grayscale applies for conversion of its multi-crypto fund into ETF: Connection to Trump's Digital Asset Stockpile causes a sensation

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Grayscale Reicht Antrag zur Umwandlung seines Multi-Krypto-Fonds in einen ETF ein Der Vermögensverwalter Grayscale hat am 1. April 2025 offiziell ein S-3-Formular bei der US-Börsenaufsicht SEC eingereicht. Ziel dieses Antrags ist die Umwandlung des Grayscale Digital Large Cap Fund (GDLC) in einen börsengehandelten Fonds (ETF). Die Anmeldung erfolgt gemäß dem Securities Act von 1933, der Emittenten erlaubt, Wertpapiere öffentlich anzubieten, sofern sie bestimmte Berichtspflichten erfüllen. Das S-3-Formular ermöglicht eine flexible, zeitlich verzögerte Emission, sobald die Genehmigung vorliegt. Noch keine Zulassung – Entscheidungsfrist bis Juli Parallel zur Grayscale-Einreichung hat die NYSE Arca am 15. Oktober 2024 einen separaten 19b-4-Antrag gestellt, um …
Grayscale extends to convert its multi-crypto fund into an ETF One of the asset managers Grayscale officially submitted an S-3 form at the US stock exchange supervision SEC on April 1, 2025. The aim of this application is to convert the Grayscale Digital Large Cap Fund (GDLC) into a stock market -traded fund (ETF). Registration takes place in accordance with the 1933 Securities, which allows issuers to offer securities publicly, provided that they meet certain reporting obligations. The S-3 form enables flexible, time-delayed emission as soon as the approval is available. No admission-decision-making period until July parallel to the Grayscale filing, NYSE Arca made a separate 19b-4 application on October 15, 2024 to ... (Symbolbild/KNAT)

grayscale extends to convert its multi-crypto fund into an ETF

The asset manager Grayscale officially submitted an S-3 form for the US stock exchange supervision SEC on April 1, 2025. The aim of this application is to convert the Grayscale Digital Large Cap Fund (GDLC) into a stock market -traded fund (ETF).

The registration takes place in accordance with the Securities Act of 1933 , which allows issuers to publicly offer securities, provided they meet certain reporting obligations. The S-3 form enables flexible, time-delayed emission as soon as the approval is available.

No approval - decision -making period until July

parallel to the Grayscale Entering, the NYSE Arca submitted a separate 19b-4 application on October 15, 2024 to list the GDLC shares on its stock exchange. This application is currently still in the SEC test phase. Grayscale emphasizes in his submission that no further steps are taken as long as the SEC does not give approval for stock exchange listing.

According to the SEC schedule, there are two important deadlines that concern the time frame for the decision on admission.

possible effects on BitWise

The decision of the SEC could not only affect Grayscale, but also other applications, such as BitWise. The Bitwise 10 Crypto Index Fund has also submitted a conversion application to the SEC, and previous permits have often been granted in the package in the past. The GDLC fund currently consists of five leading cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • XRP
  • Solana (sol)
  • cardano (ada)

It is interesting that these five coins were also publicly named by President Donald Trump as part of his proposal of a "Digital Asset Stockpile". This state crypto supply officially exists since the executive order of March 7, 2025.

Despite this agreement, David Sacks, the so -called "Crypto Czar" of the White House, dampened excessive speculation. In an interview with Bloomberg, he explained:

"The markets may interpret a little too much. The coins mentioned are simply the largest after market capitalization - nothing more."

Grayscale also emphasizes that the composition of the GDLC is regularly weighted. Management reserves the right to exclude or adapt certain coins if necessary to map the market conditions in the best possible way.

With the ETF application for the GDLC, Grayscale brings one of the best-known multi-asset crypto funds to the threshold for the stock exchange approval. The decision of the SEC could have a major signal effect for the entire crypto ETF market, especially if other providers such as Bitwise are affected. The connection to Trump's crypto strategy gives the application additional political explosiveness.