Grayscale CEO Peter Mintzberg announced via a tweet that the Grayscale CoinDesk Crypto 5 ETF, designated with the ticker GDLC, has officially launched in the United States. This marks a significant milestone as it is the first multi-asset crypto exchange-traded product (ETP) to debut in the country. Trading commenced on the New York Stock Exchange (NYSE) on Friday, with the ETF encompassing the five largest cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano. These cryptocurrencies collectively represent over 90% of the total market capitalization, highlighting their dominance in the crypto landscape.
Mintzberg emphasized that the launch transcends the typical introduction of an ETP, serving as a testament to Grayscale’s steadfast commitment to innovation and transparency in providing investors with access to the burgeoning cryptocurrency market. The recent approval from the Securities and Exchange Commission (SEC) paved the way for this launch, allowing Grayscale to convert its Grayscale Digital Large Cap (GDLC) Fund into an ETF and diversify its allocation among various crypto assets.
Grayscale’s new multi-crypto-asset ETP comes at a time when both institutional and retail investors are increasingly eager for diversified exposure to cryptocurrencies. The GDLC fund allocates approximately 70% of its assets to Bitcoin and 20% to Ethereum, continuing its legacy that began in other forms since 2018. Notably, the GDLC has recently traded over the counter and has made impressive gains, soaring by more than 40% in 2025 as numerous cryptocurrencies reached record highs. Remarkably, GDLC has outperformed Bitcoin by nearly 11% since June, thanks to the strong performances of the other four assets in the fund.
Furthermore, positive developments were reported by Bloomberg analyst Eric Balchunas, who noted that the SEC has approved generic listing standards that could facilitate the launch of spot crypto ETFs under the ’33 Act. This potential approval hinges on the necessity for futures on Coinbase, a platform that currently lists around 12 to 15 cryptocurrencies.
As interest in cryptocurrency investment continues to rise, Grayscale’s new ETF stands as a pivotal development, reflecting a broader trend toward institutional integration and acceptance of digital assets within the financial landscape.
