments, filed to convert its current private Digital Large Cap Fund to an exchange-traded fund ( ETF ) that is publicly traded. It already includes Cardano, Bitcoin, Ethereum, XRP, Solana, and XRP.

The current private fund greatly leans toward Bitcoin, with a 79.4 % weight at the time of writing, which is only accessible to accredited investors through private placement.

Ethereum with 10.69 % makes up the rest. XRP, Solana, and Cardano take up 5.85 %, 2.92 %, and 1.14 % respectively. According to the filing, Dano was only added to the fund in January 2025 as a result of an index rebalancing that led to the removal of Avalanche ( AVAX ).

According to the Grayscale website, the fund’s market price has increased by 478.83 % since its inception in 2018.

Much of this is kept the same while being made more readily available in the S-3 kind submitted to the U.S. Securities and Exchange Commission on Monday. The processing is incomplete, including the precise control price portion, and is subject to change.

If successful, the change of this account into an ETF may give regular owners access to the crypto industry. The fund, according to the filing, accounts for roughly 75 % of the online asset market’s market cap, excluding meme coins and cryptocurrencies.

The Digital Large Cap Fund was created by Grayscale just for competent investors at the moment. This obstacle may be eliminated with the ETF change. Since the first shipment of Bitcoin position ETFs were approved in the US in January 2024, there have been numerous requests for crypto ETFs. This includes Ethereum ETFs that were approved in May before a hybrid Bitcoin-Ethereum portfolio was approved as well.

According to CoinGlass, U.S. Bitcoin ETFs have$ 97.27 billion in assets under management, and Ethereum ETFs have$ 8.59 billion in assets under control.

Some issuers have seen Donald Trump’s victory in the U.S. national vote as the start of a new regulatory framework, and they have filed for more empirical crypto money. As a result, we’ve seen ETF papers for Dogecoin, Bonk, and even the established Donald Trump image coin, but none of them have yet been approved.

Due to the unique registration form and comparison of various crypto ETF files, Bloomberg top ETF scientist Eric Balchunas speculated that the DOGE and TRUMP ETFs might debut on the market in earlier April. However, Myriad Markets ‘ forecasters believe that this is unlikely because 93 % of voters believe there won’t be a TRUMP ETF by the end of April.

( Disclosure: Decrypt’s parent company, DASTAN, owns MYRIAD. )

edited by Stacy Elliott.