Grayscale wants mixed-crypto ETF
Grayscale Investments has filed with the SEC to convert its Digital Large Cup Fund into an ETF. That fund includes BTC, ETH, SOL, XRP, and AVAX.
ETF for Outflow?
Grayscale was the first firm to convert both its Bitcoin and Ethereum funds into ETFs and is certainly the first to divest from its ETF treasure through outflows. So should we assume that Grayscale is fed up with all of its crypto treasure but wants to convert it into an ETF first to avoid a possible SEC lawsuit if it sells the crypto in exchanges?
Grayscale is not serious with its ETFs
Whatever, when Grayscale was outflowing Bitcoin and blocking inflows by imposing heavy fees, I knew there was something fishy about Grayscale; on top of that, Grayscale claims that its goal is to "make the crypto asset class more accessible," and that is only a laughing matter.
Grayscale's new ETF request is with SEC
Now the question is whether SEC will accept Grayscale's application. Everyone is aware of Gary Gensler's anti-crypto stance; till now he has had to give all the consents under pressure from the court. Grayscale can still go to court, but Gary can delay it. Now its decision will actually come only after the US presidential elections.
