Grayscale Digital Large Cap Fund LLC
09/05/2025 | Press release | Distributed by Public on 09/05/2025 14:09
Annual Report for Fiscal Year Ending June 30, 2025 (Form 10-K)
Management's Discussion and Analysis ofFinancial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, our audited financial statements and related notes included elsewhere in this Annual Report, which have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Annual Report, particularly in "Item 1A. Risk Factors" and "Forward-Looking Statements."
Fund Overview
The Fund is a passive entity that is managed and administered by the Manager and does not have any officers, directors or employees. As of June 30, 2025, the Fund holds Fund Components and, from time to time on a periodic basis, issues Creation Baskets in exchange for deposits of Fund Components. As a passive investment vehicle, the Fund's investment objective is for the value of the Shares to reflect the value of the Fund Components, determined by reference to their respective Digital Asset Reference Rates and weightings within the Fund, less the Fund's expenses and other liabilities. While an investment in the Shares is not a direct investment in the Fund Components, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to the digital assets held by the Fund. The Fund will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
As of June 30, 2025, the Fund has not met its investment objective and the Shares quoted on OTCQX have not reflected the value of the digital assets held by the Fund, less the Fund's expenses and other liabilities, but instead have traded at both premiums and discounts to such value, which at times have been substantial. The Fund is not managed like a business corporation or an active investment vehicle. As of June 30, 2025, 2024, and 2023, the Fund had unlimited Shares authorized and 15,867,400 Shares issued and outstanding.
|
As of June 30, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
Number of Shares authorized |
Unlimited |
Unlimited |
Unlimited |
|||||||||
|
Number of Shares outstanding |
15,867,400 |
15,867,400 |
15,867,400 |
|||||||||
|
Number of Shares freely tradable(1) |
14,813,892 |
14,813,892 |
14,657,353 |
|||||||||
|
Number of beneficial holders owning at least 100 Shares(2) |
15 |
18 |
20 |
|||||||||
|
Number of holders of record(2) |
15 |
18 |
20 |
|||||||||
(1)
Includes the total number of Shares that are not restricted securities as such term is defined under Rule 144.
(2)
Includes Cede & Co. as nominee for DTC for the Shares traded on OTCQX, but not its direct participants. Therefore, this number does not include the individual holders who have bought/sold Shares on OTCQX or transferred their eligible Shares to their brokerage accounts.
Effective June 5, 2025, the Fund Components consist of the digital assets that make up the CoinDesk 5 Index (the "CD5" or the "Index"). For the period from July 1, 2024 until June 5, 2025, and the years ended June 30, 2024 and 2023, the Fund determined which Fund Components to hold pursuant to the DLCS Methodology. Prior to the adoption of the DLCS Methodology, the Digital Asset Reference Rates used to value the Fund Components were Index Prices or, in the case of AVAX and DOT, an Old Indicative Price. In connection with the adoption of the DLCS Methodology, the Manager changed the Digital Asset Reference Rates used to value the Fund Components and as of the date of this Annual Report, each of the Digital Asset Reference Rates are Indicative Prices. See "Item 1. Business-Investment Objective" and "Item 1. Business-Valuation of Digital Assets and Determination of NAV" for additional information.
Any references to the Digital Asset Reference Rates subsequent to July 1, 2025 are to the Index Prices in effect following the adoption of the CD5 Methodology. Any references to the Digital Asset Reference Rates from July 1, 2022 to June 30, 2025 are to the Digital Asset Reference Rates in effect following the adoption of the DLCS Methodology. Any references in this section to the Digital Reference Rates prior to July 1, 2022 are to the Digital Asset Reference Rates in effect prior to the adoption of the DLCS Methodology. All references to the NAV and NAV per Share of the Fund for periods subsequent to July 1, 2025 in this Annual Report have been calculated based on the digital assets held by the Fund pursuant to the CD5 Methodology and the corresponding rebalancing of the Fund on July 31, 2025. All references to the NAV and NAV per Share of the Fund for periods from July 1, 2022 to June 30, 2025 in this Annual Report have been calculated based on the digital assets held by the Fund pursuant to the DLCS Methodology and the corresponding rebalancing of the Fund on July 5, 2022. All references to the NAV and NAV per Share of the Fund for periods prior to July 1, 2022 have been calculated based on the digital assets held by the Fund pursuant to the Target Coverage Ratio Methodology prior to the adoption of the DLCS Methodology and the corresponding rebalancing of the Fund on July 5, 2022.
Critical Accounting Policies and Estimates
Investment Transactions and Revenue Recognition
The Fund considers investment transactions to be the receipt of Fund Components by the Fund in connection with Share creations and the delivery of Fund Components by the Fund in connection with Share redemptions or for payment of expenses in Fund Components. As of June 30, 2025, the Fund was not accepting redemption requests. The Fund records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Manager's Fee in the Fund Components.
Principal Market and Fair Value Determination
To determine which market is the Fund's principal market for each Fund Component (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Fund's net asset value in accordance with U.S. GAAP ("Principal Market NAV"), the Fund follows Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820-10, Fair Value Measurement, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for each Fund Component in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that each Fund Component is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
The Fund only receives Fund Components in connection with a creation order from the Authorized Participant (or a Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Fund looks to market-based volume and level of activity for Digital Asset Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (referred to as "Trading Platform Markets" in this Annual Report), each as defined in the FASB ASC Master Glossary (collectively, "Digital Asset Markets").
In determining which of the eligible Digital Asset Markets is the Fund's principal market for each Fund Component, the Fund reviews these criteria in the following order:
•
First, the Fund reviews a list of each Digital Asset Market that maintain practices and policies designed to comply with anti-money laundering ("AML") and know-your-customer ("KYC") regulations, and non-Digital Asset Trading Platform Markets that the Fund reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market.
•
Second, the Fund sorts these Digital Asset Markets from high to low by market-based volume and level of activity of each Fund Component traded on each Digital Asset Market in the trailing twelve months.
•
Third, the Fund then reviews pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market.
•
Fourth, the Fund then selects a Digital Asset Market as its principal market for such Fund Component based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Fund, Trading Platform Markets have the greatest volume and level of activity for the Fund Components. The Fund therefore looks to accessible Trading Platform Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market for each Fund Component. As a result of the aforementioned analysis, a Trading Platform Market has been selected as the Fund's principal market for each Fund Component.
The Fund determines its principal market for each Fund Component (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market's trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Fund has access to, or (iii) if recent changes to each Digital Asset Market's price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Fund's determination of its principal market for each Fund Component.
The cost basis of each Fund Component received in connection with a creation order is recorded by the Fund at the fair value of such Fund Component at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Fund may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.
Investment Company Considerations
The Fund is an investment company for U.S. GAAP purposes and follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services-Investment Companies. The Fund uses fair value as its method of accounting for digital assets in accordance with its classification as an investment company for accounting purposes. The Fund is not a registered investment company under the Investment Company Act of 1940. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material.
Review of Financial Results
Financial Highlights for the Years Ended June 30, 2025, 2024, and 2023
(All amounts in the following table and the subsequent paragraphs, except Share, per Share amounts, and each Fund Component and price of each Fund Component, are in thousands)
|
For the Years Ended June 30, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
Net realized and unrealized gain on investments in digital assets |
$ |
266,399 |
$ |
264,196 |
$ |
104,153 |
||||||
|
Net increase in net assets resulting from operations |
$ |
250,266 |
$ |
254,324 |
$ |
98,780 |
||||||
|
Net assets(1) |
$ |
777,222 |
$ |
526,956 |
$ |
272,632 |
||||||
(1)
Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of each Fund Component on the Digital Asset Trading Platforms that the Fund considered each Fund Component's principal market, as of 4:00 p.m., New York time, on the valuation date.
Net realized and unrealized gain on investments in digital assets for the year ended June 30, 2025 was $266,399, which includes a realized gain of $12,995 on the transfer of digital assets to pay the Manager's Fee, a realized gain of $9,271 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $244,133. Net increase in net assets resulting from operations was $250,266 for the year ended June 30, 2025, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager's Fee of $16,133. Net assets increased to $777,222 at June 30, 2025, a 47% increase for the year. The increase in net assets resulted from the price appreciation of Fund Components for the year, partially offset by the withdrawal of approximately 147 Bitcoin, 893 Ether, 127,897 ADA, 3,556 SOL, 1,537 AVAX, and 421,555 XRP to pay the foregoing Manager's Fee.
Net realized and unrealized gain on investments in digital assets for the year ended June 30, 2024 was $264,196, which includes a realized gain of $6,714 on the transfer of digital assets to pay the Manager's Fee, a realized gain of $789 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $256,693. Net increase in net assets resulting from operations was $254,324 for the year ended June 30, 2024, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager's Fee of $9,872. Net assets increased to $526,956 at June 30, 2024, a 93% increase for the year. The increase in net assets resulted from the price appreciation of Fund Components for the year, partially offset by the withdrawal of approximately 153 Bitcoin, 942 Ether, 210,014 ADA, 3,292 SOL, 38,180 MATIC, 1,385 AVAX, 203,318 XRP to pay the foregoing Manager's Fee.
Net realized and unrealized gain on investments in digital assets for the year ended June 30, 2023 was $104,153, which includes a realized gain of $2,124 on the transfer of digital assets to pay the Manager's Fee, a realized loss of ($20,838) as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $122,867. Net increase in net assets resulting from operations was $98,780 for the year ended June 30, 2023, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager's Fee of $5,373. Net assets increased to $272,632 at June 30, 2023, a 57% increase for the year. The increase in net assets resulted from the price appreciation of Fund Components for the year, partially offset by the withdrawal of approximately 157 Bitcoin, 1,002 Ether, 281,296 ADA, 2,966 SOL, 53,165 MATIC, 135 DOT, 1,228 AVAX, 10 LTC, 96 UNI, 65 LINK, and 3 BCH to pay the foregoing Manager's Fee.
Cash Resources and Liquidity
The Fund has not had a cash balance at any time since inception. When selling Fund Components and/or Forked Assets to pay Additional Fund Expenses on behalf of the Fund, the Manager endeavors to sell the exact amount of Fund Components and/or Forked Assets needed to pay expenses in order to minimize the Fund's holdings of assets other than the Fund Components. As a consequence, the Manager expects that the Fund will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Fund is not a party to any off-balance sheet arrangements.
In exchange for the Manager's Fee, the Manager has agreed to assume most of the expenses incurred by the Fund. As a result, the only ordinary expense of the Fund during the periods covered by this Annual Report was the Manager's Fee. The Fund is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs.
Selected Operating Data
|
For the Years Ended June 30, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
(All Fund Component balances are rounded to the nearest whole number) |
||||||||||||
|
Bitcoin: |
||||||||||||
|
Opening balance |
5,990 |
6,231 |
6,231 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
(85 |
) |
(88 |
) |
157 |
|||||||
|
Manager's Fee, related party |
(147 |
) |
(153 |
) |
(157 |
) |
||||||
|
Closing balance |
5,758 |
5,990 |
6,231 |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
5,758 |
5,990 |
6,231 |
|||||||||
|
Ether: |
||||||||||||
|
Opening balance |
36,578 |
39,445 |
39,360 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
(677 |
) |
(1,925 |
) |
1,087 |
|||||||
|
Manager's Fee, related party |
(893 |
) |
(942 |
) |
(1,002 |
) |
||||||
|
Closing balance |
35,008 |
36,578 |
39,445 |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
35,008 |
36,578 |
39,445 |
|||||||||
|
ADA: |
||||||||||||
|
Opening balance |
- |
11,194,903 |
10,916,583 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
10,568,299 |
(10,984,889 |
) |
559,616 |
||||||||
|
Manager's Fee, related party |
(127,897 |
) |
(210,014 |
) |
(281,296 |
) |
||||||
|
Closing balance |
10,440,402 |
- |
11,194,903 |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
10,440,402 |
- |
11,194,903 |
|||||||||
|
SOL: |
||||||||||||
|
Opening balance |
135,349 |
123,916 |
111,216 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
16,607 |
14,725 |
15,666 |
|||||||||
|
Manager's Fee, related party |
(3,556 |
) |
(3,292 |
) |
(2,966 |
) |
||||||
|
Closing balance |
148,400 |
135,349 |
123,916 |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
148,400 |
135,349 |
123,916 |
|||||||||
|
MATIC: |
||||||||||||
|
Opening balance |
- |
2,926,030 |
- |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
- |
(2,887,850 |
) |
2,979,195 |
||||||||
|
Manager's Fee, related party |
- |
(38,180 |
) |
(53,165 |
) |
|||||||
|
Closing balance |
- |
- |
2,926,030 |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
- |
- |
2,926,030 |
|||||||||
|
DOT: |
||||||||||||
|
Opening balance |
- |
- |
328,187 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
- |
- |
(328,052 |
) |
||||||||
|
Manager's Fee, related party |
- |
- |
(135 |
) |
||||||||
|
Closing balance |
- |
- |
- |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
- |
- |
- |
|||||||||
|
AVAX: |
||||||||||||
|
Opening balance |
114,956 |
- |
88,974 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
(113,419 |
) |
116,341 |
(87,746 |
) |
|||||||
|
Manager's Fee, related party |
(1,537 |
) |
(1,385 |
) |
(1,228 |
) |
||||||
|
Closing balance |
- |
114,956 |
- |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
- |
114,956 |
- |
|||||||||
|
LTC: |
||||||||||||
|
Opening balance |
- |
- |
23,725 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
- |
- |
(23,715 |
) |
||||||||
|
Manager's Fee, related party |
- |
- |
(10 |
) |
||||||||
|
Closing balance |
- |
- |
- |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
- |
- |
- |
|||||||||
|
UNI: |
||||||||||||
|
Opening balance |
- |
- |
232,687 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
- |
- |
(232,591 |
) |
||||||||
|
Manager's Fee, related party |
- |
- |
(96 |
) |
||||||||
|
Closing balance |
- |
- |
- |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
- |
- |
- |
|||||||||
|
LINK: |
||||||||||||
|
Opening balance |
- |
- |
158,987 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
- |
- |
(158,922 |
) |
||||||||
|
Manager's Fee, related party |
- |
- |
(65 |
) |
||||||||
|
Closing balance |
- |
- |
- |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
- |
- |
- |
|||||||||
|
BCH: |
||||||||||||
|
Opening balance |
- |
- |
6,314 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
- |
- |
(6,311 |
) |
||||||||
|
Manager's Fee, related party |
- |
- |
(3 |
) |
||||||||
|
Closing balance |
- |
- |
- |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
- |
- |
- |
|||||||||
|
XRP: |
||||||||||||
|
Opening balance |
16,719,308 |
- |
- |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Portfolio rebalancing(1) |
573,017 |
16,922,626 |
- |
|||||||||
|
Manager's Fee, related party |
(421,555 |
) |
(203,318 |
) |
- |
|||||||
|
Closing balance |
16,870,770 |
16,719,308 |
- |
|||||||||
|
Accrued but unpaid Manager's Fee, related party |
- |
- |
- |
|||||||||
|
Net closing balance |
16,870,770 |
16,719,308 |
- |
|||||||||
|
Number of Shares: |
||||||||||||
|
Opening balance |
15,867,400 |
15,867,400 |
15,867,400 |
|||||||||
|
Creations |
- |
- |
- |
|||||||||
|
Closing balance |
15,867,400 |
15,867,400 |
15,867,400 |
|||||||||
|
As of June 30, |
||||||||||||
|
2025 |
2024 |
2023 |
||||||||||
|
Prices of digital assets on principal market: |
||||||||||||
|
Bitcoin |
$ |
107,753.95 |
$ |
61,929.29 |
$ |
30,361.94 |
||||||
|
Ether |
$ |
2,516.23 |
$ |
3,423.00 |
$ |
1,925.83 |
||||||
|
XRP |
$ |
2.32 |
$ |
0.47 |
N/A |
|||||||
|
SOL |
$ |
157.80 |
$ |
144.62 |
$ |
19.09 |
||||||
|
ADA |
$ |
0.59 |
N/A |
$ |
0.29 |
|||||||
|
AVAX |
N/A |
$ |
28.47 |
N/A |
||||||||
|
MATIC |
N/A |
N/A |
$ |
0.66 |
||||||||
|
Principal Market NAV per Share(2) |
$ |
48.98 |
$ |
33.21 |
$ |
17.18 |
||||||
|
Digital Asset Reference Rates: |
||||||||||||
|
Bitcoin |
$ |
107,521.84 |
$ |
61,908.57 |
$ |
30,396.80 |
||||||
|
Ether |
$ |
2,505.96 |
$ |
3,420.12 |
$ |
1,923.68 |
||||||
|
XRP |
$ |
2.29 |
$ |
0.47 |
N/A |
|||||||
|
SOL |
$ |
157.01 |
$ |
144.71 |
$ |
19.12 |
||||||
|
ADA |
$ |
0.58 |
N/A |
$ |
0.28 |
|||||||
|
AVAX |
N/A |
$ |
28.33 |
N/A |
||||||||
|
MATIC |
N/A |
N/A |
$ |
0.65 |
||||||||
|
NAV per Share(2)(3) |
$ |
48.83 |
$ |
33.20 |
$ |
17.19 |
||||||
(1)
For more information on prior quarterly rebalances and the resulting impact on the Fund's portfolio, please see Note 4 to the Audited Financial Statements-Portfolio Rebalancing.
(2)
Prior to February 7, 2024, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share. Prior to February 7, 2024, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share.
(3)
From July 1, 2022 to June 30, 2025, NAV per Share is calculated based on the Digital Asset Reference Rates of the Fund Components held by the Fund pursuant to the DLCS Methodology. From and after July 1, 2025, the NAV per Share is calculated based on the Index Prices of the Fund Components held by the Fund pursuant to the CD5 Methodology. See "Item 1. Business-Investment Objective" and "Item 1. Business-Valuation of Digital Assets and Determination of NAV" for additional information
For accounting purposes as of June 30, 2025, the Fund reflects creations and the Fund Components receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of Fund Components is received.
As of June 30, 2025, the Fund had a net closing balance with a value of $774,814,558, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of June 30, 2025, the Fund had a total market value of $777,222,526, based on the principal market prices of the Fund Components.
As of June 30, 2024, the Fund had a net closing balance with a value of $526,722,342, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of June 30, 2024, the Fund had a total market value of $526,955,720, based on the principal market prices of the Fund Components.
As of June 30, 2023, the Fund had a net closing balance with a value of $272,757,436, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of June 30, 2023, the Fund had a total market value of $272,631,615, based on the principal market prices of the Fund Components.
Historical Fund Component Prices
As movements in the price of each Fund Component will directly affect the price of the Shares, investors should understand recent movements in the price of each Fund Component. Investors, however, should also be aware that past movements in each of the Fund Component prices are not indicators of future movements. Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world.
The following chart illustrates the movement in the Fund's NAV per Share versus the Fund's Principal Market NAV per Share from February 1, 2018 (the inception of the Fund's operations) to June 30, 2025. For more information on the determination of the Fund's NAV, see "Item 1. Business-Overview of the Digital Asset Industry and Market-Fund Component Value-Digital Asset Trading Platform Valuation."
(1)
NAV per Share of the Fund prior to and after July 1, 2022 are not comparable due to the change in the fund construction criteria on July 1, 2022. See "Item 1. Business-Investment Objective" for further details.
Bitcoin
Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate for Bitcoin from July 1, 2020 to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for Bitcoin was an Index Price for Bitcoin. Effective July 1, 2022, the Digital
Asset Reference Rate for Bitcoin is an Indicative Price for Bitcoin. As a result, the Digital Asset Reference Rates for Bitcoin for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for Bitcoin for periods prior to July 1, 2022. During the period from July 1, 2020 to June 30, 2025, the Digital Asset Reference Rate has ranged from $9,032.59 to $111,516.97, with the straight average being $44,997.04 through June 30, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Reference Rate |
Date |
Digital Asset Reference Rate |
Date |
End of |
Last |
|||||||||||||||||
|
Twelve months ended June 30, 2021 |
$ |
29,666.38 |
$ |
63,472.70 |
4/15/2021 |
$ |
9,032.59 |
7/5/2020 |
$ |
34,759.99 |
$ |
34,759.99 |
||||||||||||
|
Twelve months ended June 30, 2022 |
$ |
42,951.63 |
$ |
67,352.59 |
11/9/2021 |
$ |
18,034.01 |
6/18/2022 |
$ |
18,883.90 |
$ |
18,883.90 |
||||||||||||
|
Twelve months ended June 30, 2023 |
$ |
22,532.93 |
$ |
30,849.06 |
6/23/2023 |
$ |
15,786.90 |
11/21/2022 |
$ |
30,396.80 |
$ |
30,396.80 |
||||||||||||
|
Twelve months ended June 30, 2024 |
$ |
45,791.95 |
$ |
73,128.99 |
3/13/2024 |
$ |
25,061.89 |
9/11/2023 |
$ |
61,908.57 |
$ |
60,272.64 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
84,040.13 |
$ |
111,516.97 |
5/22/2025 |
$ |
53,112.80 |
8/5/2024 |
$ |
107,521.84 |
$ |
107,521.84 |
||||||||||||
|
July 1, 2020 to June 30, 2025 |
$ |
44,997.04 |
$ |
111,516.97 |
5/22/2025 |
$ |
9,032.59 |
7/5/2020 |
$ |
107,521.84 |
$ |
107,521.84 |
||||||||||||
The following table illustrates the movements in the Digital Asset Market price of Bitcoin, as reported on the Fund's principal market for Bitcoin, from July 1, 2020 to June 30, 2025. During such period, the price of Bitcoin has ranged from $9,031.09 to $111,241.94, with the straight average being $44,989.71.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last |
|||||||||||||||||
|
Twelve months ended June 30, 2021 |
$ |
29,667.40 |
$ |
63,466.92 |
4/15/2021 |
$ |
9,031.09 |
7/5/2020 |
$ |
34,764.81 |
$ |
34,764.81 |
||||||||||||
|
Twelve months ended June 30, 2022 |
$ |
42,950.57 |
$ |
67,371.70 |
11/9/2021 |
$ |
18,026.58 |
6/18/2022 |
$ |
18,895.01 |
$ |
18,895.01 |
||||||||||||
|
Twelve months ended June 30, 2023 |
$ |
22,533.12 |
$ |
30,906.40 |
6/23/2023 |
$ |
15,766.93 |
11/21/2022 |
$ |
30,361.94 |
$ |
30,361.94 |
||||||||||||
|
Twelve months ended June 30, 2024 |
$ |
45,781.62 |
$ |
73,517.19 |
3/13/2024 |
$ |
25,013.25 |
9/11/2023 |
$ |
61,929.29 |
$ |
59,952.11 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
84,013.67 |
$ |
111,241.94 |
5/22/2025 |
$ |
53,469.64 |
8/5/2024 |
$ |
107,753.95 |
$ |
107,753.95 |
||||||||||||
|
July 1, 2020 to June 30, 2025 |
$ |
44,989.71 |
$ |
111,241.94 |
5/22/2025 |
$ |
9,031.09 |
7/5/2020 |
$ |
107,753.95 |
$ |
107,753.95 |
||||||||||||
Ether
Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate for Ether from July 1, 2020 to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for Ether was an Index Price for Ether. Effective July 1, 2022, the Digital Asset Reference Rate for Ether is an Indicative Price for Ether. As a result, the Digital Asset Reference Rates for Ether for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for Ether for periods prior to July 1, 2022. During the period from July 1, 2020 to June 30, 2025, the Digital Asset Reference Rate has ranged from $225.27 to $4,776.32, with the straight average being $2,203.59 through June 30, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Reference Rate |
Date |
Digital Asset Reference Rate |
Date |
End of |
Last |
|||||||||||||||||
|
Twelve months ended June 30, 2021 |
$ |
1,236.03 |
$ |
4,090.65 |
5/12/2021 |
$ |
225.27 |
7/5/2020 |
$ |
2,243.96 |
$ |
2,243.96 |
||||||||||||
|
Twelve months ended June 30, 2022 |
$ |
3,028.51 |
$ |
4,776.32 |
11/9/2021 |
$ |
913.51 |
6/18/2022 |
$ |
1,018.72 |
$ |
1,018.72 |
||||||||||||
|
Twelve months ended June 30, 2023 |
$ |
1,565.08 |
$ |
2,131.48 |
4/16/2023 |
$ |
1,045.57 |
7/12/2022 |
$ |
1,923.68 |
$ |
1,923.68 |
||||||||||||
|
Twelve months ended June 30, 2024 |
$ |
2,497.76 |
$ |
4,049.30 |
3/11/2024 |
$ |
1,531.22 |
10/12/2023 |
$ |
3,420.12 |
$ |
3,372.09 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
2,689.75 |
$ |
4,070.55 |
12/6/2024 |
$ |
1,464.86 |
4/8/2025 |
$ |
2,505.96 |
$ |
2,505.96 |
||||||||||||
|
July 1, 2020 to June 30, 2025 |
$ |
2,203.59 |
$ |
4,776.32 |
11/9/2021 |
$ |
225.27 |
7/5/2020 |
$ |
2,505.96 |
$ |
2,505.96 |
||||||||||||
The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Fund's principal market for Ether, from July 1, 2020 to June 30, 2025. During such period, the price of Ether has ranged from $225.27 to $4,776.95, with the straight average being $2,203.74.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last |
|||||||||||||||||
|
Twelve months ended June 30, 2021 |
$ |
1,236.12 |
$ |
4,089.92 |
5/12/2021 |
$ |
225.27 |
7/5/2020 |
$ |
2,243.98 |
$ |
2,243.98 |
||||||||||||
|
Twelve months ended June 30, 2022 |
$ |
3,028.54 |
$ |
4,776.95 |
11/9/2021 |
$ |
913.24 |
6/18/2022 |
$ |
1,019.72 |
$ |
1,019.72 |
||||||||||||
|
Twelve months ended June 30, 2023 |
$ |
1,565.23 |
$ |
2,116.20 |
4/16/2023 |
$ |
1,040.35 |
7/12/2022 |
$ |
1,925.83 |
$ |
1,925.83 |
||||||||||||
|
Twelve months ended June 30, 2024 |
$ |
2,498.36 |
$ |
4,033.86 |
3/11/2024 |
$ |
1,530.88 |
10/12/2023 |
$ |
3,423.00 |
$ |
3,371.60 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
2,689.64 |
$ |
4,053.28 |
12/6/2024 |
$ |
1,465.40 |
4/8/2025 |
$ |
2,516.23 |
$ |
2,516.23 |
||||||||||||
|
July 1, 2020 to June 30, 2025 |
$ |
2,203.74 |
$ |
4,776.95 |
11/9/2021 |
$ |
225.27 |
7/5/2020 |
$ |
2,516.23 |
$ |
2,516.23 |
||||||||||||
Solana
Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate from the addition of the token to the Fund's portfolio on October 1, 2021 to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for SOL was an Index Price for SOL. Effective July 1, 2022, the Digital Asset Reference Rate for SOL is an Indicative Price for SOL. As a result, the Digital Asset Reference Rates for SOL for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for SOL for periods prior to July 1, 2022. Since the token was added to the Fund's portfolio, the Digital Asset Reference Rate for SOL has ranged from $8.37 to $274.68, with the straight average being $99.51 through June 30, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate for SOL and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Reference Rate |
Date |
Digital Asset Reference Rate |
Date |
End of |
Last business day |
|||||||||||||||||
|
October 1, 2021 to June 30, 2022 |
$ |
123.52 |
$ |
254.78 |
11/6/2021 |
$ |
28.04 |
6/18/2022 |
$ |
31.97 |
$ |
31.97 |
||||||||||||
|
Twelve months ended June 30, 2023 |
$ |
24.73 |
$ |
46.45 |
8/13/2022 |
$ |
8.37 |
12/29/2022 |
$ |
19.12 |
$ |
19.12 |
||||||||||||
|
Twelve months ended June 30, 2024 |
$ |
88.05 |
$ |
199.88 |
3/31/2024 |
$ |
17.53 |
9/11/2023 |
$ |
144.71 |
$ |
140.95 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
167.81 |
$ |
274.68 |
1/19/2025 |
$ |
104.40 |
4/8/2025 |
$ |
157.01 |
$ |
157.01 |
||||||||||||
|
October 1, 2021 to June 30, 2025 |
$ |
99.51 |
$ |
274.68 |
1/19/2025 |
$ |
8.37 |
12/29/2022 |
$ |
157.01 |
$ |
157.01 |
||||||||||||
The following table illustrates the movements in the Digital Asset Market price of SOL, as reported on the Fund's principal market for SOL, from the addition of the token to the Fund's portfolio on October 1, 2021 to June 30, 2025. During such period, the price of SOL has ranged from $8.29 to $280.00, with the straight average being $99.51.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last business day |
|||||||||||||||||
|
October 1, 2021 to June 30, 2022 |
$ |
123.53 |
$ |
254.44 |
11/6/2021 |
$ |
28.04 |
6/18/2022 |
$ |
31.98 |
$ |
31.98 |
||||||||||||
|
Twelve months ended June 30, 2023 |
$ |
24.73 |
$ |
46.33 |
8/13/2022 |
$ |
8.29 |
12/29/2022 |
$ |
19.09 |
$ |
19.09 |
||||||||||||
|
Twelve months ended June 30, 2024 |
$ |
88.04 |
$ |
200.17 |
3/31/2024 |
$ |
17.51 |
9/11/2023 |
$ |
144.62 |
$ |
140.67 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
167.83 |
$ |
280.00 |
1/19/2025 |
$ |
103.92 |
4/8/2025 |
$ |
157.80 |
$ |
157.80 |
||||||||||||
|
October 1, 2021 to June 30, 2025 |
$ |
99.51 |
$ |
280.00 |
1/19/2025 |
$ |
8.29 |
12/29/2022 |
$ |
157.80 |
$ |
157.80 |
||||||||||||
Effective October 1, 2021, the Manager adjusted the Fund's portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase SOL in accordance with the Target Coverage Ratio Methodology.
XRP
Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. Effective April 2, 2024, the Manager adjusted the Fund's portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase XRP in accordance with the DLCS Methodology.
The following table illustrates the movements in the Digital Asset Reference Rate during the period from July 1, 2020 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to June 30, 2025. The Digital
Asset Reference Rate for XRP is an Indicative Price for XRP. The Digital Asset Reference Rate for XRP has ranged from $0.17 to $3.29, with the straight average being $1.03 for the periods July 1, 2020 through January 3, 2021 and January 4, 2024 through June 30, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate for XRP and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Reference Rate |
Date |
Digital Asset Reference Rate |
Date |
End of |
Last |
|||||||||||||||||
|
July 1, 2020 to January 3, 2021 |
$ |
0.30 |
$ |
0.71 |
11/24/2020 |
$ |
0.17 |
7/2/2020 |
$ |
0.23 |
$ |
0.22 |
||||||||||||
|
January 4, 2024 to June 30, 2024 |
$ |
0.55 |
$ |
0.73 |
3/11/2024 |
$ |
0.47 |
6/14/2024 |
$ |
0.47 |
$ |
0.47 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
1.65 |
$ |
3.29 |
1/16/2025 |
$ |
0.43 |
7/5/2024 |
$ |
2.29 |
$ |
2.29 |
||||||||||||
|
July 1, 2020 to January 3, 2021 and January 4, 2024 to June 30, 2025 |
$ |
1.03 |
$ |
3.29 |
1/16/2025 |
$ |
0.17 |
7/2/2020 |
$ |
2.29 |
$ |
2.29 |
||||||||||||
The following table illustrates the movements in the Digital Asset Market price of XRP, as reported on the Fund's principal market for XRP, during the period from July 1, 2020 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to June 30, 2025. The price of XRP has ranged from $0.17 to $3.29, with the straight average being $1.03 for the periods July 1, 2020 through January 3, 2021 and January 4, 2024 through June 30, 2025.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last |
|||||||||||||||||
|
July 1, 2020 to January 3, 2021 |
$ |
0.30 |
$ |
0.71 |
11/24/2020 |
$ |
0.17 |
7/2/2020 |
$ |
0.23 |
$ |
0.22 |
||||||||||||
|
January 4, 2024 to June 30, 2024 |
$ |
0.55 |
$ |
0.73 |
3/11/2024 |
$ |
0.47 |
6/24/2024 |
$ |
0.47 |
$ |
0.47 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
1.65 |
$ |
3.29 |
1/16/2025 |
$ |
0.43 |
7/5/2024 |
$ |
2.32 |
$ |
2.32 |
||||||||||||
|
July 1, 2020 to January 3, 2021 and January 4, 2024 to June 30, 2025 |
$ |
1.03 |
$ |
3.29 |
1/16/2025 |
$ |
0.17 |
7/2/2020 |
$ |
2.32 |
$ |
2.32 |
||||||||||||
Effective January 3, 2021, the Manager adjusted the Fund's portfolio by selling XRP and using the cash proceeds to purchase certain amounts of the other existing Fund Components in proportion to their respective weightings, in accordance with the Target Coverage Ratio Methodology. As a result of the rebalancing, XRP was removed from the Fund. Effective January 4, 2024, the Manager adjusted the Fund's portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase XRP in accordance with the DLCS Methodology.
Cardano
Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate from the addition of the token to the Fund's portfolio on July 1, 2021 to April 2, 2024 (when ADA was removed from the Fund), and the period from January 4, 2025 (when ADA was subsequently re-added to the Fund) to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for ADA was an Index Price for ADA. Effective July 1, 2022, the Digital Asset Reference Rate for ADA is an Indicative Price for ADA. As a result, the Digital Asset Reference Rates for ADA for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for ADA for periods prior to July 1, 2022. The Digital Asset Reference Rate for ADA has ranged from $0.24 to $2.99, with the straight average being $0.75 for the periods from July 1, 2021 through April 2, 2024 and January 4, 2025 through June 30, 2025.The Manager has not observed a material difference between the Digital Asset Reference Rate for ADA and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Reference Rate |
Date |
Digital Asset Reference Rate |
Date |
End of |
Last business day |
|||||||||||||||||
|
Twelve months ended June 30, 2022 |
$ |
1.38 |
$ |
2.99 |
9/3/2021 |
$ |
0.43 |
6/18/2022 |
$ |
0.44 |
$ |
0.44 |
||||||||||||
|
Twelve months ended June 30, 2023 |
$ |
0.38 |
$ |
0.57 |
8/14/2022 |
$ |
0.24 |
12/29/2022 |
$ |
0.28 |
$ |
0.28 |
||||||||||||
|
July 1, 2023 to April 2, 2024 |
$ |
0.42 |
$ |
0.77 |
3/11/2024 |
$ |
0.24 |
9/11/2023 |
$ |
0.59 |
$ |
0.59 |
||||||||||||
|
January 4, 2025 to June 30, 2025 |
$ |
0.75 |
$ |
1.15 |
1/17/2025 |
$ |
0.53 |
6/22/2025 |
$ |
0.58 |
$ |
0.58 |
||||||||||||
|
July 1, 2021 to April 2, 2024 and January 4, 2025 to June 30, 2025 |
$ |
0.75 |
$ |
2.99 |
9/3/2021 |
$ |
0.24 |
9/11/2023 |
$ |
0.58 |
$ |
0.58 |
||||||||||||
The following table illustrates the movements in the Digital Asset Market price of ADA, as reported on the Fund's principal market for ADA, from the addition of the token to the Fund's portfolio on July 1, 2021 through April 2, 2024 (when ADA was removed from the Fund) and January 4, 2025 (when ADA was subsequently re-added to the Fund) through June 30, 2025. The price of ADA has ranged from $0.24 to $2.99 , with the straight average being $0.75 for the periods from July 1, 2021 through April 2, 2024 and January 4, 2025 through June 30, 2025.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last business day |
|||||||||||||||||
|
Twelve months ended June 30, 2022 |
$ |
1.38 |
$ |
2.99 |
9/3/2021 |
$ |
0.43 |
6/18/2022 |
$ |
0.44 |
$ |
0.44 |
||||||||||||
|
Twelve months ended June 30, 2023 |
$ |
0.38 |
$ |
0.57 |
8/14/2022 |
$ |
0.24 |
12/29/2022 |
$ |
0.29 |
$ |
0.29 |
||||||||||||
|
July 1, 2023 to April 2, 2024 |
$ |
0.42 |
$ |
0.77 |
3/11/2024 |
$ |
0.24 |
9/11/2023 |
$ |
0.59 |
$ |
0.59 |
||||||||||||
|
January 4, 2025 to June 30, 2025 |
$ |
0.75 |
$ |
1.16 |
1/17/2025 |
$ |
0.52 |
6/22/2025 |
$ |
0.59 |
$ |
0.59 |
||||||||||||
|
July 1, 2021 to April 2, 2024 and January 4, 2025 to June 30, 2025 |
$ |
0.75 |
$ |
2.99 |
9/3/2021 |
$ |
0.24 |
9/11/2023 |
$ |
0.59 |
$ |
0.59 |
||||||||||||
Effective July 1, 2021, the Manager adjusted the Fund's portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase ADA in accordance with the Target Coverage Ratio Methodology. Effective April 2, 2024, the Manager adjusted the Fund's portfolio by selling ADA and using the cash proceeds to purchase certain amounts of the other existing Fund Components in proportion to their respective weightings, in accordance with the DLCS Methodology. As a result of the rebalancing, ADA was removed from the Fund. Effective January 4, 2025, the Manager adjusted the Fund's portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase ADA in accordance with the DLCS Methodology.
Avalanche
Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate from the addition of the token to the Fund's portfolio on April 5, 2022 (when AVAX was initially added to the Fund) to January 3, 2025 (when AVAX was subsequently removed from the Fund), and during the period from January 4, 2024 (when AVAX was subsequently re-added to the Fund) to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for AVAX was an Old Indicative Price for AVAX. Effective July 1, 2022, the Digital Asset Reference Rate for AVAX is an Indicative Price for AVAX. As a result, the Digital Asset Reference Rates for AVAX for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for AVAX for periods prior to July 1, 2022. The Digital Asset Reference Rate for AVAX has ranged from $10.79 to $95.06, with the straight average being $30.66 for the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through January 3, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate for AVAX and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Reference Rate |
Date |
Digital Asset Reference Rate |
Date |
End of |
Last business day |
|||||||||||||||||
|
April 5, 2022 to June 30, 2022 |
$ |
43.55 |
$ |
95.06 |
4/5/2022 |
$ |
14.62 |
6/19/2022 |
$ |
16.60 |
$ |
16.60 |
||||||||||||
|
July 1, 2022 to January 4, 2023 |
$ |
17.76 |
$ |
29.21 |
8/12/2022 |
$ |
10.79 |
12/29/2022 |
$ |
12.04 |
$ |
12.04 |
||||||||||||
|
January 4, 2024 to June 30, 2024 |
$ |
38.38 |
$ |
62.75 |
3/18/2024 |
$ |
23.94 |
6/24/2024 |
$ |
28.33 |
$ |
28.02 |
||||||||||||
|
July 1, 2024 to January 3, 2025 |
$ |
30.25 |
$ |
54.44 |
12/4/2024 |
$ |
19.26 |
8/5/2024 |
$ |
41.63 |
$ |
41.63 |
||||||||||||
|
April 5, 2022 to January 4, 2023 and January 4, 2024 to January 3, 2025 |
$ |
30.66 |
$ |
95.06 |
4/5/2022 |
$ |
10.79 |
12/29/2022 |
$ |
41.63 |
$ |
41.63 |
||||||||||||
The following table illustrates the movements in the Digital Asset Market price of AVAX, as reported on the Fund's principal market for AVAX, during the period from April 5, 2022 (when AVAX was initially added to the Fund) to January 4, 2023 and during the period from January 4, 2024 (when AVAX was subsequently re-added to the Fund) to January 3, 2025 (when AVAX was
subsequently removed from the Fund). The price of AVAX has ranged from $10.76 to $93.01, with the straight average being $30.59 for the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through January 3, 2025.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last business day |
|||||||||||||||||
|
April 5, 2022 to June 30, 2022 |
$ |
43.10 |
$ |
93.01 |
4/5/2022 |
$ |
14.18 |
6/18/2022 |
$ |
16.24 |
$ |
16.24 |
||||||||||||
|
July 1, 2022 to January 4, 2023 |
$ |
17.76 |
$ |
29.18 |
8/12/2022 |
$ |
10.76 |
12/29/2022 |
$ |
12.03 |
$ |
12.03 |
||||||||||||
|
January 4, 2024 to June 30, 2024 |
$ |
38.37 |
$ |
62.35 |
3/18/2024 |
$ |
23.85 |
6/24/2024 |
$ |
28.47 |
$ |
28.04 |
||||||||||||
|
July 1, 2024 to January 3, 2025 |
$ |
30.24 |
$ |
54.16 |
12/4/2024 |
$ |
19.40 |
8/5/2024 |
$ |
41.45 |
$ |
41.45 |
||||||||||||
|
April 5, 2022 to January 4, 2023 and January 4, 2024 to January 3, 2025 |
$ |
30.59 |
$ |
93.01 |
4/5/2022 |
$ |
10.76 |
12/29/2022 |
$ |
41.45 |
$ |
41.45 |
||||||||||||
Secondary Market Trading
Historically, the Fund's Shares have been quoted on OTCQX under the symbol "GDLC" since November 22, 2019. The Fund's previous trading symbol was "GDLCF" on OTCQX and was changed to "GDLC" on April 14, 2020. The Fund's Shares have
been quoted on OTCQX since November 22, 2019. The price of the Shares as quoted on OTCQX has varied significantly from the NAV per Share.
For example, from July 1, 2022 to June 30, 2025, the Shares quoted on OTCQX traded at a discount to the value of the Fund's NAV per Share based on the DLCS Methodology (changed to the CD5 Methodology effective June 5, 2025). From July 1, 2022 to June 30, 2025, the maximum discount of the closing price of the Shares quoted on OTCQX below the value of the Fund's NAV per Share was 63% based on the DLCS Methodology (changed to the CD5 Methodology effective June 5, 2025) and the average discount was 35% based on the DLCS Methodology (changed to the CD5 Methodology effective June 5, 2025). The closing price of the Shares, as quoted on OTCQX at 4:00 p.m., New York time, on each business day, between July 1, 2022 and June 30, 2025, has been quoted at a discount on 751 days. As of June 30, 2025, the last business day of the period, the Fund's Shares were quoted on OTCQX at a discount of 2% to the Fund's NAV per Share.
From and after July 1, 2025, the value of the Fund Components is determined by reference to Index Prices, as the Fund has transitioned from the DLCS to the CD5. From July 1, 2025 to September 2, 2025, the Shares quoted on OTCQX traded at both discounts and premiums to the value of the Fund's NAV per Share based on the CD5 Methodology. From July 1, 2025 to September 2, 2025, the maximum premium of the closing price of the Shares quoted on OTCQX over the value of the Fund's NAV per Share was less than 1% based on the CD5 Methodology, the average premium was less than 1%, the maximum discount of the closing price of the Shares quoted on OTCQX below the value of the Fund's NAV per Share was 10% based on the CD5 Methodology, and the average discount was 6%. As of September 2, 2025, the Fund's Shares were quoted on OTCQX at a discount of 8% to the Fund's NAV per Share based on the CD5 Methodology.
The following table sets out the range of high and low closing prices for the Shares as reported by OTCQX, the Fund's Principal Market NAV per Share calculated in accordance with U.S. GAAP and the Fund's NAV per Share for each of the quarters of the prior three years.
|
High |
Low |
|||||||||||||||||||||||
|
OTCQX |
Principal Market NAV per |
NAV per Share(2) |
OTCQX |
Principal Market NAV per |
NAV per Share(2) |
|||||||||||||||||||
|
Calendar Year 2022 |
||||||||||||||||||||||||
|
Third quarter |
$ |
10.33 |
$ |
15.84 |
$ |
15.87 |
$ |
6.92 |
$ |
11.17 |
$ |
11.21 |
||||||||||||
|
Fourth quarter |
$ |
7.68 |
$ |
13.48 |
$ |
13.47 |
$ |
3.83 |
$ |
9.53 |
$ |
9.54 |
||||||||||||
|
Calendar Year 2023 |
||||||||||||||||||||||||
|
First quarter |
$ |
7.03 |
$ |
16.48 |
$ |
16.45 |
$ |
3.77 |
$ |
10.02 |
$ |
10.03 |
||||||||||||
|
Second quarter |
$ |
8.75 |
$ |
17.99 |
$ |
18.10 |
$ |
5.84 |
$ |
14.56 |
$ |
14.54 |
||||||||||||
|
Third quarter |
$ |
10.20 |
$ |
18.00 |
$ |
17.95 |
$ |
7.80 |
$ |
13.97 |
$ |
14.01 |
||||||||||||
|
Fourth quarter |
$ |
19.35 |
$ |
24.23 |
$ |
24.14 |
$ |
8.22 |
$ |
14.62 |
$ |
14.62 |
||||||||||||
|
Calendar Year 2024 |
||||||||||||||||||||||||
|
First quarter |
$ |
26.15 |
$ |
39.86 |
$ |
39.69 |
$ |
12.49 |
$ |
21.59 |
$ |
21.61 |
||||||||||||
|
Second quarter |
$ |
27.00 |
$ |
38.39 |
$ |
38.36 |
$ |
17.78 |
$ |
30.21 |
$ |
30.61 |
||||||||||||
|
Third quarter |
$ |
24.60 |
$ |
36.24 |
$ |
36.06 |
$ |
17.03 |
$ |
26.95 |
$ |
26.99 |
||||||||||||
|
Fourth quarter |
$ |
49.00 |
$ |
53.82 |
$ |
53.78 |
$ |
19.65 |
$ |
29.69 |
$ |
29.60 |
||||||||||||
|
Calendar Year 2025 |
||||||||||||||||||||||||
|
First quarter |
$ |
47.27 |
$ |
53.19 |
$ |
53.15 |
$ |
33.86 |
$ |
36.85 |
$ |
36.59 |
||||||||||||
|
Second quarter |
$ |
47.95 |
$ |
51.08 |
$ |
51.21 |
$ |
30.90 |
$ |
34.55 |
$ |
34.55 |
||||||||||||
(1)
The Principal Market NAV is calculated using the fair value of the Fund Components based on the price provided by the Digital Asset Market that the Fund considers each Fund Component's principal market. Prior to February 7, 2024, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations-Critical Accounting Policies and Estimates-Principal Market and Fair Value Determination."
(2)
From July 1, 2022 through June 30, 2025, the Fund's NAV per Share was derived from the Digital Reference Rate of each Fund Component as of 4:00 p.m., New York time, on the valuation date. The Reference Rate Price was calculated using non-GAAP methodology and is not used in the Fund's financial statements. Effective July 1, 2025, the Fund's NAV per Share is derived from the Index Price of each Fund Component as of 4:00 p.m., New York time, on the valuation date. Prior to February 7, 2024, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share. See "Item 1. Business-Valuation of Digital Assets and Determination of NAV." See "Item 1. Business-Investment Objective" for further details.
The following chart sets out the historical closing prices for the Shares as reported by OTCQX and the Fund's NAV per Share from November 22, 2019 to June 30, 2025.
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) ($)(1)
The following chart sets out the historical premium and discount for the Shares as reported by OTCQX and the Fund's NAV per Share from November 22, 2019 to June 30, 2025.
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) (%)(1)
(1)
NAV per Share of the Fund prior to and after July 1, 2022 are not comparable due to the change in the fund construction criteria on July 1, 2022. See "Item 1. Business-Investment Objective" for further details.
Grayscale Digital Large Cap Fund LLC published this content on September 05, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 05, 2025 at 20:09 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]