Grayscale Investments, an investment firm for digital currencies based in New York, is now fully authorized by regulators, to offer its first publicly-traded cryptocurrency index fund. Called the Digital Large Cap Fund (DLC), the offering will be available via over-the-counter (OTC) markets and will use the GDLCF acronym.
After receiving approval from the Financial Industry Regulatory Authority (FINRA), Grayscale will now float its fourth investment offering to be traded publicly. Before now, the company has floated the Bitcoin Trust (OTCQX: GBTC), the Ethereum Trust (OTCQX: ETHE) as well as the Ethereum Classic Trust (OTCQX: ETCG). Grayscale’s eventual plan is to make all of its ten investment offerings, fully available for public trading. The company said:
“To our knowledge, this is the first diversified digital currency offering going on the U.S. public market.”
According to Managing Director Michael Sonnenshein, the DLC is primarily to give investors the opportunity and access to the market’s biggest cryptocurrencies. The fund is directly targeted at about 70% of the market which includes Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC) as well. The DLC is presented as a way to engage in passive investment with assets which are modified every three months, expelling and introducing new assets, depending on the market.
Grayscale Investments is currently the largest and also the oldest management firm that deals in cryptocurrencies. The firm controls up to $2.2 billion worth of assets.
Image Credits: Pixabay
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