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In a recent tweet, Grayscale CEO Peter Mintzberg revealed that Grayscale CoinDesk Crypto 5 ETF, with the ticker GDLC and the first multi-asset crypto ETP, has launched in the US.
The ETF kicked off trading on Friday on the NYSE and includes the five largest cryptocurrencies: Bitcoin, Ethereum, XRP, Solana and Cardano. These five major cryptocurrencies account for more than 90% of the total market capitalization, according to Grayscale.
The long-awaited launch followed approval on Wednesday from the Securities and Exchange Commission (SEC) that allowed the digital asset manager to convert its Grayscale Digital Large Cap (GDLC) Fund into an ETF and allocate to various crypto assets.
In his tweet, Grayscale CEO stated that the launch was more than just another ETP, as it reflects Grayscale's commitment to being first, moving fast and giving investors transparent exposure to the cryptocurrency market.
What's happening?
Grayscale's multi-crypto-asset ETP launch coincides with a growing appetite among institutional and retail investors for diversified crypto exposure.
The GDLC fund earmarks about 70% to Bitcoin and 20% to Ethereum and has existed in other forms since 2018, most recently trading over the counter.
GDLC has increased by more than 40% in 2025 as many cryptocurrencies hit record highs. GDLC has surpassed Bitcoin by nearly 11% since June, as the four other cryptocurrencies in the fund (Ethereum, XRP, Solana and Cardano) outperformed BTC.
In positive news shared by Bloomberg analyst Eric Balchunas, the SEC has approved the generic listings standards that might clear the way for spot crypto ETFs to launch under the '33 Act, as long as they have futures on Coinbase, which currently includes about 12 to 15 coins.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team