Grayscale Launches Multi-Asset Crypto Exchange-Traded Product on NYSE Arca
News Summary
Grayscale Investments announced Friday, September 19, that its multi-asset cryptocurrency exchange-traded product (ETP), Grayscale CoinDesk Crypto 5 ETF (GDLC), has commenced trading on NYSE Arca. GDLC is the first U.S.-listed ETP with more than two different crypto assets represented, offering investors exposure to the five largest crypto assets—Bitcoin, Ether, XRP, Solana, and Cardano—which collectively account for approximately 90% of the crypto market. The fund will rebalance quarterly to track CoinDesk Indices' CoinDesk 5 Index, maintaining alignment with the crypto market’s leading assets. Grayscale CEO Peter Mintzberg stated that GDLC is designed to meet growing investor demand for diverse crypto exposure, providing simplified and transparent access to the largest and most liquid crypto assets through an ETP wrapper. The Securities and Exchange Commission (SEC) approved the listing and trading of the Grayscale Digital Large Cap Fund on Wednesday, September 17, alongside proposed changes by three national securities exchanges to adopt generic listing standards for exchange-traded products holding digital assets and other spot commodities. SEC Chair Paul S. Atkins highlighted that this approval ensures U.S. capital markets remain at the forefront of digital asset innovation.
Background
The Grayscale Digital Large Cap Fund, the predecessor to GDLC, was originally launched in 2018, providing investors exposure to digital assets. Previously structured as a trust, it offered investors indirect exposure to large-cap digital assets via its shares on the OTCQX market. The U.S. Securities and Exchange Commission (SEC) had maintained a cautious stance on crypto ETP approvals, but approved spot Bitcoin ETPs in late 2024 and spot Ethereum ETPs in early 2025. Earlier in July 2025, SEC guidance on disclosures for crypto-based ETPs was widely seen as a precursor to a broader wave of approvals, laying the regulatory groundwork for this multi-asset ETP. The approval of generic listing standards, rather than case-by-case reviews, marks a significant evolution in the SEC's approach to digital asset regulation, reflecting both a recognition of the maturing digital asset market and a response to market demand for innovation.
In-Depth AI Insights
What does the SEC's approval of generic listing standards for multi-asset crypto ETPs truly signal beyond market access? Beyond simply enabling more market access, this move signifies a fundamental shift in the U.S. regulatory posture towards digital assets. It indicates that under the Trump administration, the SEC is moving from cautious, asset-specific approvals to a more comprehensive framework, reflecting growing acceptance of digital assets as a legitimate asset class. This could be motivated by a desire to maintain U.S. leadership in fintech innovation by fostering domestic development, while still ensuring regulatory oversight. It paves the way for a broader category of structured crypto products and could accelerate the convergence of traditional finance with digital assets. How might the