Grayscale Launches GDLC ETF Tracking Top Five Cryptocurrencies
Grayscale launched the Grayscale CoinDesk Crypto 5 ETF (GDLC) on Friday. It is the first US product to track the five largest cryptocurrencies by market value. These include Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA).
Bitcoin makes up 72% of the fund. Ethereum holds about 17%, and XRP has a 5% share. The fund excludes stablecoins like USDT and USDC.
SEC Approves Grayscale’s ETF and New Listing Standards
The launch follows the US Securities and Exchange Commission’s (SEC) approval of Grayscale’s conversion of its Digital Large Cap Fund into an ETF. The SEC initially approved the conversion in July but paused it the next day. The agency later gave full approval on Wednesday.
The SEC also approved new generic listing standards. These rules aim to speed up the approval process for crypto ETFs. This shows growing demand from both retail and institutional investors for crypto products.
Other Crypto ETFs See Strong Debut
On Thursday, REX Shares and Osprey Funds launched the first US spot ETFs for XRP and Dogecoin (DOGE). Both ETFs saw strong trading volume on their first day.
- XRPR traded $37.7 million on day one, the largest first-day volume for any 2025 ETF launch.
- DOJE traded $17 million, ranking in the top five for the year.
Bloomberg analyst Eric Balchunas said these inflows signal strong interest ahead of many more ETF approvals expected soon.
