Key Notes
- Grayscale's GDLC fund has begun trading on the NYSE Arca, becoming the first multi-asset crypto ETP available in the United States.
- The ETP tracks five major assets, with a portfolio heavily weighted toward Bitcoin (72%) and Ethereum (17%) to reflect the current market.
- The launch marks a new step for regulated crypto products, offering investors diversified exposure beyond existing single-asset Bitcoin and ETH ETFs.
Following its SEC approval a day earlier, Grayscale Investments launched the first multi-asset crypto exchange-traded product (ETP) in the US on Sept. 19, with its Grayscale CoinDesk Crypto 5 ETF (GDLC) now trading on the NYSE Arca.
The fund offers investors simplified exposure to a basket of five major digital assets, tracking the performance of Bitcoin BTC $115 887 24h volatility: 1.5% Market cap: $2.31 T Vol. 24h: $37.38 B , Ethereum ETH $4 472 24h volatility: 2.9% Market cap: $540.49 B Vol. 24h: $29.32 B , XRP XRP $3.01 24h volatility: 3.5% Market cap: $179.81 B Vol. 24h: $5.53 B , Solana SOL $237.6 24h volatility: 4.3% Market cap: $129.10 B Vol. 24h: $9.24 B , and Cardano ADA $0.90 24h volatility: 3.2% Market cap: $32.75 B Vol. 24h: $2.16 B .
According to an official announcement from Grayscale, the fund is designed to provide investors with broad access to the digital asset market in the form of a security. The product, formerly known as the Grayscale Digital Large Cap Fund, tracks the CoinDesk 5 Index and covers over 90% of the crypto market’s capitalization. Grayscale CEO Peter Mintzberg called the listing a “historic milestone” that meets growing investor demand for diversified crypto exposure.
The fund’s portfolio is heavily weighted toward Bitcoin, which makes up over 72% of its holdings. The remaining assets include Ethereum at roughly 17%, with smaller allocations distributed among large-cap projects , specifically XRP, Solana, and Cardano. According to Grayscale, the fund is rebalanced quarterly to ensure it stays aligned with the largest and most liquid assets in the crypto market.
Introducing Grayscale CoinDesk Crypto 5 ETF (Ticker: $GDLC ), our newest fund tracking the 5 most established (largest and most liquid) cryptocurrencies.¹ $GDLC offers broad exposure to the crypto asset class while focusing on the most current market leaders #Bitcoin , #Ethereum ,… pic.twitter.com/ev1t7aSjyP
— Grayscale (@Grayscale) September 19, 2025
Fund Composition Reflects Market Dynamics
The structure of the GDLC fund reflects the current dynamics of the crypto market, where Bitcoin maintains a dominant position. With over 72% of the fund allocated to Bitcoin, the ETP is heavily anchored to the industry’s primary asset.
Ethereum holds a significant but secondary position at roughly 17%, while the remaining allocation is distributed among other large-cap projects, including Solana, XRP, and Cardano. This weighting provides investors with a product that is heavily exposed to the market leader while still offering a small, diversified stake in prominent altcoins.
The arrival of a multi-asset fund follows the successful launch of single-asset exchange-traded funds for the two largest cryptocurrencies. The successful rollout of these single-asset funds has led to massive Bitcoin ETF inflows , with the products accumulating over $151 billion in total net assets and daily trading volumes often exceeding $3.6 billion, according to CoinGlass ETF Data .
Following them, the Ethereum ETFs also established a strong market presence, gathering over $24 billion in assets under management.
Initial community reaction on X (formerly Twitter) has been positive, though it is still in the early stages. The early commentary has largely focused on the inclusion of specific altcoins like XRP and Cardano, with supporters viewing the move as a significant development for their respective assets.
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