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Grayscale Investments received regulatory approval to publically quote shares of its diversified cryptocurrency fund. This product, which is the company’s only diversified offering invests in five of the most popular cryptocurrencies. Additionally, nine single-asset investment fund options are offered by the firm, some of which can also be publicly traded. Check out more about Charity Coin

Fund Gains FINRA Approval

Digital currency asset manager Grayscale Investments announced Monday that shares of its diversified crypto fund have been approved for public quotation by the U.S. Financial Industry Regulatory Authority (FINRA), a government-authorized nonprofit organization that oversees U.S. broker-dealers. Grayscale Digital Large Cap Fund shares (DLC) will trade on OTC Markets under the symbol GDLCF. The company stated that:

This marks the beginning of the first U.S. publicly-quoted security, which derives value using a variety digital currencies.

Diversified Crypto Fund Gets U.S. Regulatory Approval

Grayscale Digital Large Cap Fund’s shares per share as of October 11.

DLC is an “open-ended fund” that “provides exposure the top digital assets through a market-weighted portfolio.” The components of DLC were a mix of five cryptocurrencies, including 80.3% BTC (9.9% ETH), 5.8% XRP, 2.2% BCH, 2.2% BCH, 1.8% LTC, and 5.8% XRP (2.2% BCH). The fund’s components are reviewed every quarter and aim to cover 70% of crypto market. It currently manages $15.7million in assets and has 3,194,900 outstanding shares.

Since February last year, the fund has been made available as a private placement for accredited investors. According to the firm, shares that were created through DLC’s Private Placement are eligible to be sold into the public stock market after a one year holding period as per Rule 144 of Securities Act.

Funds with a Single Asset

Grayscale provides single-asset investments funds that can be exposed to BTC, ETC and ZEN. As of Sept. 30, the firm had an estimated $2.1 billion in assets.

Diversified Crypto Fund Gets U.S. Regulatory Approval

Grayscale single-asset investment funds

Grayscale clarified that DLC, its fourth publicly-quoted product, is now available to investors with U.S. securities access. The other products are Ethereum Trust (OTCQX; ETHE), Bitcoin Trust and Ethereum Classic Trust. Other investment funds are also available for institutional and individual accredited investors.

None of the funds have been approved by the Securities and Exchange Commission (SEC). Last week, the commission turned down the latest high-profile proposal, which was filed last week by NYSE Arca Inc. in support of the Bitwise Bitcoin ETF. Cboe BZX Exchange Inc. pulled its proposal to the Vaneck Solidx Bitcoin Trust. This trust is now being offered under Rule.144A.