TLDR
- Grayscale replaced ADA with BNB in the latest GDLC fund rebalancing.
- Bitcoin still dominates the GDLC fund with over 74% of the portfolio.
- GDLC’s rebalancing aims to reflect the largest and most liquid digital assets.
- The fund now includes BNB, Ethereum, XRP, and Solana alongside Bitcoin.
Grayscale’s CoinDesk Crypto 5 ETF (GDLC) has undergone a scheduled quarterly rebalancing, marking a significant change in its portfolio composition. The latest update involves the removal of Cardano’s ADA token and the addition of Binance’s BNB to the fund. This move aligns with GDLC’s ongoing strategy of offering exposure to the most dominant and liquid cryptocurrencies in the market.
$BNB is being added to the Grayscale CoinDesk Crypto 5 ETF (Ticker: $GDLC) as part of its scheduled rebalance, reflecting the evolving crypto market landscape and GDLC’s rules-based methodology. pic.twitter.com/o1x5xgoRJE
— Grayscale (@Grayscale) February 3, 2026
The fund, which started as the Grayscale Digital Large Cap Fund in 2018, converted into an ETF in late 2025. This transition allowed it to expand access to retail investors through standard brokerage accounts, as opposed to the original structure, which was limited to accredited investors. The fund is now traded on NYSE Arca, making it widely accessible.
GDLC Fund Composition After Rebalancing
The latest rebalance changes the structure of the GDLC fund. As of now, Bitcoin remains the largest holding, with over 74% of the total portfolio allocated to the cryptocurrency. Ethereum follows, representing more than 13% of the fund. Binance Coin (BNB) has now replaced ADA, marking a significant shift.
Other assets in the fund include XRP and Solana. This quarterly rebalance helps the fund stay aligned with the largest digital assets by market capitalization and liquidity.
Grayscale’s decision to add BNB highlights the growing importance of Binance Coin within the crypto market. BNB is a utility token primarily used within the Binance exchange, but its use extends to other areas within the crypto ecosystem, such as decentralized finance (DeFi). The token has gained considerable momentum in recent years, making it a significant asset in the digital asset space.
Grayscale’s Strategy Behind the Rebalancing
The rebalancing of GDLC is part of Grayscale’s broader strategy to ensure that the fund remains representative of the market’s largest cryptocurrencies. The fund’s automatic quarterly rebalancing is designed to maintain its focus on liquidity and market capitalization.
By adjusting the holdings based on these criteria, Grayscale ensures that GDLC investors are exposed to the most stable and dominant cryptocurrencies in the market.
The shift from ADA to BNB may reflect market trends. Over time, BNB has shown strong growth and utility, while ADA has struggled to maintain the same level of market presence and liquidity. As a result, Grayscale’s decision to replace ADA with BNB ensures that the fund remains focused on the assets that are most likely to continue driving the crypto market forward.
The Importance of GDLC’s Quarterly Rebalance
The GDLC fund’s quarterly rebalancing is an essential feature that allows the ETF to adapt to changes in the digital asset market. Cryptocurrencies like Bitcoin, Ethereum, and BNB can experience significant shifts in value and market share, and the rebalance ensures that the fund’s portfolio reflects these changes.
This approach helps investors gain exposure to a diversified set of major assets while minimizing the risk of overexposure to any single asset. The rebalancing also ensures that the fund remains responsive to market developments, which is crucial in a space as volatile as cryptocurrency.
The decision to replace ADA with BNB is just one example of how Grayscale actively manages the GDLC fund to reflect the evolving nature of the crypto market.
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