Grayscale Launches First Publicly Traded Index Fund Digital Large Cap

Grayscale Investments has received regulatory approval for listing the first publicly traded Digital Large Cap (DLC) index fund.

Following permission from the US Financial Institutions Regulatory Agency (FINRA), the fund will be listed on the OTC markets and will begin trading under the ticker symbol GDLCF. The new product will be available to all investors with access to US securities.

DLC is Grayscale’s fourth publicly traded investment product after Bitcoin Trust (OTCQX: GBTC), Ethereum Trust (OTCQX: ETHE), and Ethereum Classic Trust (OTCQX: ETCG). Grayscale seeks to present in the public market all ten of its investment products that are currently open to accredited investors.

“As far as we know, this is the first diversified offering of digital currency available on the American public market,” said Grayscale Managing Director Michael Sonnenshein.

According to him, the idea of ​​DLC is to provide investors with access to the cryptocurrency market using one mechanism. The fund has made a profit of 74.8% since the beginning of the year and aims to work with more than 70% of the digital currency market.

To account for changes in cryptocurrency market capitalizations, the components of the fund are balanced quarterly, which may lead to the removal of current and the addition of new assets. In addition to market capitalization, when choosing a cryptocurrency, the fund takes into account other factors, such as liquidity, operating requirements and the availability of custodial solutions.

In February 2018, Grayscale launched an investment fund for the five largest cryptocurrencies. Last month, the director of sales and business development at Grayscale said that in the second quarter of 2019, the flow of investments in the cryptocurrency fund almost doubled. In August, it became known that Grayscale Investments is transferring its crypto assets to Coinbase.