Grayscale filed to make its $630 million diversified crypto fund an SEC reporting company as we can see more in our latest cryptocurrency latest news today.
Grayscale filed its third Form 10 with the United States Securities and Exchange Commission to convert its investment fund into an SEC-reporting company. Grayscale filed to make the Digital Large Cap Fund an SEC reporting company and if approved, the GDLC will be obliged to file quarterly and annual financial reports in addition to mandated documents, stated in the exchange act.
Today we voluntarily filed for Form 10 with the SEC for $GDLC. If effective, it would designate GDLC as Grayscale’s third digital currency investment vehicle to become an SEC reporting company, following $GBTC as the first and $ETHE as the second in the US.https://t.co/z0KkJ7OMbu
— Grayscale (@Grayscale) May 13, 2021
The move is also the first step into making the GDLC a publicly-traded asset since the SEC approval means that it has to register the shares of the fund with the commission. Launched back in 2019, GDLC grew by 300% and holds about $630 million in assets under management as per the data from the company’s website. GDLC is comprised by five cryptocurrencies like Ether, BTC, Bitcoin Cash, Chainlink, and Litecoin. Grayscale further liquidated XRP From the market-cap-weighted GDLC fund while the SEC launched a lawsuit against Ripple.
As reported, Crypto exchanges and asset management companies are still expanding into the traditional stick and ball sports partnerships as per the latest announcement by Grayscale investments. The company said they are the next name in the sports industry to partner with a major league sports team. Grayscale signed an exclusive partnership with the New York Giants and the deal established the company as the Giants “official Digital Currency asset management partner.”
New sponsorship categories in sports are also valuable for teams and leagues as they provide fresh revenue streams which were unrealized. The emergency of crypto along with outspoken investments from players, owners, and others in sport allowing the crypto industry at large to start getting even more traction in sport sponsorship. The NBA’s Sacramento Kings expressed a desire to offer players a chance to be paid in BTC and major league players across the sports industry that show interest as well.
For Grayscale some of the assets that the company includes in the sponsorship, including naming rights for the Giants Foundation Gold Outing that will help raise financial support for community initiatives. The deal will engage Grayscale with the annual informative seminars around crypto for the team personnel as well.