Grayscale Rings NYSE Bell to Launch $GDLC, First U.S. Multi-Asset Crypto ETF
2025 年 10 月 25 日
Grayscale Launches First-Ever U.S. Multi-Asset Crypto ETF, Marking a Historic Milestone
Grayscale Investments, the world’s largest digital asset manager, has reached a defining moment in crypto finance by launching the Grayscale CoinDesk Crypto 5 ETF (ticker: GDLC), the first multi-asset cryptocurrency exchange-traded product (ETP) in U.S. history. The milestone was celebrated on October 24 with the Grayscale team ringing the Opening Bell at the New York Stock Exchange (NYSE), underscoring the mainstream recognition of digital assets within the U.S. financial system.
Broad Market Exposure in One Ticker
The GDLC ETF offers investors broad exposure by tracking 90% of the digital asset market through a diversified basket of the most liquid cryptocurrencies. The fund’s composition consists primarily of Bitcoin (BTC) at 74.6%, followed by Ethereum (ETH) at 16.07%, XRP at 5.01%, Solana (SOL) at 3.52%, and Cardano (ADA) at 0.8%. Together, these five assets represent the vast majority of global crypto market capitalization.
Trading began in September 2025 on NYSE Arca, providing a single, regulated channel for investors to access a multi-asset crypto portfolio. This ETF is a transformation of the Grayscale Digital Large Cap Fund, restructured into a publicly tradable ETF format.
A Symbolic Debut and Vision for Institutional Access
During the NYSE Opening Bell ceremony, Grayscale CEO Peter Mintzberg highlighted the significance of this launch as the culmination of over 12 years of innovation. He stated, “With GDLC, investors can now gain exposure to 90% of the crypto market in one ticker. It’s another first in our long history of bringing digital assets to Wall Street.”
GDLC tracks the CoinDesk 5 Index, which mirrors the performance of the largest and most liquid crypto assets by market capitalization. The ETF undergoes quarterly rebalancing to reflect evolving market weights and maintain representative exposure.
Innovative Structure Bridging Traditional Finance and Blockchain
Unlike traditional ETFs, GDLC operates outside the Investment Company Act of 1940. This unique structure provides flexibility in managing digital asset custody and pricing mechanisms, described by Grayscale as a “purpose-built innovation” that bridges traditional finance and blockchain infrastructure.
Expanding Access for Investors
Institutional interest in crypto ETFs has surged following the approval of spot Bitcoin ETFs earlier in 2025. Grayscale’s GDLC now expands that access by offering a multi-asset model. This product allows fund managers, retirement accounts, and retail investors to gain broader exposure to the crypto market within one regulated vehicle.
“This isn’t just about Bitcoin anymore,” Mintzberg emphasized. “Digital assets are an emerging asset class and GDLC makes it accessible to everyone with one trade.”