Grayscale Investments, the world’s largest digital currency asset manager and manager of Grayscale Digital Large Cap Fund, has publicly filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) on behalf of Grayscale Digital Large Cap Fund.
This is a voluntary filing that is subject to SEC review. If the Registration Statement becomes effective, it would designate the Fund as an SEC reporting company and register its shares pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the Exchange Act). It would also designate the Fund as Grayscale’s third digital currency investment vehicle to become an SEC reporting company, following Grayscale Bitcoin Trust as the first and the Grayscale Ethereum Trust as the second in the US.
Additionally, if the Registration Statement become effective, accredited investors who purchased shares in the Fund’s private placement would have an earlier liquidity opportunity, as the statutory holding period of private placement shares would be reduced from 12 months to six months under Rule 144 of the Securities Act of 1933, as amended (the Securities Act).
The Fund currently publishes quarterly and annual reports as well as audited financial statements pursuant to the OTC Markets Alternative Reporting Standard (ARS). Should the Registration Statement become effective, the Fund would file these reports and financial statements as 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in addition to complying with all other obligations under the Exchange Act.
The Fund is an investment product that allows investors to more effectively implement strategic and tactical asset allocations that incorporate digital assets by using the Fund’s shares. This action reflects Grayscale’s commitment to move Grayscale Digital Large Cap Fund forward through the product pipeline described in a recent blog post about Grayscale’s roadmap to launching digital currency ETFs.