GDLC Overview

Name Change Announcement: Grayscale Investments Sponsors, LLC plans to rename the Grayscale XRP Trust to Grayscale XRP Trust ETF (GXRP) effective November 21, 2025.

Trading Symbol Update: The Trust's shares will begin trading under the new name and symbol "GXRP" on NYSE Arca on or about November 24, 2025.

Stock Certificates Validity: Existing stock certificates for the Trust will remain valid and do not need to be exchanged due to the name change.

Listing Timeline Uncertainty: There is no guarantee that the GXRP shares will be listed or start trading on the anticipated timeline.

Launch of New Crypto ETFs: 21Shares has introduced two new crypto index ETFs, the 21Shares FTSE Crypto 10 Index ETF (TTOP) and the 21Shares FTSE Crypto 10 ex-BTC Index ETF (TXBC), which are the first crypto index products registered under the Investment Company Act of 1940.

Investment Strategy and Fees: TTOP includes Bitcoin and charges a 0.50% fee, while TXBC focuses on blockchain applications without Bitcoin and charges 0.65%. Both funds offer a regulated way for investors to access a diversified basket of digital assets.

Market Context and Expectations: The launch occurs in a challenging market environment, with Bitcoin's value dipping below $100,000. 21Shares anticipates a slower uptake for these multi-coin funds compared to Bitcoin-focused products.

Industry Competition: The introduction of these ETFs comes as asset managers are actively trying to launch spot altcoin ETFs, with only two existing multi-coin index ETFs under the '33 Act, highlighting the competitive landscape in the crypto investment space.

Grayscale Near Trust Launch: Grayscale has launched the Grayscale® Near Trust (GSNR), which is now trading on OTCQB, allowing investors to gain exposure to the NEAR token, a blockchain platform designed for AI use cases.

Investment Strategy and Innovation: The listing reflects Grayscale's commitment to evolving its products from private placements to public offerings, emphasizing the importance of on-chain innovation for future investment opportunities.

Grayscale's New ETF Launch: Grayscale Investments has launched the Grayscale CoinDesk Crypto 5 ETF (GDLC), which diversifies exposure across five major cryptocurrencies: Bitcoin, Ethereum, XRP, Solana, and Cardano, with an expense ratio of 0.59%.

Regulatory Changes Favoring Crypto ETFs: The SEC's recent approval of new listing standards for crypto exchange-traded products (ETPs) is expected to expedite the approval process for new funds, potentially leading to a surge in crypto ETFs as investors increasingly prefer regulated investment vehicles.

New Investment Vehicle: A new investment option was launched that allows investors to access a lesser-known cryptocurrency through traditional brokerage accounts, indicating growth in the digital asset market.

Caution Advised: Analysts suggest this development may lead to more exchange-traded funds (ETFs) for smaller digital assets, but they recommend that investors proceed with caution.

Grayscale Fund Conversion: Grayscale has received SEC approval to convert its Digital Large Cap Fund into a spot crypto exchange-traded fund, which is primarily focused on Bitcoin but also includes other cryptocurrencies like Ether and XRP.

Fund Details: The GDLC fund, launched in February 2018, manages $659.8 million in assets with a 2.50% expense ratio, and recently introduced a new fund investing in the SXT token from the Space and Time blockchain.