New Grayscale ETF holds multiple cryptocurrencies together, combining bitcoin, Solana and others

Grayscale Investments has brought a new twist to crypto investing, rolling out the first multi-token exchange-traded product available in the U.S.

The Grayscale CoinDesk Crypto 5 ETF begins trading Friday on NYSE under the ticker GDLC. The fund bundles together the five largest and most liquid digital assets — bitcoin, ether, XRP, Solana, and Cardano. These five tokens capture more than 90% of the market capitalization of the digital-asset class, according to Grayscale.

“We are ushering in the age of crypto index investing,” Peter Mintzberg, CEO of Grayscale, told CNBC. “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.”

The long-awaited launch followed an approval Wednesday evening from the Securities and Exchange Commission that allowed Grayscale to convert its Digital Large Cap Fund into an ETF and allocate to multiple digital coins.

The move underlines the growing appetite among institutional and retail investors for diversified crypto exposure. The asset class is becoming more mainstream under the Trump administration after the White House’s move to open retirement plans to alternative assets including cryptocurrencies. 

The fund allocates about 70% to bitcoin and 20% to ether. The product has existed in other forms since 2018, most recently trading over the counter.

GDLC has gained more than 40% in 2025 as many cryptocurrencies hit record highs. GDLC has outpaced bitcoin by nearly 11% since June, as all four other assets in the fund outperformed the largest digital token.