SEC's Regulatory Shift Enables First U.S. Multi-Asset Crypto ETF Era
Grayscale Investments’ Grayscale CoinDesk Crypto 5 ETF (GDLC) commenced trading on NYSE Arca on September 19, 2025, marking the first U.S.-listed multi-asset exchange-traded product (ETP) focused on digital assets[1]. The fund, previously known as the Grayscale Digital Large Cap Fund, now offers investors exposure to the five largest and most liquid cryptocurrencies—Bitcoin (BTC), EthereumETH-- (ETH), XRPXRP--, SolanaSOL-- (SOL), and CardanoADA-- (ADA)—which collectively represent over 90% of the cryptocurrency market capitalization[2]. GDLC’s launch follows regulatory approval by the Securities and Exchange Commission (SEC), which streamlined the process for crypto ETPs under new generic listing standards[3]. The fund’s structure provides a diversified alternative to single-asset crypto ETFs, addressing growing demand for broad-based digital asset exposure[4].
The ETF’s holdings are weighted by market capitalization, with BitcoinBTC-- accounting for 72.09% of the portfolio, Ethereum at 17.08%, XRP at 5.67%, Solana at 4.12%, and Cardano at 1.04%[1]. This allocation reflects the current dominance of Bitcoin while incorporating exposure to altcoins with significant liquidity and institutional viability. GDLCGDLC-- rebalances quarterly to maintain alignment with the CoinDesk 5 Index, which tracks the performance of these five assets[2]. The fund’s total expense ratio is 0.59%, and it holds $931.6 million in assets under management as of September 18, 2025[1].
The SEC’s approval of GDLC signals a shift in regulatory momentum for crypto products, with Peter Mintzberg, Grayscale’s CEO, describing the launch as a “historic milestone” for the ETP landscape[3]. The approval was facilitated by the agency’s adoption of accelerated listing standards, reducing barriers for issuers and potentially catalyzing a wave of new crypto ETFs. GDLC’s transition from an over-the-counter (OTC) product to a listed ETP underscores the maturation of the crypto asset class, offering investors a regulated, custodied vehicle for diversified exposure[4]. The fund’s custodial partner is CoinbaseCOIN-- Custody Trust Company, and it is sponsored by Grayscale Investments Sponsors, LLC[1].
Market dynamics for GDLC have shown strong performance, with the ETF gaining over 40% in 2025 and outpacing Bitcoin by nearly 11% since June[4]. This growth reflects broader investor appetite for crypto as an asset class, particularly under the Trump administration’s push to include alternative assets in retirement plans[4]. GDLC’s structure mitigates the complexities of direct crypto ownership, such as storage and custody, while providing transparency and liquidity[2]. Institutional and retail investors have increasingly turned to ETPs for crypto exposure, with the fund’s launch expected to further normalize digital assets in mainstream portfolios[3].
Grayscale’s strategic positioning in the crypto ETP market is reinforced by its decade-long track record and expertise in digital asset investments[2]. The firm emphasizes that GDLC is not a direct investment in cryptocurrencies but a security deriving value from the underlying assets. As of September 2025, the fund’s net asset value (NAV) per share stood at $58.71, with a total expense ratio of 0.59%[1]. The ETF’s success could pave the way for additional multi-asset crypto products, with industry analysts predicting a surge in new offerings following GDLC’s approval.
The launch of GDLC reflects broader trends in crypto adoption, including increased institutional participation and regulatory clarity. With over $915 million in assets under management prior to its NYSE uplisting, the fund has demonstrated resilience and growth potential. As the crypto market continues to evolve, GDLC’s diversified approach may serve as a benchmark for future ETPs, balancing risk and reward across multiple digital asset ecosystems[4].
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