Grayscale large-cap fund GDLC will convert to ETF, and new institution Canary Capital applies for Litecoin ETF

After GBTC, ETHE, and two mini ETFs, Grayscale is trying to launch its fifth ETF this year; and Canary Capital Group, which was just established a month ago, has also submitted an application to launch the first Litecoin ETF in the US.

(Grayscale's GBTC plunges over 11%! Caused by the spin-off into mini trust BTC)

Grayscale's large-cap fund submits ETF application

Grayscale plans to convert its large-cap fund (Grayscale Digital Large Cap Fund, GDLC) into an ETF, allowing the fund to move from the over-the-counter market to the New York Stock Exchange (NYSE), further expanding investor accessibility.

GDLC tracks the market-cap-weighted performance of the top five cryptocurrencies, including:

• BTC

• ETH

• SOL

• XRP

• AVAX

A Grayscale spokesperson said:

GDLC plans to list on NYSE Arca, with the same trading symbol GDLC, as we strive to provide diversified investment options for digital assets to continuously meet growing demand, reflecting Grayscale's unwavering commitment to making crypto assets more accessible to all investors.

Although GDLC may be Grayscale's fifth crypto ETF to be launched this year, since the conversion of GBTC and ETHE to ETFs, there has been a net outflow of over $23 billion.

Should do well

— Vshan_Crypto (@Vshan_Crypto) October 15, 2024

Canary Capital applies for Litecoin ETF

In addition to Grayscale's GDLC, Canary Capital Group, founded just a month ago by Steven McClurg, a co-founder of Valkyrie Funds, has also submitted an application to launch the first Litecoin ETF in the US.

Canary Capital recently submitted an application for an XRP ETF as well, as mentioned by Bloomberg analyst James Seyffart.

New ETF issuer Canary (who recently filed for a Ripple XRP ETF) just filed for a Litecoin ETF pic.twitter.com/MfQl7mzlI3

— James Seyffart (@JSeyff) October 15, 2024

However, as the crypto market continues to evolve and more tokens emerge, the overall attention on Litecoin has diminished significantly compared to the past. After the news broke, Litecoin only rose 5% to $71, and there has been no significant price increase since the halving in August last year.

In May last year, Scimitar Capital researcher thiccy (@thiccythot_) pointed out that legacy projects like Litecoin may no longer have much influence.

(Endangered dinosaur coins? Twitter celebrity Alex: Litecoin is about to halve, the coin price is cold and a warning sign)