Exploring Grayscale’s Groundbreaking Multi-Token ETF in the U.S. Crypto Market
In a landmark move for the cryptocurrency sector, Grayscale has unveiled the first-ever multi-token exchange-traded fund (ETF) in the United States. This significant development is capturing attention across the digital asset landscape.
The Grayscale CoinDesk Crypto 5 ETF, trading under the ticker “GDLC” on the New York Stock Exchange (NYSE), is a fusion of the top five largest and most liquid cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
Grayscale CEO Ushers in a New Era for Crypto Index Investment
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Peter Mintzberg, the CEO of Grayscale, highlighted the transformative nature of this ETF launch, marking the dawn of a new era in crypto index investment. During an interview with CNBC, he stated, “We are typically in the first mover position. Grayscale will continue innovating at scale for investors to access the fastest growing asset class of the last 10 years.”
There is a clear and growing demand for diversified exposure to cryptocurrencies among both institutional and retail investors, especially in light of escalating crypto prices. The mainstream acceptance of digital assets is accelerating, further fueled by previous U.S. administration policies that integrated cryptocurrencies into retirement plans and crafted a supportive regulatory framework.
The GDLC fund strategically allocates around 70% of its assets to Bitcoin and 20% to Ether. It has been actively trading since 2018, most recently on over-the-counter markets. By 2025, Grayscale’s GDLC has experienced substantial growth, climbing over 40% as many cryptocurrencies achieve record highs. Remarkably, the fund has outpaced Bitcoin by nearly 11% since June, benefiting from the robust performance of its other constituent assets.
Analysts Forecast a Surge in Crypto ETF Launches
Industry experts are optimistic that this pioneering ETF will simplify the process for launching similar products, potentially leading to a proliferation of cryptocurrency exchange-traded funds. Eric Balchunas, a Senior ETF Analyst at Bloomberg, shared on social media that the introduction of a generic listing standard for ETFs previously resulted in a tripling of launches. He anticipates a wave of over 100 crypto ETFs entering the market within the next year.
Advocates of this initiative believe it could elevate digital assets to the same level as traditional financial products, a notion that past SEC commissions have been reluctant to endorse. Greg Xethalis, General Counsel at MultiCoin Capital, commented on the SEC’s historical regulatory approach, noting that prior commissions often utilized regulatory frameworks to impose merit regulations on well-established product structures despite the novelty of the underlying assets.
He asserted, “As demonstrated by the Bitcoin ETP launch, the market desires this product option, and this latest move both responds to that demand and marks a return to normalcy at the Commission.”
Alongside the GDLC launch, the SEC is reportedly nearing approval of Bitwise’s BITW, an index fund tracking the top ten cryptocurrencies by weighted market capitalization. Next month, the SEC is also expected to review a series of individual spot crypto ETPs, including those centered on Ethereum staking, Litecoin (LTC), Solana, XRP, and Dogecoin (DOGE).
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