Grayscale's GDLC ETF Marks a Milestone by Connecting Conventional Finance with the Cryptocurrency Sector

Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC), the first U.S.-listed multi-asset crypto exchange-traded product (ETP), began trading on NYSE Arca on September 19, 2025 Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC) Begins Trading on NYSE Arca [ 1 ]. Tracking the CoinDesk 5 Index, this fund covers 90% of the cryptocurrency market cap by investing in the five most prominent and actively traded assets:

(72.09%), (17.08%), (5.67%), (4.12%), and (1.04%) Grayscale CoinDesk Crypto 5 ETF (GDLC) [ 2 ]. The fund’s holdings are rebalanced every quarter to remain aligned with market trends, maintaining its focus on leading cryptocurrencies. As of September 18, 2025, GDLC managed $931.6 million in assets and reported an expense ratio of 0.59% Grayscale CoinDesk Crypto 5 ETF (GDLC) [ 2 ].

The arrival of

marks a new chapter for Grayscale’s digital asset investment offerings, which have evolved over the last ten years. Initially introduced in 2018 as the Grayscale Digital Large Cap Fund, it was converted into an ETP in 2025 following regulatory changes by the U.S. Securities and Exchange Commission (SEC) that simplified the approval process for commodity-based trust shares. The move to NYSE Arca demonstrates increasing demand from both institutional and individual investors for diversified exposure to crypto without the need to directly handle custody Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC) Begins Trading on NYSE Arca [ 1 ]. Grayscale’s CEO, Peter Mintzberg, described GDLC as a “historic milestone” for ETPs, providing an accessible and transparent route to major crypto assets Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC) Begins Trading on NYSE Arca [ 1 ].

The fund has recently shown notable performance. As of September 18, 2025, GDLC’s net asset value (NAV) per share was $58.71, with a 207% return over the previous twelve months Grayscale CoinDesk Crypto 5 ETF begins trading on NYSE Arca, … [ 3 ]. However, there are important risks to consider: GDLC is not registered under the Investment Company Act of 1940, so it does not benefit from the same regulatory protections as conventional ETFs. Investors should be aware that while the fund holds digital assets, it does not grant direct ownership of those assets Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC) Begins Trading on NYSE Arca [ 1 ]. Furthermore, any digital assets received from airdrops or blockchain forks are permanently declined by the fund and do not contribute to its net asset value Grayscale CoinDesk Crypto 5 ETF begins trading on NYSE Arca, … [ 3 ].

Regulatory changes have been crucial in making GDLC possible. The SEC’s adoption of broad listing standards for commodity-based trusts lowered barriers for crypto ETPs, allowing for greater market participation. Still, GDLC remains exposed to the inherent volatility and liquidity challenges of the crypto asset market. Grayscale’s collaboration with CoinDesk Indices, which supplies the CoinDesk 5 Index, highlights its reliance on a market-cap-weighted benchmark that leaves out stablecoins, memecoins, and other less liquid tokens Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC) Begins Trading on NYSE Arca [ 1 ]. The index is constructed from the top 100 tokens by circulating supply, excluding memecoins and stablecoins Grayscale CoinDesk Crypto 5 ETF (Ticker: GDLC) Begins Trading on NYSE Arca [ 1 ].

Looking forward, the launch of GDLC reflects a broader trend toward more accessible, diversified crypto investment opportunities. Its design sidesteps the complications of direct asset custody while providing exposure to a wide array of cryptocurrencies, making it a strategic choice for those looking to mitigate the risks of investing in individual tokens. As the market for crypto ETPs develops, GDLC’s progress could spark further advances in digital asset investment products, particularly as regulations adapt to support new types of hybrid financial instruments.