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COINTURK NEWS > Cryptocurrency News > Major Companies Enter the Crypto Space with New ETF Initiatives
Cryptocurrency News

Major Companies Enter the Crypto Space with New ETF Initiatives

In Brief

  • Grayscale prepares to launch a new cryptocurrency ETF.

  • The fund includes major assets like BTC, ETH, SOL, XRP, and AVAX.

  • Stability of asset ratios will be revealed in the upcoming filing.

Fatih Uçar
Fatih Uçar 7 months ago
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Before the entry of trillion-dollar companies like BlackRock and Fidelity into the cryptocurrency sector, DCG was the leading player in this field. It remains a significant entity among crypto-focused companies, with many major brands operating under its umbrella. Despite the bankruptcy of its largest crypto lending arm, Genesis, DCG continues to own significant stakes in major firms, including Grayscale.

New Crypto ETF Proposal

The anticipated move has occurred, as Grayscale recently filed for a new ETF, according to a Bloomberg announcement. The company currently manages the Grayscale Digital Large Cap Fund, known as GDLC, which contains $520.8 million worth of cryptocurrency. This fund allows simultaneous investment in BTC, ETH, SOL, XRP, and AVAX, with its current asset distribution outlined below.

Today, Grayscale has prepared a filing to convert this fund into an ETF for public trading. Therefore, a unified cryptocurrency ETF featuring AVAX, XRP, and SOL Coin may be on the horizon. The fund’s allocations include 4.21% in SOL Coin and 1.78% in XRP, while AVAX represents a more symbolic figure in the overall fund.

Although this fund reflects the long-term investment strategy of 75% BTC and 20% ETH, the stability of these proportions will be clarified in the filing.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 16 October, 2024 - 12:03 am 16 October, 2024 - 12:03 am
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