BNB Replaces Cardano in Grayscale’s Revised CoinDesk 5 ETF Lineup

TLDR

• Grayscale has removed Cardano from its CoinDesk Crypto 5 ETF following its quarterly rebalance.
• BNB has officially replaced Cardano in the GDLC ETF after meeting the updated index inclusion criteria.
• The updated ETF portfolio now includes Bitcoin, Ethereum, XRP, Solana, and BNB as of February 2, 2026.
• Cardano was excluded based on market cap, liquidity, and custodial support requirements set by CoinDesk Indices.
• ADA remains part of other crypto basket funds such as BITW and NCIQ despite its removal from GDLC.

Grayscale has removed Cardano from its CoinDesk Crypto 5 ETF (GDLC) and replaced it with BNB, following its latest quarterly rebalance, as confirmed by an SEC Form 8-K filing and CoinDesk Indices. The change came after a rules-based assessment that evaluated market cap, liquidity, and custodial support, resulting in ADA’s exclusion. Following this adjustment, Grayscale sold its ADA holdings and reallocated the portfolio, now including BNB among the top five assets in GDLC.

BNB Gains Ground in Grayscale ETF Portfolio

BNB has officially entered the Grayscale CoinDesk Crypto 5 ETF following the latest quarterly rebalance conducted earlier this month. CoinDesk Indices confirmed that Bitcoin, Ethereum, XRP, Solana, and BNB met all inclusion criteria for the index.

The fund now reflects CoinDesk Indices’ methodology, which reviews assets based on market cap, liquidity, and custodian support. According to CoinMarketCap rankings, BNB currently holds the fourth spot globally by market capitalization.

BNB’s inclusion aligns with Grayscale’s move to closely track the updated CoinDesk 5 Index. Grayscale adjusted the GDLC holdings accordingly and filed the change in a Form 8-K with the SEC.

As of February 2, 2026, the GDLC ETF holds 74.21% Bitcoin, 13.34% Ethereum, 4.97% BNB, 4.68% XRP, and 2.80% Solana. Each share now gives investors fractional exposure to these five assets, based on the current weighting.

BNB’s presence in the fund reflects its growing market position and compliance with the index’s methodology. Its inclusion comes after meeting all technical and structural requirements, unlike Cardano.

Cardano Removed Following Index Criteria Review

Cardano failed to meet the updated CoinDesk 5 Index standards during the latest quarterly review by CoinDesk Indices. Its eleventh position in global market rankings, lower liquidity, and custodial limitations contributed to its removal.

Grayscale responded by selling all ADA positions in the GDLC ETF and adjusted the portfolio to reflect the new allocation. This decision directly resulted in BNB replacing Cardano in the index-tracking portfolio.

Grayscale has not commented further on the exclusion, but CoinDesk Indices emphasized the methodology was strictly rules-based. The process applies uniformly across all assets under review, ensuring consistency.

While ADA is no longer part of GDLC, it remains in other funds like the Bitwise 10 Crypto Index ETF (BITW). It is also included in the Hashdex Nasdaq Crypto Index US ETF (NCIQ).

Grayscale’s ADA sale was conducted as part of the routine rebalance process. The firm disclosed the transition through official SEC filings without issuing any additional public statements.

ADA’s Status in Broader Fund Market Remains Unchanged

Despite its removal from GDLC, Cardano continues to appear in other multi-asset crypto investment products. Both BITW and NCIQ retain ADA within their current allocations.

Grayscale has a separate application pending for a dedicated spot Cardano ETF, currently under SEC review. There is no timeline yet for a decision on that specific fund.

Cardano’s exclusion from GDLC has not changed its listing on other platforms, nor has it impacted its availability on retail exchanges. It remains available through multiple regulated and unregulated crypto trading platforms.

The GDLC rebalance completed in early February has shifted the focus toward assets with stronger short-term institutional metrics. ADA’s liquidity and custodial profile currently fall short of the CoinDesk Index’s thresholds.

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