Grayscale filed an S-3 Form with the US Securities and Exchange Commission (SEC) on April 1 to register its multi-asset Grayscale Digital Large Cap Fund (GDLC) as an exchange-traded fund (ETF).
Under the Securities Act of 1933, the S-3 form is used by issuers that meet specific reporting requirements to register securities for public sale, either immediately or on a delayed basis.
According to the filing, NYSE Arca submitted a separate 19b-4 application on Oct. 15, 2024, to list GDLC shares. That application remains under SEC review.
Grayscale said that it would not seek the effectiveness of the registration statement or proceed with any offer unless and until SEC approval is obtained for the NYSE Arca listing.
Notably, the clock for an SEC decision has been running since the 19b-4 filing. The second deadline is May 3, and the final is July 2.
Furthermore, a potential approval for converting GDLC into an ETF could also benefit Bitwise, which has a conversion filing for its Bitwise 10
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