NYSE Arca has applied to U.S. regulators for permission to list a Grayscale exchange-traded fund (ETF) that holds a diverse array of spot cryptocurrencies, including altcoins, as per an Oct. 29 filing. The proposed Grayscale Digital Large Cap Fund, established in 2018, currently manages approximately $565 million in assets and encompasses a portfolio of cryptocurrencies like Bitcoin, Ether, and Solana. Grayscale aims to convert this fund into an ETF as a potential competitor to other index fund proposals from asset managers Hashdex and Franklin Templeton, which focus solely on Bitcoin and Ether. Unlike its competitors, Grayscale's fund includes alternative cryptocurrencies, tracking the CoinDesk Large Cap Select Index with five different crypto assets. Analysts anticipate that crypto index ETFs are becoming the primary objective for issuers following the successful listings of Bitcoin and Ether ETFs earlier this year. With several firms filing for various crypto ETFs, including proposals for XRP and other cryptocurrencies, the market is observing a surge in new investment products in the crypto space.

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