Grayscale Digital Large Cap Fund LLC
09/03/2026 | Press release | Distributed by Public on 09/03/2026 14:03
Annual Report for Fiscal Year Ending June 30, 2026 (Form 10-K)
Management's Discussion and Analysis of Financial 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, 2026, the Fund holds Fund Components and, from time to time on a periodic basis, issues Baskets in exchange for deposits of Fund Components. On September 18, 2025, in connection with the approval of application under Rule 19b-4 of the Securities Exchange Act and the effectiveness of the registration statement on Form S-3, as amended (File No. 333-286293), the Manager authorized the commencement of a redemption program. Shares of the Fund began trading on NYSE Arca on September 19, 2025, following the effectiveness of the Fund's registration statement on Form S-3, as amended. The Fund issues Shares only in one or more Baskets to certain Authorized Participants from time to time. Baskets are offered in exchange for Fund Components. Through its redemption program, the Fund redeems Shares from Authorized Participants on an ongoing basis. 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 Index Price 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 is not managed like a business corporation or an active investment vehicle. The Fund will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
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 purposes of this Annual Report, the "DLCS Methodology" means the criteria that a digital asset must meet to be eligible for inclusion in the DLCS, as determined from time to time by the Index Provider.
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. Prior to September 19, 2025, the Fund was not accepting redemption requests, however the Manager has since authorized the commencement of the Fund's redemption program on September 19, 2025 in connection with the uplisting of the Shares to NYSE Arca. 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") Topic 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 AML and 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 by the Fund 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. 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, 2026, 2025, and 2024
(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, |
||||||||||||
|
2026 |
2025 |
2024 |
||||||||||
|
Net realized and unrealized (loss) gain on investments in digital assets |
$ |
(246,703 |
) |
$ |
266,399 |
$ |
264,196 |
|||||
|
Net (decrease) increase in net assets resulting from operations |
$ |
(253,784 |
) |
$ |
250,266 |
$ |
254,324 |
|||||
|
Net assets(1) |
$ |
308,960 |
$ |
777,222 |
$ |
526,956 |
||||||
(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 loss on investments in digital assets for the year ended June 30, 2026 was ($246,703), which includes a realized gain of $5,536 on the transfer of digital assets to pay the Manager's Fee, a realized gain of $11,056 as a result of the quarterly rebalance of digital assets, a realized gain of $263,871 on the sale of digital assets to meet Redemptions, and net change in unrealized appreciation/depreciation on investments in digital assets of ($527,166). Net decrease in net assets resulting from operations was ($253,784) for the year ended June 30, 2026, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager's Fee of $7,081. Net assets decreased to $308,960 at June 30, 2026, a 60% decrease for the year. The decrease in net assets resulted from the overall price depreciation of Fund Components for the year, the redemption of approximately 2,483 Bitcoin, 15,046 Ether, 7,435,274 XRP, 67,956 SOL, 4,047,532 ADA, and 1,776 BNB, with a value of $338,021 from the Fund, and the withdrawal of approximately 51 Bitcoin, 312 Ether, 153,534 XRP, 1,394 SOL, 75,554 ADA and 67 BNB to pay the foregoing Manager's Fee, partially offset by the contribution of approximately 999 Bitcoin, 6,047 Ether, 3,003,499 XRP, 27,480 SOL, 1,671,371 ADA and 580 BNB, with a value of $123,543 to the Fund in connection with Share creations during the year.
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/depreciation 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 overall 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/depreciation 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 overall 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, and 203,318 XRP to pay the foregoing Manager's Fee.
Cash Resources and Liquidity
The Fund only receives and holds cash in order to facilitate creations and redemptions pursuant to Cash Orders, and has not otherwise had or maintained a cash balance at any time since inception. When selling digital assets in the Digital Asset Market to pay Additional Fund Expenses on behalf of the Fund, the Manager endeavors to sell the exact amount of digital assets needed to pay expenses in order to minimize the Fund's holdings of assets other than the Fund Components. In addition, upon the consummation or deemed failure of a Cash Order to create or redeem Baskets, the Fund will promptly return any excess cash it continues to hold with respect to such Cash Order to the applicable counterparty. 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.
Cash includes non-interest bearing non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.
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
|
As of June 30, |
||||||||||||
|
2026 |
2025 |
2024 |
||||||||||
|
Prices of digital assets on principal market: |
||||||||||||
|
Bitcoin |
$ |
58,745.18 |
$ |
107,753.95 |
$ |
61,929.29 |
||||||
|
Ether |
$ |
1,578.53 |
$ |
2,516.23 |
$ |
3,423.00 |
||||||
|
BNB |
$ |
546.62 |
N/A |
N/A |
||||||||
|
XRP |
$ |
1.04 |
$ |
2.32 |
$ |
0.47 |
||||||
|
SOL |
$ |
73.62 |
$ |
157.80 |
$ |
144.62 |
||||||
|
ADA |
N/A |
$ |
0.59 |
N/A |
||||||||
|
AVAX |
N/A |
N/A |
$ |
28.47 |
||||||||
|
Principal Market NAV per Share(1) |
$ |
26.37 |
$ |
48.98 |
$ |
33.21 |
||||||
|
Principal Market NAV(1) |
$ |
308,959,746 |
$ |
777,222,526 |
$ |
526,955,720 |
||||||
|
Index Prices: |
||||||||||||
|
Bitcoin |
$ |
58,731.82 |
$ |
107,521.84 |
$ |
61,908.57 |
||||||
|
Ether |
$ |
1,578.40 |
$ |
2,505.96 |
$ |
3,420.12 |
||||||
|
BNB |
$ |
546.57 |
N/A |
N/A |
||||||||
|
XRP |
$ |
1.04 |
$ |
2.29 |
$ |
0.47 |
||||||
|
SOL |
$ |
73.62 |
$ |
157.01 |
$ |
144.71 |
||||||
|
ADA |
N/A |
$ |
0.58 |
N/A |
||||||||
|
AVAX |
N/A |
N/A |
$ |
28.33 |
||||||||
|
NAV per Share(2) |
$ |
26.36 |
$ |
48.83 |
$ |
33.20 |
||||||
|
NAV(2) |
$ |
308,912,912 |
$ |
774,814,558 |
$ |
526,722,342 |
||||||
(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)
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, prior to September 19, 2025, the Fund reflected creations and the digital assets receivable for proceeds with respect to such creations on the date of receipt of a notification of a creation but did not issue Shares until the requisite amount of digital assets for proceeds was received. On September 18, 2025, in connection with the approval of application under Rule 19b-4 of the Securities Exchange Act of 1934 and the effectiveness of the registration statement on Form S-3, as amended, the Manager authorized the commencement of a redemption program. Effective September 19, 2025, the date on which the Shares of the Fund began trading on NYSE Arca, the Fund reflects creations and redemptions and the digital assets for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the business day following the receipt of a notification of a creation or redemption order by an Authorized Participant. Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the digital assets for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the digital assets are delivered or removed from the Fund for settlement.
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 Fund's performance prior to September 19, 2025 is based on market-determined prices on OTC Markets and on the Fund's performance without an ongoing share creation and redemption program. Prior to September 19, 2025, the Fund's Shares traded at both premiums and discounts to the value of the Fund's assets, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of September 19, 2025, the Fund established an ongoing share creation and redemption program and the Shares of the Fund were listed to NYSE Arca. Hence, the Fund's performance for periods prior to September 19, 2025 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Fund's performance for periods subsequent to September 19, 2025.
In addition, prior to June 5, 2025, the Fund's portfolio was constructed pursuant to the DLCS Methodology rather than the
current CD5 Methodology, and accordingly the Fund Components and their respective weightings during prior periods may differ
from those held by the Fund as of the date of this Annual Report.
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, 2026. 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 July 1, 2022, from July 1, 2022 through June 30, 2025, and after July 1, 2025 are not comparable due to the changes in the fund construction criteria on July 1, 2022 and July 1, 2025. 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" for further details.
Bitcoin
The following table illustrates the movements in the Index Price for Bitcoin from July 1, 2021 to June 30, 2026. The Manager has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms included in the relevant index individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Index Price |
Date |
Index Price |
Date |
End of |
Last |
|||||||||||||||||
|
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 |
||||||||||||
|
Twelve months ended June 30, 2026 |
$ |
90,693.70 |
$ |
125,475.85 |
10/6/2025 |
$ |
58,731.82 |
6/30/2026 |
$ |
58,731.82 |
$ |
58,731.82 |
||||||||||||
|
July 1, 2021 to June 30, 2026 |
$ |
57,195.82 |
$ |
125,475.85 |
10/6/2025 |
$ |
15,786.90 |
11/21/2022 |
$ |
58,731.82 |
$ |
58,731.82 |
||||||||||||
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, 2021 to June 30, 2026.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last |
|||||||||||||||||
|
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 |
||||||||||||
|
Twelve months ended June 30, 2026 |
$ |
90,700.71 |
$ |
125,492.00 |
10/6/2025 |
$ |
58,745.18 |
6/30/2026 |
$ |
58,745.18 |
$ |
58,745.18 |
||||||||||||
|
July 1, 2021 to June 30, 2026 |
$ |
57,189.69 |
$ |
125,492.00 |
10/6/2025 |
$ |
15,766.93 |
11/21/2022 |
$ |
58,745.18 |
$ |
58,745.18 |
||||||||||||
Ether
The following table illustrates the movements in the Index Price for Ether from July 1, 2021 to June 30, 2026. The Manager has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms included in the relevant index individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Index Price |
Date |
Index Price |
Date |
End of |
Last |
|||||||||||||||||
|
Twelve months ended June 30, 2022 |
$ |
3,028.76 |
$ |
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 |
$ |
2,498.01 |
$ |
4,049.30 |
3/11/2024 |
$ |
1,531.22 |
10/12/2023 |
$ |
3,420.12 |
$ |
3,372.09 |
||||||||||||
|
Twelve months ended June 30, 2025 |
$ |
2,690.00 |
$ |
4,070.55 |
12/6/2024 |
$ |
1,464.86 |
4/8/2025 |
$ |
2,505.96 |
$ |
2,505.96 |
||||||||||||
|
Twelve months ended June 30, 2026 |
$ |
2,960.82 |
$ |
4,833.41 |
8/22/2025 |
$ |
1,553.95 |
6/6/2026 |
$ |
1,578.40 |
$ |
1,578.40 |
||||||||||||
|
July 1, 2021 to June 30, 2026 |
$ |
2,548.51 |
$ |
4,833.41 |
8/22/2025 |
$ |
913.51 |
6/18/2022 |
$ |
1,578.40 |
$ |
1,578.40 |
||||||||||||
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, 2021 to June 30, 2026.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last |
|||||||||||||||||
|
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 |
||||||||||||
|
Twelve months ended June 30, 2026 |
$ |
2,961.07 |
$ |
4,833.89 |
8/22/2025 |
$ |
1,554.17 |
6/6/2026 |
$ |
1,578.53 |
$ |
1,578.53 |
||||||||||||
|
July 1, 2021 to June 30, 2026 |
$ |
2,548.54 |
$ |
4,833.89 |
8/22/2025 |
$ |
913.24 |
6/18/2022 |
$ |
1,578.53 |
$ |
1,578.53 |
||||||||||||
Solana
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.
The following table illustrates the movements in the Index Price from the addition of the token to the Fund's portfolio on October 1, 2021 to June 30, 2026. The Manager has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms included in the relevant index individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Index Price |
Date |
Index Price |
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 |
||||||||||||
|
Twelve months ended June 30, 2026 |
$ |
133.76 |
$ |
248.49 |
9/18/2025 |
$ |
61.62 |
6/6/2026 |
$ |
73.62 |
$ |
73.62 |
||||||||||||
|
October 1, 2021 to June 30, 2026 |
$ |
106.72 |
$ |
274.68 |
1/19/2025 |
$ |
8.37 |
12/29/2022 |
$ |
73.62 |
$ |
73.62 |
||||||||||||
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 October 1, 2021 to June 30, 2026.
|
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 |
||||||||||||
|
Twelve months ended June 30, 2026 |
$ |
133.74 |
$ |
248.45 |
9/18/2025 |
$ |
61.61 |
6/6/2026 |
$ |
73.62 |
$ |
73.62 |
||||||||||||
|
October 1, 2021 to June 30, 2026 |
$ |
106.72 |
$ |
280.00 |
1/19/2025 |
$ |
8.29 |
12/29/2022 |
$ |
73.62 |
$ |
73.62 |
||||||||||||
XRP
Effective January 3, 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 Index Price during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to June 30, 2026. The Manager has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms included in the relevant index individually or as a group.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Index Price |
Date |
Index Price |
Date |
End of |
Last |
|||||||||||||||||
|
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 |
||||||||||||
|
Twelve months ended June 30, 2026 |
$ |
2.04 |
$ |
3.55 |
7/21/2025 |
$ |
1.03 |
6/25/2026 |
$ |
1.04 |
$ |
1.04 |
||||||||||||
|
January 4, 2024 to June 30, 2026 |
$ |
1.59 |
$ |
3.55 |
7/21/2025 |
$ |
0.43 |
7/5/2024 |
$ |
1.04 |
$ |
1.04 |
||||||||||||
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 January 4, 2024 (when XRP was subsequently re-added to the Fund) to June 30, 2026.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last |
|||||||||||||||||
|
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 |
||||||||||||
|
Twelve months ended June 30, 2026 |
$ |
2.04 |
$ |
3.55 |
7/21/2025 |
$ |
1.03 |
6/25/2026 |
$ |
1.04 |
$ |
1.04 |
||||||||||||
|
January 4, 2024 to June 30, 2026 |
$ |
1.59 |
$ |
3.55 |
7/21/2025 |
$ |
0.43 |
7/5/2024 |
$ |
1.04 |
$ |
1.04 |
||||||||||||
BNB
Effective February 2, 2026, 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 BNB in accordance with the CD5 Methodology.
The following table illustrates the movements in the Index Price during the period from February 2, 2026 to June 30, 2026.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Index Price |
Date |
Index Price |
Date |
End of |
Last |
|||||||||||||||||
|
February 2, 2026 to June 30, 2026 |
$ |
626.86 |
$ |
770.79 |
2/3/2026 |
$ |
546.57 |
6/30/2026 |
$ |
546.57 |
$ |
546.57 |
||||||||||||
The following table illustrates the movements in the Digital Asset Market price of BNB, as reported on the Fund's principal market for BNB, during the period from February 2, 2026 through June 30, 2026.
|
High |
Low |
|||||||||||||||||||||||
|
Period |
Average |
Digital Asset Market Price |
Date |
Digital Asset Market Price |
Date |
End of |
Last |
|||||||||||||||||
|
February 2, 2026 to June 30, 2026 |
$ |
626.87 |
$ |
770.51 |
2/3/2026 |
$ |
546.62 |
6/30/2026 |
$ |
546.62 |
$ |
546.62 |
||||||||||||
The following chart sets out the historical closing prices for the Shares as reported by OTC Markets and the Fund's NAV per Share from November 22, 2019 to September 18, 2025.
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) ($)(1)
(1)
NAV per Share of the Fund prior to and after July 1, 2022 are not comparable due to the change in the fund construction criteria on July 1, 2022. See "Item 1. Business-Investment Objective" for further details.
The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from September 19, 2025 to June 30, 2026 and the Fund's NAV per Share from September 19, 2025 to June 30, 2026.
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) ($)
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTC Markets divided by the Fund's NAV per Share from November 22, 2019 to September 18, 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.
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Fund's NAV per Share from September 19, 2025 to June 30, 2026.
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) (%)
Grayscale Digital Large Cap Fund LLC published this content on September 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 03, 2026 at 20:03 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]