{"id":472424,"date":"2025-04-02T00:30:08","date_gmt":"2025-04-01T23:30:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=472424"},"modified":"2025-04-02T02:03:57","modified_gmt":"2025-04-02T01:03:57","slug":"grayscale-seeks-etf-status-for-multi-asset-fund-with-s-3-form-filing","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/grayscale-seeks-etf-status-for-multi-asset-fund-with-s-3-form-filing\/","title":{"rendered":"Grayscale seeks ETF status for multi-asset fund with S-3 form filing"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/companies\/grayscale-investments\/\">Grayscale<\/a> filed an<\/span> <strong><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1729997\/000095017025047994\/gdlc_s-3_032525.htm\">S-3 Form<\/a><\/strong><span style=\"font-weight: 400;\"> with the US Securities and Exchange Commission (SEC) on April 1 to register its multi-asset Grayscale Digital Large Cap Fund (GDLC) as an exchange-traded fund (ETF).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under the Securities Act of 1933, the S-3 form is used by issuers that meet specific reporting requirements to register securities for public sale, either immediately or on a delayed basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the filing, NYSE Arca submitted a separate 19b-4 application on Oct. 15, 2024, to list GDLC shares. That application remains under SEC review.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Grayscale said that it would not seek the effectiveness of the registration statement or proceed with any offer unless and until SEC approval is obtained for the NYSE Arca listing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, the clock for an SEC decision has been running since the 19b-4 filing. The second deadline is May 3, and the final is July 2.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, a potential approval for converting GDLC into an ETF could also benefit Bitwise, which has a conversion filing for its <a href=\"https:\/\/cryptoslate.com\/companies\/bitwise\/\">Bitwise<\/a> 10 Crypto Index Fund awaiting regulatory action, and these often happen in batches.<\/span><\/p>\n<h2><strong>Aligned with the digital asset stockpile<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The GDLC is currently composed of the five cryptos mentioned by President <a href=\"https:\/\/cryptoslate.com\/people\/donald-trump\/\">Donald Trump<\/a> when he <a href=\"https:\/\/cryptoslate.com\/trump-floats-u-s-crypto-reserve-proposal-cites-btc-eth-xrp-sol-ada\/\">floated the idea<\/a> of a digital asset stockpile: Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC<\/a>), Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>), <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a>, Solana (<a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">SOL<\/a>), and Cardano (<a href=\"https:\/\/cryptoslate.com\/coins\/cardano\/\">ADA<\/a>).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the fund's composition is periodically rebalanced, though the manager retains discretion to exclude assets when appropriate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, according to White House \u201cCrypto Czar\u201d <a href=\"https:\/\/cryptoslate.com\/people\/david-sacks\/\">David Sacks<\/a>, the mention of these cryptos has no ulterior motives.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In an interview with Bloomberg Technology, Sacks said the market was<\/span> <strong><a href=\"https:\/\/cryptoslate.com\/david-sacks-says-market-reading-too-much-into-trump-mentioning-altcoins\/\">reading \u201ca little bit too much\u201d<\/a><\/strong><span style=\"font-weight: 400;\"> into Trump\u2019s remarks and that the cryptos mentioned by the President were chosen because they are among the largest by market cap.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Digital Asset Stockpile, consisting of all the altcoins retained by US authorities, was formalized through an<\/span> <strong><a href=\"https:\/\/cryptoslate.com\/trumps-signs-bitcoin-reserve-order-but-wont-buy-more-for-now\/\">executive order signed by Trump on March 7<\/a><\/strong><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale filed an S-3 Form with the US Securities and Exchange Commission (SEC) on April 1 to register its multi-asset Grayscale Digital Large Cap Fund (GDLC) as an exchange-traded fund (ETF). Under the Securities Act of 1933, the S-3 form is used by issuers that meet specific reporting requirements to register securities for public sale, [&hellip;]<\/p>\n","protected":false},"author":1511,"featured_media":472500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,78665,77968,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Grayscale seeks ETF status for multi-asset fund with S-3 form filing<\/title>\n<meta name=\"description\" content=\"The final deadline for a SEC decision on the GDLC conversion is set to July 2.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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