Grayscale Debuts First US Multi-Asset Crypto ETF With Bitcoin, Ether, XRP, Solana, Cardano On NYSE Arca

Grayscale Investments on Friday launched the first multi-asset crypto exchange-traded product available in the U.S. called the Grayscale CoinDesk Crypto 5 ETF under the ticker ‘GDLC’ on NYSE Arca.

The fund, formerly known as the Grayscale Digital Large Cap Fund, offers investors exposure to some of the largest cryptocurrencies in the market right now. This includes Bitcoin (BTC), Ethereum (ETH), Ripple’s native token XRP (XRP), Solana (SOL), and Cardano (ADA). The fund allocates about 70% to Bitcoin, 20% to Ethereum and the remaining 10% between XRP, Solana and Cardano. 

The GDLC ETF slipped more than 1.3% in midday trading on Friday, tracking a broader pullback across the cryptocurrency market. Bitcoin’s price fell 1.5% over the past 24 hours to trade below $116,000, while Ethereum’s price dropped 2.4% to under $4,500.

Among other tokens in the GDLC basket, Solana led the declines with a 4.3% slide, followed by XRP down 3.1% and Cardano slipping 2.4%. However, retail sentiment on Stocktwits around GDLC surged within ‘extremely bullish’ territory and chatter spiked to ‘extremely high’ from ‘high’ levels over the past day.

The company said the GDLC tracks the CoinDesk 5 Index, developed by CoinDesk Indices, and rebalances quarterly to stay aligned with the largest and most liquid digital assets by market capitalization. 

The fund was originally launched in 2018 and began trading publicly on OTCQX in 2019. The fund became a Securities Exchange Act of 1934 reporting company in 2021. According to Bloomberg ETF analyst Eric Balchunas, GDLC’s approval could mark the start of a “massive wave” of spot crypto ETP launches, a development he said may reshape the U.S. ETF landscape. More than 90 crypto ETF applications are still pending at the SEC.

Read also: Tim Cook Reportedly Says Apple Watch Could Alert 1 Million Users to Hypertension This Year

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on