Crypto asset manager Grayscale has officially launched its mixed-crypto exchange-traded product, the Grayscale CoinDesk Crypto 5 ETF (ticker GDLC), the first multi-asset crypto ETP in the United States.
GDLC offers exposure to the broader crypto asset class while focusing on the current market leaders BTC, ETH, SOL, XRP, and ADA. Bitcoin accounts for about 73% of the fund's weight, followed by Ethereum (17%), according to its website.
"This launch is more than just another ETP – it’s a reflection of our decade-long commitment to being first, moving fast, and giving investors transparent exposure to the crypto ecosystem," Grayscale CEO Peter Mintzberg said in a post on X.
The index was developed by CoinDesk Markets and will automatically be rebalanced every quarter to "ensure alignment with the evolving market leadership in crypto."
"IMO, index-based & actively managed spot crypto ETFs will be met w/ *significant* demand, esp from financial advisors," NovaDius Wealth Management President Nate Geraci said on X. "Will be *huge* category."
Back in July, the U.S. Securities and Exchange Commission approved to convert the Grayscale Digital Large Cap Fund LLC on an "accelerated basis" but hit pause just one day later. Since then, under new SEC Chair Paul Atkins, the agency has further softened and changed its stance on a host of issues in the crypto space. Most notably, the agency's "Project Crypto" initiative seeks to modernize the agency's existing rules around digital assets.
Just this week, the SEC approved new exchange listing standards, which could fast-track crypto ETF listings. With nearly 100 crypto-related ETF proposals awaiting approval, Bloomberg senior ETF analyst Eric Balchunas says there’s a "good chance" over 100 crypto ETFs will be launched in the next 12 months.
Of note, the first U.S. ETFs to offer spot exposure to XRP and Dogecoin started trading on Thursday and generated about $55 million in trading volume.
