Grayscale's GDLC ETF Bridges Traditional and Crypto Markets in Historic Shift
Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC), the first U.S.-listed multi-asset crypto exchange-traded product (ETP), commenced trading on NYSE Arca on September 19, 2025[1]. The fund, which tracks the CoinDesk 5 Index, provides exposure to 90% of the cryptocurrency market capitalization by holding the five largest and most liquid assets: BitcoinBTC-- (72.09%), EthereumETH-- (17.08%), XRPXRP-- (5.67%), SolanaSOL-- (4.12%), and CardanoADA-- (1.04%)[2]. Quarterly rebalancing aligns the portfolio with market dynamics, ensuring continued focus on leading assets. As of September 18, 2025, the fund reported $931.6 million in assets under management (AUM) and a total expense ratio of 0.59%[2].
The launch of GDLCGDLC-- follows a decade of evolution for Grayscale’s crypto-focused investment vehicles. Originally launched in 2018 as the Grayscale Digital Large Cap Fund, it transitioned to an ETP structure in 2025 after regulatory updates by the U.S. Securities and Exchange Commission (SEC) streamlined approvals for commodity-based trust shares. The fund’s uplisting to NYSE Arca reflects growing institutional and retail demand for diversified crypto exposure without the complexities of direct digital assetDAAQ-- custody[1]. Peter Mintzberg, Grayscale’s CEO, emphasized that GDLC addresses a “historic milestone” in the ETP landscape, offering a transparent and simplified pathway to the largest crypto assets[1].
Performance data highlights the fund’s recent momentum. GDLC’s net asset value (NAV) per share stood at $58.71 as of September 18, 2025, with a 12-month total return of 207%[3]. The fund’s structure, however, carries significant risks. Unlike traditional ETFs, GDLC is not registered under the Investment Company Act of 1940, meaning it lacks the same regulatory safeguards. Investors should note that the fund holds digital assets but does not confer direct ownership of them[1]. Additionally, the fund irrevocably abandons any digital assets received from blockchain forks or airdrops, which are excluded from its net asset value[3].
Regulatory developments have been pivotal to GDLC’s launch. The SEC’s adoption of generic listing standards for commodity-based trusts reduced barriers for crypto ETPs, enabling broader market access. However, the fund remains subject to market volatility and liquidity risks inherent to the crypto asset class. Grayscale’s partnership with CoinDesk Indices, the provider of the CoinDesk 5 Index, underscores the fund’s reliance on a market-cap-weighted benchmark that excludes stablecoins, memecoins, and other non-liquid tokens[1]. The index’s methodology defines the crypto universe as the top 100 tokens by circulating supply, excluding stablecoins and memecoins[1].
Looking ahead, GDLC’s introduction aligns with a broader shift toward tokenized and diversified crypto exposure. The fund’s structure—avoiding direct custody challenges while offering broad market access—positions it as a strategic option for investors seeking to hedge against the volatility of individual cryptocurrencies. As the crypto ETP market matures, GDLC’s success may influence further innovation in digital asset investment products, particularly as regulatory frameworks evolve to accommodate hybrid financial instruments.
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