Grayscale Launches First U.S. Multi-Cryptocurrency ETF
Grayscale Investments has debuted a pioneering exchange-traded fund (ETF) that consolidates multiple leading cryptocurrencies into a single tradable product. The Grayscale CoinDesk Crypto 5 ETF (ticker: GDLC) commenced trading on the New York Stock Exchange on Friday, offering investors diversified exposure to the five largest and most liquid digital assets.
Diverse Crypto Exposure in One Fund
The GDLC ETF includes bitcoin, ether, XRP, Solana, and Cardano, collectively accounting for over 90% of the cryptocurrency market capitalization, according to Grayscale. The fund’s portfolio is weighted with roughly 70% allocated to bitcoin and 20% to ether, while the remaining 10% is distributed among XRP, Solana, and Cardano.
Peter Mintzberg, CEO of Grayscale, emphasized the significance of this launch, stating, “We are ushering in the age of crypto index investing. We are typically in the first mover position. Grayscale will continue innovating at scale for investors to access the fastest growing asset class of the last 10 years.”
Regulatory Approval and Market Context
The ETF’s launch follows the U.S. Securities and Exchange Commission’s approval on Wednesday to convert Grayscale’s Digital Large Cap Fund into an exchange-traded product with multiple cryptocurrency holdings. This approval signals increasing regulatory acceptance and institutional interest in diversified cryptocurrency investments.
The timing aligns with broader efforts to integrate cryptocurrencies into mainstream financial products. The Trump administration has facilitated this trend by permitting retirement plans to include alternative assets such as cryptocurrencies, reflecting growing investor demand for accessible and regulated crypto exposure.
Performance and Market Reception
Since 2018, the fund has existed in over-the-counter forms, but the transition to an ETF format is expected to enhance liquidity and investor access. In 2025, GDLC has appreciated by more than 40%, outperforming bitcoin by approximately 11% since June, driven by strong performances in the fund’s non-bitcoin holdings.
FinOracleAI — Market View
Grayscale’s launch of the first U.S. multi-cryptocurrency ETF introduces a streamlined vehicle for diversified crypto exposure, likely attracting both institutional and retail investors seeking regulated access to the digital asset class. The fund’s heavy weighting in bitcoin and ether aligns with market demand for stability, while inclusion of XRP, Solana, and Cardano provides growth potential. However, regulatory shifts and crypto market volatility remain key risks to watch. The ETF’s performance relative to bitcoin suggests investor appetite for broader crypto baskets.
Impact: positive
