Grayscale Files to Convert Bitcoin, Ethereum, and XRP Large Cap Fund Into an ETF

In Brief:

Grayscale aims to convert its Digital Large Cap Fund into a public ETF.

Fund holds BTC (79.4%), ETH (10.7%), XRP (5.85%), SOL (2.9%), ADA (1.14%).

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Grayscale Investments has filed to convert its Digital Large Cap Fund into a publicly listed exchange-traded fund (ETF), according to a new SEC Form S-3 filing. The fund currently includes Bitcoin, Ethereum, XRP, Solana, and Cardano, covering an estimated 75% of the total crypto market cap (excluding stablecoins and meme coins).

The fund, available only to accredited investors since its inception in 2018, has seen a cumulative price gain of nearly 479%. If approved, the ETF conversion will make it accessible to the broader public.

Bitcoin dominates the fund with a 79.4% weighting, followed by Ethereum at 10.7%. XRP, Solana, and Cardano round out the basket, with ADA added in January 2025 following the removal of Avalanche (AVAX) during a rebalancing.

This move follows a wave of ETF activity post-2024, including spot Bitcoin and Ethereum ETFs, and comes amid a more favorable regulatory climate under the Trump administration. While the filing is not yet finalized—management fees and exact terms are pending—it could mark another step toward mainstream crypto exposure.

U.S.-based Bitcoin ETFs currently manage over $97 billion, with Ethereum ETFs holding $8.6 billion. Grayscale’s large cap ETF could further expand access while providing diversified exposure to top crypto assets.

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