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Grayscale to soon launch public trading of its diversified cryptocurrency fund

Mon, 25 Nov 2019, 05:50 am UTC

Grayscale Investments has announced that it will soon launch the public trading of Grayscale Digital Large Cap Fund (DLC).

In a press release, the firm said that DLC, which was launched in 2018, is an open-ended fund that will enable investors to gain exposure to the price movement of a diversified basket of large-cap digital currencies. As of Oct. 31, the fund included 80.6% Bitcoin (BTC), 9.2% Ethereum (ETH), 6.0% XRP, 2.5% Bitcoin Cash (BCH), and 1.7% Litecoin (LTC).

Last month, Grayscale had obtained regulatory approval from FINRA to publicly quote the shares of this diversified crypto fund. It has now announced that DLC has received DTC eligibility, adding that eligible Shares will be available to trade on the OTCQX Best Market, operated by OTC Markets Group, under the symbol ‘GDLCF.’

“GDLCF is the first publicly traded security in the U.S. deriving value from a diverse selection of digital currencies,” Grayscale said in an online post.

DLC targets coverage of the upper 70% of the digital currency market with fund components evaluated on a quarterly basis, beginning on the first business day of January, April, July, and October of each year. It may also hold “cash and assets arising as a result of a fork, airdrop, or similar event from time to time,” the release said.

It is Grayscale’s fourth publicly-quoted investment product and follows the launch of Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG).

“A well-constructed, diversified investment product like Grayscale Digital Large Cap Fund is an important tool for investors seeking to build more balanced portfolios with higher risk-adjusted returns,” said Grayscale’s Director, Investments and Research, Matthew Beck.

In addition to diversified offering, Grayscale provides investors access to digital currency asset class through its family of single-asset investment products, providing exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC).

Last week, Grayscale announced that it has filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) on behalf of Grayscale Bitcoin Trust. If deemed effective, it would designate the Trust as a reporting company under the SEC.

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