Grayscale Gets FINRA’s Nod to Publicly List Crypto Fund

The fund is made up of five digital assets with the majority of shares in Bitcoin.

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.

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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.

Offering a diversified crypto-investment product

As of today, the fund is comprised of over 80 percent Bitcoin, 9.9 percent Ethereum, 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.

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