Grayscale launched the first multi-asset crypto ETF in the United States on Friday, opening the door for broader exposure to top digital currencies. The debut marks a milestone in regulated crypto investing as the fund begins trading on NYSE Arca.

Grayscale Launches First US Multi-Asset Crypto ETF

The American digital asset management company, Grayscale Investments, has introduced the first multi-asset cryptocurrency exchange-traded fund (ETF) in the United States. The fund, called the Grayscale CoinDesk Crypto 5 ETF (GDLC), began trading on NYSE Arca on September 19, following an approval from the US Securities and Exchange Commission (SEC) two days earlier.

Broad Market Exposure

GDLC gives investors access to five of the largest digital assets: Bitcoin, Ethereum, XRP, Solana, and Cardano. Together, these coins account for more than 90% of the total cryptocurrency market. The ETF rebalances quarterly, with about 72% allocated to Bitcoin, 20% to Ethereum, and the remainder to XRP, Solana, and Cardano.

The product was previously known as the Grayscale Digital Large Cap Fund, launched in 2018. It traded publicly on OTCQX in 2019 and later became a reporting company under the Securities Exchange Act in 2021. Its conversion into a listed ETF marks a major step in expanding access to diversified crypto investments.

Performance and Market Context

The ETF has delivered strong results in 2025, gaining more than 40%. It has also outperformed Bitcoin by nearly 11% since June as the other assets in the basket posted higher returns. Analysts say its listing could attract more institutional and retail investors seeking diversified exposure.

The launch comes at a time when the Trump administration has shown support for digital assets, including moves to allow retirement plans to include cryptocurrencies. Market watchers believe the ETF’s debut highlights a growing demand for regulated crypto investment products.

Industry Response

Grayscale Chief Executive Officer (CEO) Peter Mintzberg described the ETF as “a purpose-built innovation designed to meet that demand, bringing simplicity and transparent access to the most liquid and largest crypto assets”. Analysts have called the launch a historic milestone that broadens opportunities for investors and strengthens the crypto exchange-traded product landscape.

By combining strong performance, diversified exposure, and regulatory approval, GDLC is expected to play a central role in shaping the future of mainstream digital asset investing.