New filing could make diversified crypto exposure accessible to everyday investors
Grayscale Investments is taking another step toward expanding retail access to diversified crypto investments. On Monday, the firm filed an S-3 form with the U.S. Securities and Exchange Commission (SEC) to convert its private Digital Large Cap Fund into a publicly traded exchange-traded fund (ETF).
The fund, originally launched in 2018, includes allocations to Bitcoin (79.4%), Ethereum (10.69%), XRP (5.85%), Solana (2.92%), and Cardano (1.14%), with Cardano added most recently in January 2025 following the removal of Avalanche during an index rebalance.
Grayscale’s filing seeks to retain the fund’s structure and holdings while opening it up to all investors, removing current restrictions that limit participation to accredited individuals via private placement. The company says the fund already covers approximately 75% of the digital asset market cap, excluding stablecoins and memecoins.
A signal of broader ETF expansion under new regulatory environment
Since the approval of spot Bitcoin ETFs in January 2024 and Ethereum ETFs in May, asset managers have ramped up efforts to expand crypto ETF offerings. Grayscale has been a leading player, and this latest move follows a string of filings from firms seeking approval for ETFs tied to altcoins, including Dogecoin and even the Donald Trump-branded TRUMP memecoin.
While this latest filing is incomplete and pending regulatory approval, it suggests Grayscale is confident about the shifting regulatory landscape under President Donald Trump’s administration. The SEC’s approach to crypto appears to be easing, and Bloomberg ETF analyst Eric Balchunas speculates that novel ETF products like DOGE and TRUMP may get the green light as early as April.
If approved, Grayscale’s Digital Large Cap ETF could offer one of the most accessible and diversified entry points into major crypto assets for retail investors to date.
