Grayscale has removed Cardano from its flagship CoinDesk Crypto 5 ETF (GDLC) and replaced it with BNB.
The recent decision to remove ADA from the GDLC ETF has sparked discussion about the implications for the future of Cardano-focused ETFs.
Key Points
- Grayscale has removed Cardano from its flagship CoinDesk Crypto 5 ETF and replaced it with BNB.
- The move follows Grayscale’s quarterly fund rebalance, which aligns the GDLC fund with the updated CoinDesk 5 Index.
- Grayscale has now sold its ADA holdings and reweighted the portfolio to add BNB.
- Despite the setback, ADA remains included in other basket funds such as BITW and NCIQ.
BNB Replaces ADA in GDLC ETF
Earlier this month, Grayscale completed its quarterly rebalance of the Grayscale CoinDesk Crypto 5 ETF, aligning the fund with the updated CoinDesk 5 Index. Following the review, CoinDesk Indices confirmed that Bitcoin, Ethereum, XRP, Solana, and BNB met the index’s inclusion criteria, according to an SEC Form 8-K filing.
For context, CoinDesk Indices uses a strict, rules-based methodology to determine which assets are included in its indices. Specifically, it evaluates assets based on market cap, liquidity, and custodial support. At the moment, BNB ranks fourth globally among cryptocurrencies, while Cardano ranks 11th.
Based on the latest update, Grayscale sold ADA and proportionally adjusted other holdings to add BNB to the portfolio. As a result, BNB officially replaced Cardano in the ETF.
Current GDLC ETF Components and Weightings
After the rebalance, as of February 2, 2026, the fund held 74.21% Bitcoin, 13.34% Ethereum, 4.97% BNB, 4.68% XRP, and 2.80% Solana. Each share now provides fractional exposure to all five assets based on these updated weightings.
Implications for Cardano ETFs
Cardano’s removal has stunned many community members, prompting questions about its impact on future Cardano ETFs.
While ADA’s exclusion from GDLC does not rule out a dedicated Cardano ETF, it weakens the token’s near-term institutional narrative. ETF issuers typically favor assets with deep liquidity, sustained demand, and clearer regulatory pathways.
In the meantime, ADA remains included in other basket funds, such as the Bitwise 10 Crypto Index ETF (BITW) and the Hashdex Nasdaq Crypto Index US ETF (NCIQ). Meanwhile, Cardano continues to pursue a standalone spot ETF, with Grayscale’s application still under SEC review.