American digital asset management fund Grayscale Investments is soon launching its diversified cryptocurrency investment product for public trading. Dubbed Grayscale Digital Large Cap Fund (DLC), the product includes five major cryptos including Bitcoin (ETH) and Ether (ETH), and will soon be available to trade on the over-the-counter (OTC) share trading marketplace OTCQX Best Market, the firm announced Nov. 22.
Launched in 2018, DLC is an open-ended fund that provides market cap-based exposure to the upper 70% of the digital currency asset class. It will now be publicly traded under the symbol GDLCF.
GDLCF is the fourth publicly-traded investment product launched by Grayscale
As previously announced, GDLCF will purportedly be the first publicly-quoted security based on a basket of digital currencies in the United States. As of Oct. 31, 2019, DLC included 80.6% of Bitcoin, 9.2% of Ether, 6.0% of XRP, 2.5% of Bitcoin Cash (BCH), and 1.7% of Litecoin (LTC). The composition of DLC is evaluated on a quarterly basis and may also hold cash and assets arising as a result of a fork, airdrop, or similar event from time to time, Grayscale added.
GDLCF would be the fourth publicly-quoted investment product launched by Grayscale so far. The investment product follows the public trading launch of Grayscale Bitcoin Trust (OTCQX: GBTC), Grayscale Ethereum Trust (OTCQX: ETHE), and Grayscale Ethereum Classic Trust (OTCQX: ETCG).
The launch follows FINRA approval and DTC eligibility acquisition
In order to publicly quote the shares of its diversified cryptocurrency fund on OTC markets, GDLCF had to receive approval from two different organizations.
First, the U.S. Financial Industry Regulatory Authority (FINRA) gave the product its stamp of approval in mid-October 2019.
Then, as Grayscale announced Nov. 22, its DLC product has received Depository Trust Company (DTC) eligibility, after which it can launch GDLCF for public trading. The firm has not yet announced the specific launch…