Grayscale CoinDesk Crypto 5 ETF
GDLC
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- Grayscale CoinDesk Crypto 5 ETF (GDLC) is a U.S.-listed exchange-traded product sponsored by Grayscale Investments Sponsors, LLC that provides investors with exposure to a basket of the five largest and most liquid digital assets, including Bitcoin, Ether, XRP, Solana, and Cardano, by tracking the CoinDesk 5 Index developed by CoinDesk Indices, Inc. The fund holds these assets weighted by free-float market capitalization as measured by circulating supply, with quarterly rebalancing to maintain alignment with leading cryptocurrencies eligible for U.S. exchange listing, custody accessibility, and U.S. dollar or dollar-related trading pairs, excluding stablecoins, memecoins, gas tokens, privacy tokens, wrapped tokens, staked assets, or pegged assets; it aims for the net asset value per share to reflect the value of the fund components less expenses and liabilities, while avoiding direct investor handling of buying, storing, or safekeeping digital assets. With a total expense ratio of 0.59%, Coinbase Custody Trust Company, LLC serves as the digital asset custodian and BNY as the fund administrator, targeting institutional and retail investors seeking diversified cryptocurrency exposure representing over 90% of the crypto market's capitalization. Originally launched on February 1, 2018, as Grayscale Digital Large Cap Fund and publicly quoted on OTCQX starting November 22, 2019, the product uplisted to NYSE Arca on September 19, 2025, marking it as the first multi-asset cryptocurrency exchange-traded product available in the U.S., following SEC approval and a name change from Grayscale Digital Large Cap Fund. Recent operational updates include a new Prime Broker Agreement with Coinbase, Inc., effective October 3, 2025, replacing the prior June 25, 2025, agreement to govern custodial and prime brokerage services for the fund's digital assets, alongside the termination of the prior Fund Administration and Accounting Agreement with BNY on October 9, 2025. Headquartered in Stamford, Connecticut, through its sponsor Grayscale Investments—founded in 2013—the ETF operates primarily in U.S. markets with global cryptocurrency exposure and remains a Securities Exchange Act of 1934 reporting company since 2021.