The U.S. Securities and Exchange Commission (SEC) has granted approval for Grayscale’s GDLC Fund to transition from an over-the-counter (OTC) investment vehicle into a fully regulated exchange-traded fund (ETF). The newly approved GDLC ETF will trade on the NYSE Arca exchange.
This ETF provides investors with diversified exposure to major cryptocurrencies by tracking the CoinDesk 5 Index. Its primary holdings consist of Bitcoin (80.8%), Ethereum (11.07%), XRP (4.63%), Solana (2.75%), and Cardano (0.75%).
The conversion to an ETF structure significantly enhances market efficiency. It narrows the gap between the fund’s Net Asset Value (NAV), reported at $48.83, and its market price, which was $47.95. Grayscale currently manages approximately $774.8 million in assets within the fund.
This SEC approval is viewed as a signal of a potential acceleration in the regulatory process for cryptocurrency-based investment products. It represents a step towards broadening investor access to regulated crypto exposure.
Investors gain key benefits through the ETF structure, including enhanced liquidity, greater transparency, and simplified access via standard brokerage accounts on the NYSE Arca platform.