Grayscale Investments First to list Crypto-Backed Digital Large Cap Fund | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Grayscale Investments, a cryptoasset management firm with more than $2 billion in assets under management, has successfully secured approval from the Financial Industry Regulatory Authority (FINRA) for the public listing of its Digital Large Cap Fund (DLC) on over-the-counter (OTC) markets with ticker symbol: GDLCF, according to a press release on October 14, 2019.
Exposing Investors to Major Cryptos
As stated in its press release, DLC is the fourth publicly-quoted investment vehicle from the stables of Grayscale: Grayscale Bitcoin Trust (OTCQX:GBTC), Grayscale Ethereum Trust (OTCQX:ETHE), and Grayscale Ethereum Classic (OTCQX:ETCG).
According to the Grayscale team, FINRA has given it the go-ahead to introduce what it calls the first publicly-quoted security in the United States backed by a vast array of established digital currencies.
Specifically, the team has hinted that DLC allows investors to gain access to a basket of large-cap cryptocurrencies through a single investment vehicle, helping them to eliminate the challenges of buying and storing cryptos directly.
The DLC fund has reportedly seen a 74.8 percent return, year-to-date. As of September 30, 2019, the DLC basket comprises of 80.3 percent bitcoin (BTC), 9.9 percent ether (ETH), 5.8 percent XRP, 2.2 percent bitcoin cash (BCH) and 1.8 percent litecoin (LTC).
DLC Targets 70 Percent of the Upper Crypto Market
The team says DLC has been available to accredited investors via private placements since February 2018 and under Rule 144 of the Securities Act,