Grayscale Gains SEC Approval for Five-Coin ETF Targeting $1B Assets
According to Grayscale, its CoinDesk Crypto 5 ETF is now trading on NYSE Arca, marking the first U.S. multi-asset crypto ETP following SEC approval of new listing standards.
Grayscale has officially launched trading of its CoinDesk Crypto 5 ETF (ticker: GDLC) on NYSE Arca, following SEC approval of new generic listing standards for commodity-based trust shares. The ETF provides exposure to Bitcoin, Ethereum, XRP, Solana, and Cardano, collectively representing over 90% of crypto market capitalization. Grayscale CEO Peter Mintzberg called the development a historic milestone for the crypto ETP landscape. The fund tracks the CoinDesk 5 Index and rebalances quarterly. Grayscale first launched GDLC on OTCQX in 2019 and became a reporting company in 2021. The firm is also awaiting regulatory decisions on several single-asset ETF applications.
- ETP (Exchange-Traded Product): A type of security that tracks underlying investments like an index, commodity, or asset, and is traded on stock exchanges.
- CoinDesk 5 Index: An index designed to track the performance of the five largest and most liquid crypto assets by market capitalization.
- OTCQX: The top tier of the over-the-counter market where established and investor-friendly companies trade before uplisting to major exchanges.