Grayscale Investments has made a strategic move to expand its crypto product line by submitting an application to the U.S. Securities and Exchange Commission (SEC) for the conversion of its popular mixed crypto fund into an Exchange-Traded Fund (ETF).
The fund, which holds a diverse range of cryptocurrencies, is primarily made up of Bitcoin (75%) and Ethereum (19%), with additional allocations in Solana, XRP, and Avalanche (AVAX). This step reflects Grayscale’s confidence in the potential approval of crypto ETFs by U.S. regulators and highlights the growing institutional interest in the digital asset space.
Grayscale Investments has submitted an application to the U.S. SEC on Tuesday to convert its mixed crypto fund into an ETF. It is mainly composed of BTC, accounting for nearly 75%; ETH accounts for about 19%; the rest is composed of Solana, XRP and AVAX. https://t.co/buxLGqrkvp
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High Capital Inflow into the Crypto Spot ETF Market
Grayscale’s application aligns with a period of heightened enthusiasm in the crypto market. On the same day, U.S. Bitcoin spot ETFs witnessed a record inflow of $555.86 million—the largest daily net inflow since June 4. This influx of capital demonstrates the increasing demand for Bitcoin ETFs and is indicative of the broader institutional interest in the market.
Bitcoin Price Surge
This inflow has coincided with a bullish trend in the market, driving Bitcoin’s price to a high of $67,435. Over the past two days, Bitcoin’s value has increased by nearly 8%, with the surge attributed largely to the influx of capital into crypto ETFs. This price action reflects optimism in the market, driven by the anticipation of regulatory clarity and the approval of spot Bitcoin ETFs.
The overall trend suggests growing confidence among institutional investors and signals a positive outlook for digital assets, particularly Bitcoin, in the global financial market.
Read also: Elon Musk’s Tesla Moves 11,500 Bitcoin as Bitcoin Hits $67k Price Level
Grayscale Investments Submits ETF Conversion Application with the SEC for its Mixed Crypto Funds
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