Are multi-cryptocurrency ETFs becoming the new trend? It would seem so, judging by an application filed with the SEC by the giant Grayscale. It joins several other applicants, including a company owned by Donald Trump.
Grayscale applies for a multi-cryptocurrency ETF
As has already been the case for other products, Grayscale aims to convert one of its existing funds into an ETF. The cryptocurrency giant already offers its Grayscale Digital Large Cap Fund, which tracks the performance of large-cap cryptocurrencies.
Grayscale had filed an application with the Securities and Exchange Commission (SEC) for this fund to become an ETF. The US financial regulator approved it this week. There will therefore soon be a “multi-cryptocurrency” ETF at Grayscale.
The fund – available only to accredited investors prior to its conversion to an ETF – is composed mainly of Bitcoin (80%). This is followed by Ether (11%), then Solana (SOL), Cardano (ADA) and Ripple’s XRP (9% between them).
A fundamental trend in the industry?
A fundamental trend seems to be emerging in recent weeks. Whereas until now, it was mainly single-crypto ETFs that were arriving on the SEC’s desk, several “multi-crypto” ETFs have been proposed.
One of the most talked about was that of Truth Social, Donald Trump’s company that manages the social network of the same name. Still in the application stage, this ETF will track the prices of Bitcoin and Ether. A few months ago, Franklin Templeton also filed an application for an ETF tracking the prices of these two cryptocurrencies.
However, this does not mean that ETFs based on single altcoins are being ignored. It is likely that the SEC will soon approve the first Solana spot ETFs, after receiving numerous applications. All this shows one thing: ETFs are attracting investors more than ever, in a very favorable regulatory environment in the United States.
