Grayscale Investments, the world’s largest digital asset-focused investment platform, announced on Sept. 19 that its Grayscale Coindesk Crypto 5 ETF has started trading on NYSE Arca, following approval by the U.S. Securities and Exchange Commission (SEC) on Sept. 17. The launch marks the introduction of the first multi-asset crypto exchange-traded product (ETP) in the United States.

Chief executive officer Peter Mintzberg underscored the significance of the launch on social media platform X: “Today, we’re proud to launch Grayscale Coindesk Crypto 5 ETF (Ticker: GDLC), the first multi-asset crypto ETP in the US.” The executive added:

This launch is more than just another ETP – it’s a reflection of our decade-long commitment to being first, moving fast, and giving investors transparent exposure to the crypto ecosystem.

The fund, formerly known as Grayscale Digital Large Cap Fund, is designed to track the Coindesk 5 Index and gives investors exposure to the five largest and most liquid cryptocurrencies. Mintzberg explained the product’s framework:

GDLC is the first multi-asset crypto ETP, offering exposure to the five largest and most liquid crypto assets – bitcoin, ether, XRP, solana, and cardano.

“It provides investors with broad access to the digital asset market while maintaining a strategic focus on five of the most established assets by market capitalization and liquidity,” he added. The product rebalances quarterly and currently offers investors exposure to more than 90% of the crypto market’s capitalization.

Mintzberg characterized the event as a turning point for the sector, stating: “GDLC is a purpose-built innovation designed to meet that demand, bringing simplicity and transparent access to the most liquid and largest crypto assets.” Having launched in 2018 and entered public trading on OTCQX in 2019, the fund later became a reporting company under the Securities Exchange Act of 1934 in 2021. Market analysts suggest that GDLC’s transition to a listed ETF could help expand access to crypto-linked securities across a broader investor base.

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