Grayscale Launches GDLC ETF, Offering Exposure to Top Five Cryptocurrencies
Asset manager Grayscale has introduced the Grayscale CoinDesk Crypto 5 ETF (GDLC), marking the first U.S. product to track the performance of the top five cryptocurrencies by market capitalization. This new ETF provides investors with a diversified approach to the digital asset market.
The fund includes Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). Grayscale stated that these assets represent over 90% of the total cryptocurrency market capitalization. Notably, the index excludes stablecoins like USDT and USDC.
“Today, we are proud to launch the Grayscale CoinDesk Crypto 5 ETF (GDLC), the first multi-asset crypto ETP in the U.S.,” said Grayscale CEO Peter Mintzberg.
Portfolio Allocation
According to the fund’s website, Bitcoin holds the largest share at 72% of the portfolio. Ethereum accounts for approximately 17%, while XRP is weighted at 5%.
SEC Approval and Market Trends
The launch follows the Securities and Exchange Commission’s (SEC) approval of the conversion of Grayscale’s Digital Large Cap Fund into an ETF. The SEC had initially granted accelerated approval in July but temporarily suspended the process shortly after.
The SEC also approved generic exchange listing standards aimed at streamlining the listing process for cryptocurrency ETFs. This move reflects the increasing demand from both institutional and retail investors for diversified cryptocurrency exposure.
Market analysts predict up to 100 ETF approvals in the coming weeks, spurred by the new listing standard.
XRP and DOGE ETFs Debut
REX Shares and Osprey Funds recently launched the first spot XRP and DOGE ETFs in the U.S. These funds performed well on their first trading day, attracting significant inflows as investors anticipate further ETF approvals.
“XRPR traded $37.7 million on Day One, which surpasses IVES for the highest natural volume of the first day of any launch of 2025. DOJE is not far behind with $17 million, which would place it in the Top 5 of the year… out of 710 launches,”
Bloomberg ETF analyst Eric Balchunas noted.
Balchunas added that these inflows are a positive sign for the potential wave of ETFs that could emerge in the coming weeks.
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