Grayscale CoinDesk Crypto 5 ETF (NYSE Arca: GDLC) reported a change to its index calculation methodology this week, with Bitstamp added as an official trading venue for the BNB-USD price feed, the latest regulatory filing shows. The update — effective Feb. 17, 2026 — broadens the sources used to calculate the fund’s index prices for Binance Coin (BNB) and reflects Grayscale’s ongoing effort to enhance price accuracy and market representation for its multi-asset crypto ETF.
Expanded Index Platform List for BNB Pricing
CoinDesk Indices, Inc., the index provider for GDLC, disclosed in an SEC Form 8-K filing that Bitstamp has been added as a Constituent Trading Platform for the BNB-USD trading pair used in the index price calculation. Prior to this change, only Kraken and OKX contributed to the BNB-USD price feed. With Bitstamp joining the list, the current venues providing BNB-USD pricing for the fund now include Kraken, OKX and Bitstamp.
The Index Price — which determines the U.S. dollar valuation of each underlying crypto component in the ETF — is calculated at 4:00 p.m. New York time on each business day, incorporating tick-level trading data from designated exchange partners. The addition of Bitstamp is part of the regular monthly venue review process conducted by the index provider and is designed to ensure that pricing inputs reflect sufficient liquidity and representativeness for constituent assets.
No Platforms Removed in Scheduled Review
The filing noted that no existing trading platforms were removed during this update, meaning the comprehensive index methodology — which incorporates multiple venues to capture reliable price discovery — remains intact for GDLC’s other major crypto components, including Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL). The BNB change specifically enhances coverage for BNB pricing.
About the Grayscale CoinDesk Crypto 5 ETF
Launched as part of Grayscale’s broader suite of regulated crypto investment products, the CoinDesk Crypto 5 ETFprovides diversified exposure to five of the largest digital assets by market capitalization. The fund’s index — derived by CoinDesk Indices, Inc. — aggregates price data from selected trading platforms for each component, ensuring that the ETF’s valuation reflects deep market liquidity and broad coverage.
Shares of the fund trade on NYSE Arca under the ticker GDLC, offering investors a regulated, traditional-market format for diversified exposure to top cryptocurrencies without direct custody of the underlying tokens.
Market Context
The expansion of venue coverage for BNB pricing comes amid growing interest in regulated crypto investment vehicles, including Grayscale’s other ETF filings tied to individual assets like BNB itself — for which a separate spot BNB ETFapplication is currently under review with U.S. regulators. Grayscale’s ongoing updates to index methodologies and trading venue inclusions reflect the evolving landscape of institutional crypto products aimed at boosting market representation and price fidelity within ETF structures.
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