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Market Information
−Removed: Prior to October 3, 2022, Shares were distributed by Genesis, acting as the sole Authorized Participant, through sales in private placement transactions exempt from the registration requirements of the Securities Act pursuant to Rule 506(c) thereunder.
−Removed: Since October 3, 2022, Grayscale Securities has been the only acting Authorized Participant of the Fund, and Liquidity Provider(s) have been engaged to source digital assets in connection with the creation of Shares.
−Removed: The Shares are quoted on OTCQX under the ticker symbol “GDLC.” Over-the-counter market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.
+Added: The Shares commenced trading on NYSE Arca on September 19, 2025 under the ticker symbol “GDLC.”
Holders of Record
−Removed: As of June 30, 2025, there were approximately 15 holders of record.
−Removed: This includes Cede & Co.
−Removed: as nominee for DTC for the Shares traded on OTCQX, but not its direct participants.
−Removed: Therefore, this number does not include the individual holders who have bought Shares on OTCQX or transferred their eligible Shares to their brokerage accounts.
+Added: As of June 30, 2026, there were approximately 15 DTC participating shareholders of record of the Fund.
Because most of the Fund’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders.
+Added: The Fund made no distributions to shareholders during the years ended June 30, 2026 and 2025.
+Added: The Fund has no obligation to make periodic distributions to shareholders.
Recent Sales of Unregistered Shares
−Removed: As of June 30, 2025, the Registrant has distributed 15,867,400 Shares at varying prices determined by reference to the NAV per Share to selected “accredited investors,” within the meaning of Rule 501 of Regulation D under the Securities Act.
+Added: Prior to the Uplisting Date, the Registrant had distributed 15,867,400 Shares at varying prices determined by reference to the NAV per Share to selected “accredited investors,” within the meaning of Rule 501 of Regulation D under the Securities Act.
The Shares were sold in connection with an ongoing offering pursuant to Rule 506(c) of Regulation D under the Securities Act.
+Added: Genesis Global Trading, Inc., a wholly owned subsidiary of Digital Currency Group, Inc.
(“Genesis”) acted as the Authorized Participant with respect to these distributions.
In exchange for these sales, the Fund received an aggregate of 7,689.69425900 Bitcoin, 44,513.19192539 Ether, 20,953.27038208 ADA, 25,185.31952582 LTC, 563.90271373 LINK, 7,736.78000000 BCH and 17,294,820.68582300 XRP.
−Removed: Effective January 4, 2021, the Fund removed XRP from the Fund’s portfolio and sold the XRP holdings to purchase additional tokens of the remaining Fund Components in proportion to their respective weightings.
−Removed: Effective April 2, 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 Chainlink (LINK) in accordance with the Fund’s construction criteria.
−Removed: 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 Cardano (ADA) in accordance with the Fund’s construction criteria.
−Removed: Effective October 1, 2021, the Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Solana (SOL) and Uniswap (UNI) in accordance with the Fund’s construction criteria.
−Removed: Effective April 5, 2022, the Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Avalanche (AVAX) and Polkadot (DOT) in accordance with the Target Coverage Ratio Methodology.
−Removed: Effective July 1, 2022, the Manager adopted the DLCS Methodology and between July 5, 2022 and July 7, 2022 adjusted the Fund’s portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.
−Removed: Effective October 5, 2022, the Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Polygon (MATIC) in accordance with the DLCS Methodology.
−Removed: Effective January 5, 2023, the Manager adjusted the Fund’s portfolio by removing and selling Avalanche (AVAX) from the Fund’s portfolio and using the cash proceeds to purchase the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.
−Removed: Effective January 4, 2024, the Manager adjusted the Fund’s portfolio by removing and selling Polygon (MATIC) from the Fund’s portfolio and using the cash proceeds to purchase Avalanche (AVAX) and XRP in accordance with the DLCS Methodology.
−Removed: Effective April 3, 2024, the Manager adjusted the Fund’s portfolio by removing and selling Cardano (ADA) from the Fund’s portfolio and using the cash proceeds to purchase the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.
−Removed: Effective January 4, 2025, the Manager adjusted the Fund’s portfolio by removing and selling Avalanche (AVAX) from the Fund’s portfolio and using the cash proceeds to purchase Cardano (ADA) and the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.
−Removed: Effective June 5, 2025, the Manager adopted the CD5 Methodology.
+Added: Effective February 2, 2026 the Manager adjusted the Fund’s portfolio by removing and selling Cardano (ADA) from the Fund’s portfolio and 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.
Business—Investment Objective” and “Item 15.
Financial Statements and Exhibits—Note 4.
−Removed: Subsequent Events.”
+Added: Portfolio Rebalancing.”
Because Shares have been, and continue to be, created and issued on a periodic basis, a “distribution,” as such term is used in the Securities Act, may be occurring from time to time.
−Removed: As a result, the Authorized Participant facilitating the creation of Shares and acting as a distributor and marketer, during any such period, may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act.
−Removed: No underwriting discounts or commissions were paid to the Authorized Participant with respect to such sales.
+Added: As a result, an Authorized Participant facilitating the creation of Shares and acting as a distributor and marketer during any such period may be deemed an “underwriter” under Section 2(a)(11) of the Securities Act.
+Added: No underwriting discounts or commissions were paid to an Authorized Participant with respect to such sales.
Purchases of Equity Securities
−Removed: Purchases of equity securities by the issuer and affiliated purchasers —The table below sets forth information regarding open market purchases of Shares of Grayscale Digital Large Cap Fund LLC (OTCQX:
−Removed: GDLC) by Digital Currency Group, Inc.
−Removed: (“DCG”), the indirect parent company of the Manager, on a monthly basis during the three months ended June 30, 2025:
−Removed: (a) Total Number of Shares of GDLC Purchased
−Removed: (b) Average Price Paid per Share of GDLC
−Removed: (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
−Removed: (d) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
−Removed: (in millions)
−Removed: April 1, 2025 - April 30, 2025
−Removed: May 1, 2025 - May 31, 2025
−Removed: June 1, 2025 - June 30, 2025
On March 2, 2022, the Board approved the purchase by DCG, the indirect parent company of the Manager, of up to an aggregate total of $200 million worth of Shares of the Fund and shares of any of the following five investment products the Manager also acts as the sponsor and manager of, including Grayscale Bitcoin Trust ETF (NYSE Arca:
GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX:
−Removed: BCHG), Grayscale Ethereum Trust ETF (NYSE Arca:
+Added: BCHG), Grayscale Ethereum Staking ETF (NYSE Arca:
ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:
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The Share purchase authorization does not obligate DCG to acquire any specific number of Shares in any period, and may be expanded, extended, modified, or discontinued at any time.
−Removed: From March 2, 2022 through September 2, 2025, DCG had not purchased any Shares of the Fund under this authorization.
+Added: From March 2, 2022 through August 31, 2026, DCG had not purchased any Shares of the Fund under this authorization.
+Added: Although the Fund does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets from Authorized Participants during the three months ended June 30, 2026, the Fund redeemed the following Shares:
+Added: Total Number of Shares of GDLC Redeemed
+Added: Average Price Paid per Share of GDLC (1)
+Added: April 1, 2026 - April 30, 2026
+Added: May 1, 2026 - May 31, 2026
+Added: June 1, 2026 - June 30, 2026
+Added: (1) The Price Paid per Share is based on the NAV per Share, which is derived from the Index Prices as of 4:00 p.m., New York time, on the valuation date.
+Added: The Fund’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.