Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group, has launched a new investment vehicle, the Grayscale Digital Large Cap Fund.

In its media release, Grayscale Investments said that the fund intends to hold the top digital assets by market capitalization that meet its fund construction criteria in a market capitalization-weighted portfolio.

"We're excited to further expand the universe of Grayscale's product offerings as interest in the digital currency asset class continues to grow," said Barry Silbert, CEO of Grayscale. He continued, "As a trusted and experienced manager, Grayscale is committed to creating investment structures that are familiar to qualified investors and provide secure access to this emerging asset class."

The fund targets 70% coverage of the digital asset market. Initially, it is expected to hold Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC). It may also hold cash and assets resulting from a fork, airdrop or similar occurrence from time to time, according to the official release.

“The investment objective of the fund is for the shares to reflect the value of the fund Components, determined by reference to TradeBlock's Digital Asset Reference Rate for each Fund Component at 4:00 p.m. New York time, less the Fund's expenses and other liabilities. Grayscale believes that the shares represent a cost-effective and convenient investment relative to a direct investment in digital assets,” Grayscale Investments said.

Founded in 2013, Grayscale Investments is the sponsor of the Bitcoin Investment Trust, the Ethereum Classic Investment Trust and the Zcash Investment Trust.