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The Securities and Exchange Commission just denied the latest application for a Bitcoin exchange-traded fund last week, but a new product is about to be available in brokerage accounts that will give traditional investors even broader access to the cryptocurrency market.

A few days ago, the Financial Industry Regulatory Authority, a nongovernmental regulatory firm, gave the crypto asset manager Grayscale the go-ahead to allow shares of an ETF-like product with multiple cryptocurrencies to start trading on public markets. It will be the first publicly-quoted security in the U.S. deriving value from a diverse selection of digital currencies.

Grayscale’s Digital Large Cap Fund, which holds cryptocurrencies accounting for the top 70% of the industry’s market cap—including Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash—will have the ticker GDLCF and trade on over-the-counter markets. The final step, expected to be cleared within days, is for the Depository Trust Company, a record-keeping organization, to agree to keep track of the security.

Read more: Is Bitcoin Gaining Wall Street Cred?

Some investing apps like Robinhood allow customers to trade cryptocurrencies, though they’re separate from their traditional brokerage accounts. Grayscale’s publicly traded investment products sit right in a client’s brokerage account—and even their traditional retirement accounts.

And Grayscale’s products are increasingly popular. In the third quarter, its products took in $255 million in new investments, with inflows tripling quarter over quarter, according to a report from Grayscale released on Tuesday. Most of that money went into the Bitcoin Investment Trust (GBTC), which tracks the price of Bitcoin, but Grayscale also saw inflows for other products, including one tracking the second most valuable cryptocurrency, Ethereum. Michael Sonnenshein, managing director at Grayscale, said in an interview that an increasing proportion of those investors—84% in the third quarter—are institutions.

Grayscale has created 10 crypto products that are structured as private placements available to accredited investors. They represent holdings of real cryptocurrency, and track the underlying digital assets. Three of them have been approved to trade on public markets, with the Digital Large Cap fund being the fourth.

People who buy the assets in the private placements can then sell them to traditional investors through their brokerages after a year—making them more likely to be longer-term investors, and more likely to pounce on the securities when prices are low.

That may be why Grayscale saw so much interest in the third quarter, a time when cryptocurrencies were weak—the Bitcoin Investment Trust lost 29% of its value during the quarter.

“The price pullback is for a lot of our investors something they look at opportunistically,” Sonnenshein said. “I think they are looking at an investment in digital assets over a medium- or longer-term time, instead of looking to the short-term swings and pricing that would maybe cause them to add or take exposure off.”

Buying the securities on the open market, however, generally entails paying a substantial premium to the price of the asset itself. Each share of the Bitcoin Investment Trust holds $8.10 worth of Bitcoin at Tuesday’s prices, but the trust trades for $9.72 on the open market. In the past, it has traded for an even larger premium, largely because of the scarcity value of the asset. If investors can’t get this kind of exposure anywhere else, they’re going to pay up for it.

Of course, in the event that the SEC approves a Bitcoin ETF, that scarcity value will diminish, and the value of Grayscale’s trusts may decline too.

Write to Avi Salzman at avi.salzman@barrons.com