Grayscale Digital Large Cap has been registered as a trust regulated by the U.S. Securities and Exchange Commission (SEC). The digital assets manager Grayscale Investments has pledged to provide the regulator with audited 10-K and 10-Q reports.
MILESTONE: $GDLC has become an SEC reporting company and we just filed three additional Registration Statements on Form 10 with the SEC for each $BCHG, $ETCG, and $LTCN. Read more: https://t.co/QSCrKL40be pic.twitter.com/7PcMgPB8Od
— Grayscale (@Grayscale) July 12, 2021
The move will shorten investors’ holding period for Digital Large Cap shares before selling them—from twelve months to six months.
As of July 9, the product’s assets under management stood at $348.2 million, or 1.17% of Grayscale Investments’ AUM.
07/09/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
Total AUM: $29.6 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC $BAT $LINK $MANA $FIL $LPT pic.twitter.com/jJeuAKubDj
— Grayscale (@Grayscale) July 9, 2021
Grayscale Investments plans to obtain a similar status for trusts based on Litecoin (LTC), Ethereum Classic (ETC) and Bitcoin Cash (BCH). In an interview with Decrypt, Grayscale’s vice president of legal affairs, Craig Sam, shared these plans.
Grayscale Investments is currently preparing reports for products based on Bitcoin and Ethereum.
In July, as part of Digital Large Cap added the cryptocurrency Cardano (ADA).
As of July 2, the asset share stood at 4.26%. Bitcoin and Ethereum accounted for 67.47% and 25.39% of the fund’s assets respectively. Bitcoin Cash, Litecoin and Chainlink accounted for 1.03%, 0.99% and 0.86%, respectively.
According to Sam, the SEC’s conversion of Grayscale’s Bitcoin Trust (GBTC) into a Bitcoin ETF may take until 2022. He believes that the accountable status of GBTC would give the company a relative edge over competitors.
Earlier, Osprey Funds filed with the SEC an application to register a Bitcoin trust.
Earlier in QCP Capital expressed concerns about the risks of the GBTC lock-up period ending for the price of the first cryptocurrency.
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