Grayscale Investments filed to convert private digital large cap funds into funds (ETFs) traded on exchanges. Currently, the fund is only available to certified investors through privately owned placements. At the time of filing, Bitcoin accounted for 79.4% of the fund, followed by Ethereum, with 10.69%, XRP 5.85%, Solana 2.92% and Cardano 1.14%. Cardano was added in January 2025 after removal of the avalanche by rebalancing the index. According to Grayscale, the fund’s market price has risen by 478.83% since its launch in 2018.
ETF filing was filed with the US Securities and Exchange Commission (SEC) on April 1 through the S-3 form. If approved, it brings the fund to a larger audience and tracks around 75% of the digital asset market, excluding Meme Coins and Stablecoin. Grayscale does not disclose any final administrative fees subject to change.
With the promotion of the new Crypto ETF, the Bitcoin Spot ETF was approved in January 2024, followed by Ethereum ETF and hybrid Bitcoin Etual Fund. According to Coinglas, US Bitcoin ETF currently manages $97.27 billion in assets, while Ethereum ETF holds $8.59 billion. However, Grayscale’s Bitcoin Spot ETF has seen more than $15 billion of spills marking its biggest ETF withdrawal since March 2009. The rapid redemption has sparked concerns about how long the fund can maintain its Bitcoin reserve.
Once the Crypto ETF gained traction, the issuer began applying for funds to track alternative assets such as Dogecoin, XRP, Solana and Donald Trump’s Meme Coin. Bloomberg ETF analyst Eric Balknath speculated that Doge and Trump ETF could start in early April, but polls across countless markets suggest that 93% of voters who think the Trump ETF will not come true by the end of the month.
Crypto Index ETFs have become a priority for fund managers looking to expand their offering beyond single asset products. The SEC approved the first mixed Crypto Index ETF sponsored by HashDex and Fidelity in December 2024, but these include only Bitcoin and Ethereum. Since its launch in February, they have seen a relatively modest influx. Katalin Tischhauser, Head of Investment Research at Crypto Bank Sygnum, points out that index ETFs provide investors with efficiency, just like traditional market index funds.
Grayscale’s latest submission comes amid an increase in the acceptance of crypto ETFs’ regulatory authorities, despite the market remains volatile. Despite wider institutional adoption, uncertainty extends to long-term investors’ demand for digital asset funds.