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Grayscale has launched a new multi-asset crypto ETP on NYSE Arca, presenting a fund that tracks five leading cryptocurrencies. This initiative offers an innovative way to achieve diversified exposure within the digital asset landscape.
Summary
- Grayscale introduced the first-ever U.S. multi-asset crypto ETF, listed on NYSE Arca.
- The ETF monitors Bitcoin, Ether, XRP, Solana, and Cardano, encompassing over 90% of the crypto market capitalization.
- This product transitions from over-the-counter trading to being exchange-traded, enhancing both liquidity and access.
As stated in a September 19 press release, the Grayscale CoinDesk Crypto 5 ETF began trading on NYSE Arca this past Friday. It is now recognized as the first U.S.-listed exchange-traded product to hold more than two digital assets.
The fund replicates an index created by CoinDesk Indices and includes Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA). This transition from over-the-counter availability signifies a considerable enhancement in ease of access and liquidity for this established offering.
A pioneering product with extensive market reach
Crafted by Grayscale Investments, the world’s leading digital-asset management firm, GDLC tracks five of the most liquid and widely traded cryptocurrencies, designed to provide focused exposure to the market’s key players.
Data from CoinDesk Indices, as of late August, indicates that this selection captures over 90% of the total cryptocurrency market capitalization, excluding stablecoins and memecoins from the top 100 tokens. This provides a direct investment into the fundamental value drivers of the digital-asset ecosystem via a single, tradable security.
The introduction of this product signifies a progression in the manner institutional and mainstream investors can engage with crypto. Rather than grappling with the complexities of various wallets and exchanges, investors can now utilize a streamlined avenue for a diversified crypto investment strategy.
“The Grayscale CoinDesk Crypto 5 ETF addresses the increasing investor demand for diverse crypto exposure, a trend that has been growing for nearly a decade. Investors are increasingly adopting the ETP structure for their crypto investments. GDLC represents a specialized innovation aimed at fulfilling that need, providing straightforward and transparent access to the most liquid and significant crypto assets,” stated Grayscale CEO Peter Mintzberg.
Despite its broad scope, GDLC is not registered under the Investment Company Act of 1940, which means it lacks the regulatory protections or stringent guidelines associated with traditional ’40 Act–registered ETFs or mutual funds.
