Grayscale debuts multi-asset crypto ETF following regulatory green light
- Grayscale's GDLC began trading on Friday, offering exposure to the five top cryptocurrencies by market cap.
- Bitcoin accounts for 72% of the total fund, followed by Ethereum, which holds a 17% weight.
- The launch follows the SEC's approval of generic listing standards for crypto ETFs.
Grayscale launched its Grayscale CoinDesk Crypto 5 ETF (GDLC), the first product to track the five top cryptocurrencies by market capitalization, including Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
Grayscale launches GDLC ETF, offering exposure to the top five cryptocurrencies
Asset manager Grayscale rolled out GDLC, its mixed-crypto ETF and the first multi-asset crypto product in the US, the firm stated in an X post on Friday.
The fund tracks the five largest and most liquid digital assets, including Bitcoin, Ethereum, XRP, Solana and Cardano, which the firm claims account for over 90% of the total crypto market capitalization. The index excludes stablecoins USDT and USDC.
"Today, we're proud to launch Grayscale CoinDesk Crypto 5 ETF (GDLC), the first multi-asset crypto ETP in the US," wrote Grayscale CEO Peter Mintzberg in an X post on Friday.
According to the fund's website, Bitcoin accounts for 72% of the portfolio, with Ethereum representing approximately 17%, and XRP holding a 5% weight.
The launch follows the Securities & Exchange Commission's (SEC) approval of the firm's conversion of its Digital Large Cap Fund into an ETF on Wednesday. The agency initially granted Grayscale an accelerated approval to convert the fund in July, but suspended the process just a day later.
The SEC also approved generic exchange listing standards designed to accelerate the listing process for crypto ETFs. The move highlights rising demand from both institutional and retail investors for diversified crypto exposure.
It also comes as market analysts predict up to 100 ETF approvals within the coming weeks, following the approval of the new listing standard.
Meanwhile, REX Shares and Osprey Funds launched the first-ever spot XRP and DOGE ETFs in the US on Thursday. The funds performed well on their first day of trading, attracting notable inflows as investors anticipate additional ETF approvals.
"XRPR traded $37.7m on Day One, which edges out IVES for the biggest day one (natural) volume of any 2025 launch. DOJE is no slouch at $17m, which would be Top 5 for year.. out of 710 launches," Bloomberg ETF analyst Eric Balchunas wrote on X.
Balchunas added that the inflows are a good sign for the "onslaught of 33 Act ETFs," which could go live in the coming weeks.
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Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
