Grayscale’s diversified crypto fund becomes SEC-reporting firm
The first cryptocurrency fund to become a publicly-reporting fund, First Block Capital’s First Trust Bitcoin ETF, has filed with the SEC. Launched by Grayscale, a subsidiary of Digital Currency Group, First Trust is the world’s first open-end exchange-traded fund (ETF) that invests in bitcoin and other cryptocurrencies.
Grayscale Investments, one of the oldest and most diversified crypto funds, has become a SEC-reporting company, becoming the first Wall Street firm to do so. The company applied for the status in November, but it was only last week that the SEC approved its application. The company said that it had completed its first investment, as well as its first two strategic investments, since its SEC status, and will be looking to build a long-term presence in the space.
Cryptocurrency asset manager Grayscale Investments continues reinforcing its commitment to digital currency investment products with a new filing with the United States Securities and Exchange Commission, or SEC.
The company announced Monday that it has filed a Form 10 registration statement 10 with the SEC on behalf of its Grayscale Digital Large Cap Fund (GDLC) to become an SEC reporting company.
Grayscale’s diversified digital currency investment fund will now file its reports and financial statements as 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in addition to “complying with all other obligations” under the Exchange Act, the firm said.
Additionally, accredited investors who purchased shares in the fund’s private placement will acquire an earlier liquidity opportunity as the holding period for the applicable private placement shares would be cut from 12 months to six months under Rule 144 of the Securities Act.
Grayscale also announced that it has publicly filed three additional registration statements on Form 10 with the SEC on behalf of other funds, including Grayscale Bitcoin Cash Trust, Grayscale Ethereum Classic Trust, and Grayscale Litecoin Trust. The company already has two SEC reporting products, including Grayscale Bitcoin Trust and Grayscale Ethereum Trust, the firm noted. The new Form 10 filings are voluntary and are subject to SEC review, Grayscale added.
Related: Morgan Stanley equity fund owns 28.2K shares of Grayscale Bitcoin Trust, per SEC
Craig Salm, Grayscale’s vice president of legal, noted that the company’s new SEC filings show that there is “continued investor interest in gaining exposure to the growing digital currency ecosystem within existing regulatory frameworks, and that regulators continue to engage with market participants in the asset class.”
Launched in 2018, GDLC is an open-ended fund that provides market cap-based exposure to six major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Cardano (ADA), Bitcoin Cash (BCH), Litecoin (LTC), and Chainlink (LINK). As of July 1, each share of the GDLC basket includes a 67.47% share of Bitcoin, 25.39% of Ether, and 4.26% of ADA.
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