Grayscale Investments has filed a request with the U.S. Securities and Exchange Commission (SEC) to convert its mixed-crypto fund into an exchange-traded fund (ETF).

This development comes as Canary Capital makes plans for a spot Litecoin ETF.

Grayscale’s New ETF

Currently trading over the counter, Grayscale’s Digital Large Cap Fund (GDLC) has $524 million in assets under management. According to company documentation, Bitcoin (BTC) accounts for 75% of the portfolio, and Ethereum (ETH) makes up 19%. The remainder consists of Solana (SOL), Avalanche (AVAX), and XRP.

If approved, Grayscale expects to list the ETF on the New York Stock Exchange (NYSE). The exchange has already filed a 19b-4 form with the Securities and Exchange Commission (SEC) supporting the conversion.

This move follows Grayscale’s success earlier this year in converting its Bitcoin (GBTC) and Ethereum (ETHE) funds and smaller versions of both into ETFs.

In September, the firm also launched a dedicated XRP trust to track the price of the token. Similar to its existing Bitcoin and Ethereum funds, this trust could be converted into a spot XRP ETF.

Despite Ripples ongoing legal challenges with the SEC, CEO Brad Garlinghouse has expressed confidence that XRP will eventually have its own ETF.

Grayscale isn’t the only player seeking to enter the XRP ETF market. In recent weeks, Bitwise and Canary Capital have logged their applications with the SEC for spot XRP ETFs. These funds aim to track the token’s price using the Chicago Mercantile Exchange’s CF Ripple index.

Canary Capital Eyes Litecoin ETF

Meanwhile, Canary Capital has also revealed plans for a Litecoin ETF. According to its proposal, the ETF would hold Litecoin (LTC) and use the CoinDesk Litecoin Price Index to establish its daily net asset value.

CoinGecko data shows that LTC has a market capitalization of nearly $5.3 billion, making it the 26th-largest cryptocurrency.

In a statement shared by Fox Business reporter Eleanor Terret, Canary Capital described Litecoin as a reliable, long-established digital asset with significant institutional potential.

“With its strong foundation, Litecoin continues to play a leading role in the broader cryptocurrency ecosystem, which Canary believes could make it attractive to a wider range of institutional investors,” read the comment.

Earlier this month, a spokesperson from the venture capital firm expressed optimism regarding the SECs potential assent of these funds, citing encouraging signs of a more flexible regulatory environment” following previous approvals.