Grayscale’s XRP, SOL, ADA Fund To Begin Trading Today

Grayscale Investments’ fund holding BTC, ETH, XRP, SOL, ADA to start trading on NYSE Arca today after approval by the U.S. Securities and Exchange Commission (SEC). Also, the fund will be traded under a new name called Grayscale CoinDesk Crypto 5 ETF.

Grayscale Converts GDLC Fund Into CoinDesk Crypto 5 ETF on NYSE

The ETF, formerly known as the Grayscale Digital Large Cap Fund ($GDLC), will hold a basket of five leading digital assets. These are Bitcoin, Ethereum, XRP, Solana, and Cardano. The move marks one of the most significant transitions for a crypto investment vehicle in the United States to date.

According to the Form 8-A filing with the SEC, the fund has officially changed its name. The document confirms that shares of the ETF will be listed on NYSE Arca, opening direct access for investors.

The registration statement outlines that investors will own equal, fractional interests in the fund’s capital, assets, and distributions. Making it a fully regulated ETF allows more people to trade it. This shift also eliminates redemption restrictions and other similar limitations, which earlier prevented adoption by big entities.

Grayscale received the SEC’s approval for this fund to be listed on the NYSE months ago. By tying the fund’s brand to CoinDesk’s index methodology, Grayscale signals a push toward recognized benchmarks in crypto markets. The ETF now positions itself against spot Bitcoin ETFs while expanding investor exposure beyond the two leading digital assets.

First US Multi-Crypto ETF by Grayscale Will Capture 90% of Market Cap

According to a press release, the Grayscale CoinDesk Crypto 5 ETF (GDLC) is the first multi-asset crypto ETF listed in the US. The ETF will hold more than 90% of total crypto market capitalization and will rebalance after every quarter to capture the biggest and most marketable digital assets.

In contrast to conventional 40 Act ETFs, GDLC is not registered under the Investment Company Act of 1940. This implies that it is not provided with some forms of protection but allows clear crypto exposure. Grayscale CEO Peter Mintzberg said the debut is a historic milestone for the crypto ETF space. He cited a significant demand among investors for this ETF as the main reason for its launch.

Back-to-Back ETF Launches Boost Market Momentum as Prices Surge

Momentum in the market is accelerating. Just today, the first spot XRP ETF launched, making history as the first regulated product offering direct exposure to XRP. Grayscale’s fund will follow. Analysts suggest this one-two development represents a turning point in crypto’s institutional adoption.

Market commentator Gabriel Garcia stated that the developments are a sign that the crypto market is changing rapidly. The ETF could enjoy massive interest due to the large number of assets covered.

The launch occurs when the assets in the ETF are performing well. Bitcoin is up nearly 2% to trade at $117,828. Ethereum increased by more than 3% to $4,609, and XRP rose nearly 3% to $3.11. The biggest gains among these assets were from Solana and Cardano, with each rising over 6%.

Some top industry leaders have shared their insights regarding the development. Bitwise CEO Hunter Horsley said, “The crypto index moment is coming.” His statement suggests that crypto index funds may eventually become the new equity index ETFs.

Legal expert Scott Johnsson said such investment vehicles can contain as much as 15% in unapproved assets. So, crypto assets outside of current listing standards may still be included, but under specific rules.

In the latest X post on September 19, ETF expert Nate Geraci claimed Grayscale’s first index-based and actively managed spot crypto ETFs will record significant demand, especially from financial advisors.