Grayscale Launches GDLC: First Multi-Asset Crypto ETF Tracking BTC, ETH, XRP, SOL, and ADA
Grayscale Investments has converted its Digital Large Cap Fund into the "Grayscale CoinDesk Crypto 5 ETF," making history as the first multi-asset cryptocurrency ETF traded on the New York Stock Exchange. The fund provides exposure to five major cryptocurrencies representing over 90% of the crypto market's value.
Grayscale Breaks New Ground with First Multi-Asset Cryptocurrency ETF
In a significant development for cryptocurrency investors, Grayscale Investments has officially launched the first multi-asset cryptocurrency ETF on the New York Stock Exchange. The "Grayscale CoinDesk Crypto 5 ETF," trading under the ticker symbol "GDLC," represents a landmark moment in the evolution of crypto investment products.
The fund, which began trading on September 19, 2025, provides investors with exposure to five major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). This diversified approach allows investors to gain broad exposure to the cryptocurrency market through a single, regulated investment vehicle.
Composition and Coverage of the GDLC ETF
According to Grayscale, the GDLC ETF follows the CoinDesk 5 Index developed by CoinDesk Indices. The fund's portfolio is weighted as follows at launch:
- Bitcoin (BTC): 72.1%
- Ethereum (ETH): Significant allocation
- XRP: Smaller allocation
- Solana (SOL): Smaller allocation
- Cardano (ADA): Smaller allocation
This composition aims to provide exposure to over 90% of the total market value of cryptocurrencies, excluding stablecoins and meme coins. The index focuses on the top 100 cryptocurrencies by market capitalization, offering investors a representative slice of the most established digital assets.
Evolution from Fund to ETF
The GDLC is not entirely new to the market. Originally launched in 2018 as the Grayscale Digital Large Cap Fund, it has now been converted into an ETF structure. This conversion represents a significant upgrade for investors, as the ETF format offers several advantages:
- Improved liquidity through continuous creation/redemption mechanisms
- Greater transparency in holdings and pricing
- More efficient trading on a major exchange
- Potential for lower tracking error
The conversion follows Grayscale's successful transformation of its Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) into spot ETFs earlier this year, continuing the company's strategy of evolving its cryptocurrency investment products.
Industry Impact and Market Competition
Peter Mintzberg, CEO of Grayscale, highlighted the significance of this launch: "Today's listing marks a historic milestone for the entire crypto ETP landscape. The Grayscale CoinDesk Crypto 5 ETF has been meeting growing investor demand for nearly a decade, and investors are increasingly turning to ETPs to invest in this space. GDLC is an innovation specifically designed to meet this demand, offering simple and transparent access to the most liquid and important crypto assets."
The launch comes at a time of increasing competition in the cryptocurrency ETF space. Since BlackRock entered the market last year with its Bitcoin (IBIT) and Ethereum (ETHA) funds, competition has intensified significantly. Grayscale's multi-asset approach represents a strategic differentiation in an increasingly crowded market.
What This Means for Investors
For retail and institutional investors alike, the GDLC ETF offers several key benefits:
- Diversification: Exposure to five major cryptocurrencies through a single investment
- Regulated access: The ability to invest in crypto through a familiar, regulated structure
- Simplicity: No need for crypto wallets or direct engagement with exchanges
- Portfolio integration: Easy incorporation into traditional investment portfolios
This development represents another significant step in the mainstream adoption of cryptocurrency investments. By providing a regulated, diversified vehicle for crypto exposure, Grayscale is helping to bridge the gap between traditional finance and the digital asset ecosystem.
As the cryptocurrency investment landscape continues to mature, multi-asset products like GDLC may increasingly become standard offerings for investors seeking broad exposure to the sector without having to select and manage individual cryptocurrencies.