Grayscale files to convert mixed crypto fund with bitcoin, ether and solana into ETF

Grayscale Investments filed a request on Tuesday with the U.S. Securities and Exchange Commission to convert its mixed-crypto fund containing popular tokens bitcoin, ether, Solana, XRP and Avalanche into an exchange-traded fund.

The firm has previously converted both Bitcoin and Ethereum funds into ETFs.

The Grayscale product, called its Digital Large Cap Fund, currently trades over the counter and has assets under management of $524 million, according to the firm's website . The fund is composed of primarily bitcoin, which makes up nearly 75%, and Ethereum, which comprises about 19%. The rest of the fund is made up of Solana, XRP and AVAX, according to a company document .

Grayscale's converted spot bitcoin ETF began trading in January and has an AUM of about $14 billion, according to The Block Data Dashboard .

In recent weeks, both Bitwise and Canary Capital filed for permission to list spot XRP exchange-traded funds. A spot XRP ETF has yet to be approved by the SEC, and if it is, it could face challenges.