Grayscale Gets FINRA’s Nod to Publicly List Crypto Fund

Crypto fund manager Grayscale Investments has received regulatory approval in the United States to publicly list a crypto index fund.

The approval was granted by the Financial Industry Regulatory Authority (FINRA) and makes it the first such fund to be traded publicly in the United States, according to the company.

Our team continues to bring new opportunities for investors to gain exposure to digital currencies. We’re pleased to share that Grayscale Digital Large Cap Fund received FINRA approval for a public quotation on @OTCMarkets under symbol: $GDLCF* https://t.co/DGF2Deu3ru pic.twitter.com/ND4NMpj9TY

— Grayscale (@GrayscaleInvest) October 14, 2019

The Grayscale Digital Large Cap Fund is one of the ten crypto funds managed by the fund manager. Though all other funds are single-asset products, it is the only diversified crypto basket managed by the New York-based company.

10/11/19 UPDATE: Holdings per share, net assets under management and digital assets per share for our investment products.

Total AUM: $2.2 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $XRP $ZEC pic.twitter.com/r9bUPA0NJn — Grayscale (@GrayscaleInvest) October 11, 2019

Offering a diversified crypto-investment product

As of today, the fund is comprised of over 80 percent Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, 9.9 percent Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, 5.8 percent XRP, and 2.2 percent and 1.8 percent Bitcoin Cash and Litecoin, respectively.

Compared to the fund manager’s flagship Bitcoin Trust fund with over $2 billion in assets under management (AUM), the index fund only captures a fraction of the value of its portfolio with a mere $16.6 million in AUM.

The fund is not registered with the Securities and Exchange Commission (SEC), which relaxes it from disclosure under the country’s securities laws.

The company is waiting to receive DTC approval, after which the shares can be traded by retail investors on public exchanges.

“There will be no trading volume in the Shares’ public quotation until the Shares are DTC eligible, which GDLC is expected to receive soon. Investors will be able to buy and sell freely-tradable DLC shares through their investment accounts in the same manner as they would other unregistered securities,” the company noted.