Grayscale Crypto Fund Eyes NYSE Trading Spotlight
Published Date: 7/2/2025
Notice
Summary
NYSE Arca wants to update its rules to let people buy and sell shares of the Grayscale Digital Large Cap Fund LLC, a fund focused on digital assets like cryptocurrencies. This change affects investors interested in digital and commodity-based funds and could open new ways to invest starting soon. The SEC is reviewing the proposal, and if approved, trading could begin later in 2025, potentially impacting how digital assets are traded on the exchange.
Analyzed Economic Effects
6 provisions identified: 4 benefits, 1 costs, 1 mixed.
Grayscale GDLC May List on NYSE Arca
The Exchange filed to list and trade shares of the Grayscale Digital Large Cap Fund under the ticker GDLC. If approved, the Shares will not list or trade prior to July 1, 2025, and trading could begin later in 2025 on NYSE Arca.
Conversion Could Unlock $40M Value
The Manager states that converting the Fund to a spot exchange-traded product could unlock over $40 million of value for the Fund's shareholders as of June 20, 2025. Grayscale says listing as an ETP would provide investors a regulated way to access the Fund Components.
Manager Fee Now 2.5%; Will Be Lowered
The Fund's Manager currently charges a fee that accrues at an annual rate of 2.5%. The filing states this fee "will be lowered in connection with the Fund becoming an ETP."
Fund Assets and Component Weights
As of June 20, 2025, the Fund has approximately $741.9 million in assets under management. The Fund Components and weightings as described are Bitcoin 80.20%, Ether 11.39%, Solana 2.78%, XRP 4.82%, and Cardano 0.81%.
Broader Rule 8.500-E Eligibility
The Exchange proposes amending Rule 8.500-E to allow Trust Units to be issued by a trust, limited liability company, or other similar entity and to permit Trust Units based on an underlying asset, commodity, security, and/or portfolio represented by an index or portfolio. The Exchange says this broadening is intended to afford prospective issuers additional flexibility and encourage listing of more Trust Units.
Reduced Exchange Liability and Governance Rights
The Exchange proposes to add underlying index value to the limitation of Exchange liability, stating the Exchange and its agents have no liability for errors or delays in calculating or disseminating any underlying portfolio or index value. The Exchange also proposes to include Trust Units listed under Rule 8.500-E among securities exempt from certain shareholder/annual meeting requirements in Rule 5.3-E.
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