FINANCEREGULATION

Grayscale's large-cap fund GDLC to convert to ETF, new institution Canary Capital applies for Litecoin ETF

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Grayscale

Following GBTC, ETHE, and two mini ETFs, Grayscale is attempting to launch its fifth ETF of the year; while Canary Capital Group, founded just a month ago, has also submitted an application to launch the first Litecoin ETF in the United States.

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Grayscale's Large Cap Fund Files for ETF Application

Grayscale plans to convert its large-cap fund, the Grayscale Digital Large Cap Fund (GDLC), into an ETF to transition the fund from the current over-the-counter market to the New York Stock Exchange (NYSE), expanding accessibility for investors.

The GDLC tracks the market capitalization-weighted performance of five major cryptocurrencies, including:

  • BTC

  • ETH

  • SOL

  • XRP

  • AVAX

A spokesperson for Grayscale stated:

The GDLC is set to list on NYSE Arca under the ticker symbol GDLC. We aim to provide diversified investment options in digital assets to meet the growing demand, reflecting Grayscale's commitment to making crypto assets more accessible to all investors.

While the GDLC may be Grayscale's fifth crypto ETF launched this year, over $23 billion has been net outflow since the conversion of GBTC and ETHE to ETFs.

Canary Capital Applies for Litecoin ETF

In addition to Grayscale's GDLC, Canary Capital Group, established only a month ago by former Valkyrie Funds co-founder Steven McClurg, has also submitted an application to launch the first Litecoin ETF in the United States.

Canary Capital recently applied for an XRP ETF as well, as mentioned by Bloomberg analyst James Seyffart.

However, with the continuous evolution of the crypto market and the emergence of more tokens, Litecoin's overall attention is not as significant as before. Following the news, it only rose by 5% to reach $71, with no significant gains since its halving in August last year.

In May last year, thiccy @thiccythot_, a researcher at venture capital firm Scimitar Capital, pointed out that older projects like Litecoin may no longer have the same impact.

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