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Item 7. Management’s Discussion and Analysis

2025-09-05 compared with 2024-09-06 · 510 added, 490 removed, 1186 unchanged (46% of the section changed)

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 U.S.

The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable.

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The Fund is a passive entity that is managed and administered by the Manager and does not have any officers, directors or employees.

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 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.

To date, 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 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, 2024, 2023, and 2022, the Fund had unlimited Shares authorized of 15,867,400 Shares issued and outstanding.

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,

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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 July 1, 2022, the Manager adopted the DLCS Methodology.

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.

Prior to the adoption of the DLCS Methodology, the Fund determined which Fund Components to hold pursuant to the Target Coverage Ratio Methodology and the Digital Asset Reference Rates used to value the Fund Components were Index Prices or an Old Indicative Price.

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, 2022 are to the Digital Asset Reference Rates in effect following the adoption of the DLCS Methodology.

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, 2022 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 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.

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Investment Transactions and Revenue Recognition

The Fund considers investment transactions to be the receipt of Fund Components for Share creations and the delivery of Fund Components for Share redemptions or for payment of expenses in Fund Components.

At this time, the Fund is not accepting redemption requests from shareholders.

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.

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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, which outlines the application of fair value accounting.

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.

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Investment Company Considerations

The Fund is an investment company for GAAP purposes and follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services—Investment Companies .

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.

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For the Years Ended June 30,

Net realized and unrealized gain (loss) on investments in digital assets

Net increase (decrease) in net assets resulting from operations

Net realized and unrealized gain on investments in digital assets

Net increase in net assets resulting from operations

Net assets (1)

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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.

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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.

Net realized and unrealized loss on investments in digital assets for the year ended June 30, 2022 was ($183,177), which includes a realized gain of $7,780 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $39,069 as a result of the quarterly rebalance of digital assets, and net change in unrealized depreciation on investments in digital assets of ($230,026).

Net decrease in net assets resulting from operations was ($194,391) for the year ended June 30, 2022, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $11,214.

Net assets decreased to $173,852 at June 30, 2022, a 53% decrease for the year.

The decrease in net assets resulted from the price depreciation of Fund Components for the year and the withdrawal of approximately 166 Bitcoin, 1,015 Ether, 282,861 ADA, 2,007 SOL, 1,962 DOT, 532 AVAX, 606 LTC, 4,091 UNI, 4,042 LINK, and 172 BCH to pay the foregoing Manager’s Fee, partially offset by the contribution of approximately 13 Bitcoin, 77 Ether, 20,953 ADA, 47 LTC, 310 LINK, and 13 BCH with a total value of $935 to the Fund, in connection with Share creations.

Cash Resources and Liquidity

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Prices of digital assets on principal market:

AVAX (2)(3)(4)(5)

DOT (3)(4)(9)

Principal Market NAV per Share (2)

Digital Asset Reference Rates:

AVAX (2)(3)(4)(5)

DOT (3)(4)(9)

NAV per Share (2)(3)

(1) 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 SOL and UNI in accordance with the Target Coverage Ratio Methodology.

(2) Effective January 4, 2024, the Manager removed MATIC from the Fund’s portfolio and used the cash proceeds to purchase AVAX and XRP and adjusted the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.

(3) 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 DOT and AVAX in accordance with the Target Coverage Ratio Methodology.

(4) Prior to July 1, 2022, the Digital Asset Reference Rates were all Index Prices except DOT and AVAX, which were Old Indicative Prices.

Effective July 1, 2022, the Digital Asset Reference Rate for each Fund Component is an Indicative Price.

As a result, the Digital Asset Reference Rates as of June 30, 2024 and June 30, 2023 are not directly comparable to the Digital Asset Reference Rates as of June 30, 2022.

(5) Effective January 5, 2023, the Fund removed AVAX from the Fund’s portfolio and sold the AVAX holdings to purchase additional tokens of the remaining Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.

(6) Effective July 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 ADA in accordance with the Target Coverage Ratio Methodology.

(7) Effective April 3, 2024, the Manager adjusted the Fund’s portfolio by selling ADA and used the cash proceeds to purchase the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.

(8) 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 MATIC in accordance with the DLCS Methodology.

(9) Effective July 7, 2022, following adoption of the DLCS Methodology, the Fund removed DOT, LTC, UNI, LINK and BCH from the Fund’s portfolio and sold the DOT, LTC, UNI, LINK and BCH holdings to purchase additional tokens of the remaining Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.

(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.

(11) Prior to July 1, 2022, the NAV per Share was calculated based on the Fund Components held by the Fund pursuant to the Target Coverage Ratio Methodology.

Effective July 1, 2022, NAV per Share is calculated based on the Fund Components held by the Fund pursuant to the DLCS Methodology.

As a result, the NAV per Share for periods subsequent to July 1, 2022 are not directly comparable to the NAV per Share as of June 30, 2022.

(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.

Business—Investment Objective” and “Item 1.

Business—Valuation of Digital Assets and Determination of NAV” for additional information

For accounting purposes, 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.

At this time, the Fund is not accepting redemption requests from shareholders.

Subject to receipt of regulatory approval from the SEC and approval by the Manager in its sole discretion, the Fund may in the future operate a redemption program.

The Fund currently has no intention of seeking regulatory approval to operate an ongoing redemption program.

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).

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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, 2022, the Fund had a net closing balance with a value of $173,776,387, based on the Digital Asset Reference Rates in effect under the Target Coverage Ratio Methodology (non-GAAP methodology).

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.

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Business—Investment Objective” for further details.

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.

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 Digital Asset Trading Platforms included in the relevant reference rate individually or as a group.

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.

Digital Asset Reference Rate

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July 1, 2020 to June 30, 2025

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.

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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.

Digital Asset Reference Rate

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July 1, 2020 to June 30, 2025

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.

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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 Digital Asset Trading Platforms included in the relevant reference rate individually or as a group.

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.

Digital Asset Reference Rate

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Twelve months ended June 30, 2024

Twelve months ended June 30, 2025

October 1, 2021 to June 30, 2025

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Twelve months ended June 30, 2024

Twelve months ended June 30, 2025

October 1, 2021 to June 30, 2025

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.

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.

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.

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 Digital Asset Trading Platforms included in the relevant reference rate individually or as a group.

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.

Digital Asset Reference Rate

Twelve months ended June 30, 2020

July 1, 2020 to January 3, 2021

January 4, 2024 to June 30, 2024

Twelve months ended June 30, 2025

July 1, 2020 to January 3, 2021 and January 4, 2024 to June 30, 2025

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Digital Asset Market Price

Twelve months ended June 30, 2020

July 1, 2020 to January 3, 2021

January 4, 2024 to June 30, 2024

Twelve months ended June 30, 2025

July 1, 2020 to January 3, 2021 and January 4, 2024 to June 30, 2025

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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.

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 4, 2023, and during the period from January 4, 2024 (when AVAX was subsequently re-added to the Fund) to June 30, 2024.

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 $30.83 for the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through June 30, 2024.

The Manager has not observed a material difference between the Digital Asset Reference Rate for AVAX and average prices from the constituent Digital Asset Trading Platforms included in the relevant reference rate individually or as a group.

Digital Asset Reference Rate

Last business day

April 5, 2022 to June 30, 2022

July 1, 2022 to January 4, 2023

January 4, 2024 to June 30, 2024

April 5, 2022 to January 4, 2023 and January 4, 2024 to June 30, 2024

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 June 30, 2024.

The price of AVAX has ranged from $10.76 to $93.01, with the straight average being $30.74 for the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through June 30, 2024.

Digital Asset Market Price

Last business day

April 5, 2022 to June 30, 2022

July 1, 2022 to January 4, 2023

January 4, 2024 to June 30, 2024

April 5, 2022 to January 4, 2023 and January 4, 2024 to June 30, 2024

Effective April 5, 2022, 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 AVAX in accordance with the Target Coverage Ratio Methodology.

Effective January 4, 2023, the Manager adjusted the Fund’s portfolio by selling AVAX 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, AVAX 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 AVAX in accordance with the DLCS Methodology.

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, the date of the token’s removal from the Fund’s portfolio.

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.

Since the token was added to the Fund’s portfolio, the Digital Asset Reference Rate for ADA has ranged from $0.24 to $2.99, with the straight average being $0.76 through April 2, 2024, the date of the token’s removal from the Fund’s portfolio.

The Manager has not observed a material difference between the Digital Asset Reference Rate for ADA and average prices from the constituent Digital Asset Trading Platforms included in the relevant reference rate individually or as a group.

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.

Digital Asset Reference Rate

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July 1, 2023 to April 2, 2024

July 1, 2021 to April 2, 2024

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 to April 2, 2024, the date of the token’s removal from the Fund’s portfolio.

During such period, the price of ADA has ranged from $0.24 to $2.99, with the straight average being $0.76 through April 2, 2024.

January 4, 2025 to June 30, 2025

July 1, 2021 to April 2, 2024 and January 4, 2025 to June 30, 2025

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.

Digital Asset Market Price

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July 1, 2023 to April 2, 2024

July 1, 2021 to April 2, 2024

January 4, 2025 to June 30, 2025

July 1, 2021 to April 2, 2024 and January 4, 2025 to June 30, 2025

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.

1 unchanged sentence

As a result of the rebalancing, ADA was removed from the Fund.

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 5, 2022 to January 3, 2024, the date of the token’s removal from the Fund’s portfolio.

The Digital Asset Reference Rate for MATIC is an Indicative Price for MATIC.

Since the token was added to the Fund’s portfolio, the Digital Asset Reference Rate for MATIC has ranged from $0.50 to $1.52, with the straight average being $0.85 through January 3, 2024, the date of the token’s removal from the Fund’s portfolio.

The Manager has not observed a material difference between the Digital Asset Reference Rate for MATIC and average prices from the constituent Digital Asset Trading Platforms included in the relevant reference rate individually or as a group.

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.

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.

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.

Digital Asset Reference Rate

1 unchanged sentence

Last business day

October 5, 2022 to June 30, 2023

April 5, 2022 to June 30, 2022

July 1, 2022 to January 4, 2023

October 5, 2022 to January 3, 2024

The following table illustrates the movements in the Digital Asset Market price of MATIC, as reported on the Fund’s principal market for MATIC, from the addition of the token to the Fund’s portfolio on October 5, 2022 to January 3, 2024, the date of the token’s removal from the Fund’s portfolio.

During such period, the price of MATIC has ranged from $0.50 to $1.52, with the straight average being $0.85 through January 3, 2024.

January 4, 2024 to June 30, 2024

July 1, 2024 to January 3, 2025

April 5, 2022 to January 4, 2023 and January 4, 2024 to January 3, 2025

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.

Digital Asset Market Price

1 unchanged sentence

Last business day

October 5, 2022 to June 30, 2023

April 5, 2022 to June 30, 2022

July 1, 2022 to January 4, 2023

October 5, 2022 to January 3, 2024

Effective January 3, 2024, the Manager adjusted the Fund’s portfolio by selling MATIC 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, MATIC was removed from the Fund.

January 4, 2024 to June 30, 2024

July 1, 2024 to January 3, 2025

April 5, 2022 to January 4, 2023 and January 4, 2024 to January 3, 2025

Secondary Market Trading

The Fund’s Shares have been quoted on OTCQX under the symbol “GDLC” since November 22, 2019.

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, 2024, the Shares quoted on OTCQX traded at a discount to the value of the Fund’s NAV per Share based on the DLCS Methodology.

From July 1, 2022 to June 30, 2024, 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 and the average discount was 43% based on the DLCS Methodology.

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 November 22, 2019 to June 30, 2022, the maximum premium of the closing price of the Shares quoted on OTCQX over the value of the Fund’s NAV per Share was 294% based on the Target Coverage Ratio Methodology and the average premium was 52% based on the Target Coverage Ratio Methodology.

Over the same period, the maximum discount of the closing price of the Shares quoted on OTCQX below the value of the Fund’s NAV per Share was 42% based on the Target Coverage Ratio Methodology and the average discount was 22% based on the Target Coverage Ratio Methodology.

Moreover, the closing price of the Shares, as quoted on OTCQX at 4:00 p.m., New York time, on each business day between November 22, 2019 to June 30, 2022, was quoted at a discount on 211 days, as calculated under the Target Coverage Ratio 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 GAAP and the Fund’s NAV per Share for each of the quarters of the prior three years.

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.

Principal Market NAV per

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Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Principal Market and Fair Value Determination.”

(2) The Fund’s NAV per Share is 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 is calculated using non-GAAP methodology and is not used in the Fund’s financial statements.

(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.

Business—Valuation of Digital Assets and Determination of NAV.” 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.

Business—Valuation of Digital Assets and Determination of NAV.” See “Item 1.

Business—Investment Objective” for further details.

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Under the LLC Agreement, all management functions of the Fund have been delegated to and are conducted by the Manager, its agents and its affiliates, including without limitation, the Custodian and its agents.

As officers of the Manager, Peter Mintzberg, the principal executive officer of the Manager, and Edward McGee, the principal financial officer of the Manager, may take certain actions and execute certain agreements and certifications for the Fund, in their capacity as the principal officers of the Manager.

The Manager has a board of directors (the “Board”) that is responsible for managing and directing the affairs of the Manager.

The Board consists of Mark Shifke, Matthew Kummell, Mr.

As officers of the Manager, Peter Mintzberg, the principal executive officer of the Manager, and Edward McGee, the principal financial and accounting officer of the Manager, may take certain actions and execute certain agreements and certifications for the Fund, in their capacity as the principal officers of the Manager.

As of and prior to December 31, 2024, GSI had a board of directors that was responsible for managing and directing the affairs of the Manager.

From and after January 1, 2025, GSO Intermediate Holdings Corporation (“GSOIH”), a Delaware corporation formed in connection with the Reorganization, which is the sole managing member of GSO and an indirect subsidiary of DCG, has a board of directors (the “Board”) that is responsible for managing and directing the affairs of the Manager.

The Board consists of Barry Silbert, Mark Shifke, Matthew Kummell, Mr.

Mintzberg, and Mr.

McGee, who also retain the authority granted to them as officers under the limited liability company agreement of the Manager.

The Manager has an audit committee (the “Audit Committee”).

Mintzberg and Mr.

McGee also retain the authority granted to them as officers under the limited liability company agreement of the Manager.

The Manager has an Audit Committee.

The Audit Committee has the responsibility for overseeing the financial reporting process of the Fund, including the risks and controls of that process and such other oversight functions as are typically performed by an audit committee of a public company.

The Audit Committee consists of Mr.

McGee and Hugh Ross, Chief Operating Officer of the Manager.

The Manager has a code of ethics (the “Code of Ethics”) that applies to its executive officers and agents.

The Code of Ethics is available by writing the Manager at 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902 or calling the Manager at (212) 668-1427.

The Manager’s Code of Ethics is intended to be a codification of the business and ethical principles that guide the Manager, and to deter wrongdoing, to promote honest and ethical conduct, to avoid conflicts of interest, and to foster compliance with applicable governmental laws, rules and regulations, the prompt internal reporting of violations and accountability for adherence to the Code of Ethics.

Mark Shifke, Chairman of the Board

Mark Shifke, 65, is the Chief Financial Officer of DCG and has served as chairman of the Board since January 2024.

Prior to January 1, 2025, references to the “Manager” in this section refer to GSI, and thereafter refer to GSO or GSIS, as applicable.

In connection with the Reorganization, the former Board of GSI was reconstituted at GSOIH.

From and after January 1, 2025, any references to the Board in this section refer to the Board of GSOIH.

Barry Silbert, Chairman of the Board

Barry Silbert, 49, is the founder and Chief Executive Officer of DCG and has served as chairman of the Board since August 2025 (previously served as a director and chairman of the Board from February 2020 through December 2023).

Until January 2021, Mr.

Silbert was the Chief Executive Officer of the Manager.

A pioneer in blockchain investing, Mr.

Silbert established himself in 2012 as one of the earliest and most active investors in the industry.

Silbert founded DCG in 2015 and today, it is one of the world’s most prolific investors in decentralized technologies, backing over 250 early-stage companies in more than 40 countries.

Silbert founded Yuma, a decentralized AI-focused subsidiary of DCG, where he also serves as CEO.

Yuma invests in, builds, and scales the Bittensor network.

The Manager is a wholly owned indirect subsidiary of DCG.

DCG also owns Foundry, Fortitude, Luno and Yuma.

DCG also invests directly in digital currencies and other digital assets.

Prior to leading DCG, Mr.

Silbert was the founder and CEO of SecondMarket, a venture-backed technology company that was acquired by Nasdaq.

Silbert has received numerous awards and accolades, including being named “Entrepreneur of the Year” by both Ernst & Young and Crain’s, and being selected to Fortune’s prestigious “40 under 40” list.

Before becoming an entrepreneur, Mr.

Silbert worked as an investment banker.

He graduated with honors from the Goizueta Business School of Emory University.

Mark Shifke, Board Member

Mark Shifke, 66, is the Chief Financial Officer of DCG and has served as a director of the Board since January 2024 (previously served as chairman of the Board through August 2025, upon the appointment of Mr.

Since March 2021, Mr.

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Matthew Kummell, Board Member

Matt Kummell, 48, is Senior Vice President of Strategy & Operations at DCG and has served as a director of the Manager since January 2024.

In his role at DCG, Mr.

Kummell leads the business’s post-investment efforts, including investment operations and value creation with regard to DCG’s portfolio companies.

Since December 2023, Mr.

Kummell has served as a member of the board of directors of Foundry, a digital asset mining and staking company.

Matthew Kummell, 49, is Senior Vice President of Institutional and Enterprise at the NEAR Foundation and has served as a director of the Manager since January 2024.

In his role at the NEAR Foundation, Mr.

Kummell leads efforts to engage institutional and enterprise businesses with the NEAR Protocol ecosystem.

From December 2023 through June 2025, Mr.

Kummell served as a member of the board of directors of Foundry, a digital asset mining and staking company.

Until November 2023, Mr.

Kummell served on the board of directors of CoinDesk, Inc., a digital media, events and information services company for the crypto asset and blockchain technology community.

Kummell served on the board of directors of CoinDesk, Inc., a digital media, events and information services company.

Until January 2012, Mr.

Kummell served on the board of directors of Derivix Corporation, a financial services software company.

Prior to joining DCG, Mr.

Kummell was the Head of North America for Citi’s Business Advisory Services team, a strategic consulting practice focused on institutional investor clients in Citi’s Markets division.

Kummell has also held strategic and front-office leadership roles at Citadel, Balyasny Asset Management, and S.A.C.

Prior to joining the NEAR Foundation in 2025, Mr.

Kummell was Senior Vice President of Strategy & Operations at DCG (2021 to 2025).

From 2018 to 2021, he served as the Head of North America for Citi’s Business Advisory Services team, a strategic consulting group within Citi’s Markets division focused on institutional investor clients.

Earlier in his career, Mr.

Kummell held strategic and front-office roles at Citadel, Balyasny Asset Management, and S.A.C.

Capital Advisors (the predecessor to Point 72 Asset Management).

Previously, Mr.

Kummell served as a case team leader at Bain & Company in its Boston headquarters.

Kummell is an Adjunct Professor at the Tuck School of Business at Dartmouth College.

He is a graduate of the University of California, Los Angeles (B.A.) and the Tuck School of Business at Dartmouth College (MBA).

He also worked as a Case Team Leader at Bain & Company in its Boston office.

From 2020 to 2025, Mr.

Kummell was an Adjunct Professor at the Tuck School of Business at Dartmouth College.

He holds a B.A.

from the University of California, Los Angeles, and an M.B.A.

from the Tuck School of Business at Dartmouth College.

Peter Mintzberg, Board Member and Chief Executive Officer

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in New York, San Francisco, and São Paulo, focused on the financial services and technology sectors.

Mintzberg was recognized as a Latino leader in Finance by The Alumni Society in 2018, and was selected as a David Rockefeller Fellow in the

2016-2017 Class by the Partnership for New York City.

Mintzberg was recognized as a Latino leader in Finance by The Alumni Society in 2018, and was selected as a David Rockefeller Fellow in the 2016-2017 Class by the Partnership for New York City.

He earned a bachelor’s degree in engineering from the Universidade Federal Rio de Janeiro, and an MBA from Harvard University.

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McGee is a Certified Public Accountant licensed in the state of New York.

Hugh Ross, Chief Operating Officer

Hugh Ross, 56, has been the Chief Operating Officer of the Manager since February 2021.

Prior to joining the Manager, Mr.

Ross served twelve years as Chief Operating Officer of Horizon Kinetics LLC, a New York-based investment manager where he was responsible for the operating infrastructure and various digital asset initiatives.

During the ten years immediately preceding his tenure at Horizon Kinetics, Mr.

Ross was a Vice President with Goldman Sachs & Co.

where he served as Chief Operating Officer of the long-only investment manager research team then-known as Global Manager Strategies (“GMS”), within Goldman Sachs Asset Management (“GSAM”).

Ross also served as a compliance officer for both GSAM and Goldman’s Private Wealth Management business.

Prior to joining Goldman Sachs, Mr.

Ross worked as an in-house counsel for a transfer agent and started his career as a securities industry attorney representing broker-dealers and investment advisers.

Ross is a graduate of the Goizueta Business School at Emory University (B.B.A.) and New York Law School (J.D.).

Executi ve Compensation

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Directors & Executive Officers of the Manager:

Barry Silbert (5)

Matthew Kummell

3 unchanged sentences

and 999,659 Shares held by DCG International Investments Ltd., a wholly owned subsidiary of Digital Currency Group, Inc.

(2) On March 2, 2022, the Board of Directors of the Manager approved the purchase by DCG, the 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 (BTC) (NYSE Arca:

(2) 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:

BCHG), Grayscale Ethereum Trust (ETH) (NYSE Arca:

BCHG), Grayscale Ethereum Trust 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.

From March 2, 2022 through September 3, 2024, DCG had not purchased any Shares of the Fund under this authorization.

From March 2, 2022 through September 2, 2025, DCG did not purchase any Shares of the Fund under this authorization.

Silbert is the Chief Executive Officer of DCG and in such capacity may be deemed to have voting and dispositive power over the securities held, directly or indirectly, by such entity.

(4) The Fund does not have any directors, officers or employees.

Under the LLC Agreement, all management functions of the Fund have been delegated to and are conducted by the Manager, its agents and its affiliates.

(5) Does not include Shares held by DCG.

Silbert is the Chief Executive Officer of DCG and may be deemed to have

voting and dispositive power over the securities held, directly or indirectly, by such entity.

* Represents beneficial ownership of less than 1%.

Unless otherwise indicated, the address for each shareholder listed in the table above is c/o Grayscale Investments, LLC, 290 Harbor Drive, 4 th Floor, Stamford, Connecticut 06902.

Unless otherwise indicated, the address for each shareholder listed in the table above is c/o Grayscale Investments Sponsors, LLC, 290 Harbor Drive, 4 th Floor, Stamford, Connecticut 06902.

Certain Relationships and Relate d Transactions and Director Independence

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Digital Currency Group, Inc.

is (i) the sole member and parent company of the Manager, and parent company of Genesis, one of the Liquidity Providers from October 3, 2022 through September 12, 2023, (ii) the indirect parent company of Grayscale Securities, the only acting Authorized Participant as of the date of this Annual Report, and (iii) formerly the indirect parent company of the Index and Reference Rate Provider (prior to its sale to an unaffiliated third party on November 20, 2023), (iv) a minority interest holder in Coinbase, Inc., which operates Coinbase, one of the Digital Asset Trading Platforms included in the Digital Asset Reference Rate for certain digital assets held by the Fund, and which is also the parent company of the Custodian, representing less than 1.0% of its equity, and (v) a minority interest holder in Kraken, one of the Digital Asset Trading Platforms included in the Digital Asset Reference Rate for certain of the digital assets held by the Fund, representing less than 1.0% of its equity.

is (i) the sole equity holder and indirect parent company of the Manager, (ii) the indirect parent company of Grayscale Securities, the only acting Authorized Participant as of the date of this Annual Report, (iii) formerly the indirect parent company of the Index Provider (prior to its sale to an unaffiliated third party on November 20, 2023), and (iv) a minority interest holder in Kraken, one of the Digital Asset Trading Platforms included in the Index Price for certain of the digital assets held by the Fund, representing less than 1.0% of its equity.

Digital Currency Group, Inc.

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Digital Currency Group, Inc.’s positions on changes that should be adopted in various Digital Asset Networks could be adverse to positions that would benefit the Fund or its shareholders.

Additionally, before or after a hard fork on the network of a digital asset held by the Fund, Digital Currency Group, Inc.’s position regarding which fork among a group of incompatible forks of such network should be considered the “true” network could be adverse to positions that would most benefit the Fund.

Additionally, before or

after a hard fork on the network of a digital asset held by the Fund, Digital Currency Group, Inc.’s position regarding which fork among a group of incompatible forks of such network should be considered the “true” network could be adverse to positions that would most benefit the Fund.

The Manager has a conflict of interest in allocating its own limited resources among, when applicable, different clients and potential future business ventures, to each of which it owes fiduciary duties.

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The Manager and any affiliated service provider may, from time to time, have conflicting demands in respect of their obligations to the Fund and, in the future, to other clients.

It is possible that future business ventures of the Manager and affiliated service providers may generate larger fees, resulting in increased payments to employees, and therefore, incentivizing the Manager and/or the affiliated service providers to allocate it/their limited resources accordingly to the potential detriment of the Fund.

It is possible that future business ventures of the Manager and affiliated service providers may generate larger fees, resulting in increased payments to employees, and therefore, incentivizing the Manager and/or the affiliated service providers to allocate its/their limited resources accordingly to the potential detriment of the Fund.

There is an absence of arm’s-length negotiation with respect to some of the terms of the Fund, and, where applicable, there has been no independent due diligence conducted with respect to the Fund.

2 unchanged sentences

Prior to October 3, 2022, Genesis, an affiliate of the Fund and the Manager, was the only Authorized Participant and was party to a participant agreement with the Manager and the Fund.

Since October 3, 2022, the only Authorized Participant is Grayscale Securities, an affiliate of the Fund and the Manager.

From October 3, 2022, the only Authorized Participant was Grayscale Securities, an affiliate of the Fund and the Manager.

As a result of this affiliation, the Manager has an incentive to resolve questions between Grayscale Securities, on the one hand, and the Fund and shareholders, on the other hand, in favor of Grayscale Securities (including, but not limited to, questions as to the calculation of the Basket Amount).

1 unchanged sentence

are FINRA-registered representatives who maintain their licenses through Grayscale Securities.

Prior to September 12, 2023, Genesis, an affiliate of the Fund and the Manager, had been engaged to act as one of the Liquidity Providers.

In its capacity as a Liquidity Provider, Genesis engaged in digital asset trading with the Fund’s affiliated entities.

For example, when the Manager received the Manager’s Fee in digital assets, it sold the digital assets through Genesis.

For this service, Genesis charged the Manager a transaction fee, which was not borne by the Fund.

Additionally, the Manager’s parent company, Digital Currency Group, Inc., is the sole shareholder and parent company of Genesis, in addition to a customer of Genesis, and may buy or sell digital assets through Genesis from time to time, independent of the Fund.

As of September 12, 2023, Genesis no longer serves as a Liquidity Provider.

Proprietary Trading/Other Clients

1 unchanged sentence

Records of the Manager’s officers’ personal trading accounts will not be available for inspection by shareholders.

The Index Provider and the Reference Rate Provider

DCG was the indirect parent company of the Index Provider and Reference Rate Provider until the Index Provider and Reference Rate Provider was sold by DCG to an unaffiliated third party in November 2023.

Prior to its sale by DCG, the Index Provider and Reference Rate Provider was an affiliate of the Manager and the Fund and had an incentive to resolve questions regarding, or changes to, the manner in which the DLCS and/or the manner in which the Digital Asset Reference Rates were constructed and were calculated in a way that favored the Manager and the Fund.

Principal Accou ntant Fees and Services

Fees for services performed by Marcum LLP and Friedman LLP, prior to the acquisition of certain assets of Friedman LLP by Marcum LLP effective September 1, 2022, for the years ended June 30, 2024 and 2023 were:

Fees for services performed by KPMG LLP (“KPMG”), for the year ended June 30, 2025, and Marcum LLP (“Marcum”), for the year ended June 30, 2024:

Years Ended June 30,

Audit fees (1)

(1) The Manager was notified that certain assets of Friedman LLP (“Friedman”), the Fund’s independent registered public accounting firm, were acquired by Marcum LLP (“Marcum”) effective September 1, 2022.

On September 27, 2022, the Audit Committee of the Board of Directors of the Manager approved the dismissal of Friedman and the engagement of Marcum to serve as the independent registered public accounting firm of the Fund.

As of September 1, 2022, the services previously provided by Friedman are provided by Marcum.

In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to Marcum LLP for professional services for the audit of the Fund’s financial statements included in the annual report on Form 10-K and review of financial statements included in the quarterly reports on Form 10-Q, and for services that are normally provided by the accountants in connection with regulatory filings or engagements.

In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG, and previously Marcum for professional services for the audit of the Fund’s financial statements included in the annual report on Form 10-K and review of financial statements included in the quarterly reports on Form 10-Q, and for services that are normally provided by the accountants in connection with regulatory filings or engagements.

Pre-Approved Policies and Procedures

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Such determinations, including for the fiscal year ended June 30, 2025, are made by the Manager’s Board of Directors and Audit Committee.

From and after January 1, 2025, such determinations are made by the Board of Directors of GSOIH and the Audit Committee of GSIS.

Exhibits and Fina ncial Statements Schedules

14 unchanged sentences

Amended and Restated Custodian Agreement, dated June 29, 2022, between the Manager and the Custodian (incorporated by reference to Exhibit 10.1 of the Annual Report on Form 10-K filed by the Registrant on September 1, 2022).

Prime Broker Agreement, dated June 25, 2025, by and among the Fund, the Manager and the Prime Broker, on behalf of itself, the Custodian, and Coinbase Credit (incorporated by reference to Exhibit 99.1 of the Amendment No.

3 to the Registration Statement on Form S-3 (File No.

333-286293) filed by the Registrant on June 26, 2025).

Distribution and Marketing Agreement, dated October 3, 2022, between the Manager and Grayscale Securities, LLC (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K filed by the Registrant on October 3, 2022).

Marketing Agent Agreement, dated as of June 25, 2025, between the Manager and the Marketing Agent (incorporated by reference to Exhibit 99.3 of the Amendment No.

3 to the Registration Statement on Form S-3 (File No.

333-286293) filed by the Registrant on June 26, 2025.

Fund Administrative and Accounting Agreement (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K filed by the Registrant on June 6, 2025).

Index License Agreement (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K filed by the Registrant on February 4, 2022).

Amendment No.1 to the Index License Agreement, dated June 20, 2023, between the Manager and the Reference Rate Provider (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K filed by the Registrant on June 23, 2023).

Amendment No.1 to the Index License Agreement, dated June 20, 2023, between the Manager and the Index Provider (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K filed by the Registrant on June 23, 2023).

Amendment No.

7 to the Index License Agreement, dated June 26, 2025, between the Manager and the Index Provider (incorporated by reference to Exhibit 99.6 of the Amendment No.

3 to the Registration Statement on Form S-3 (File No.

333-286293) filed by the Registrant on June 26, 2025.

Transfer Agency and Service Agreement (incorporated by reference to Exhibit 10.4 of the Registration Statement on Form 10 filed by the Registrant on May 13, 2021).

Co-Transfer Agency Agreement, dated June 25, 2025, between the Manager and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 99.8 of the Amendment No.

3 to the Registration Statement on Form S-3 (File No.

333-286293) filed by the Registrant on June 26, 2025).

Assignment and Assumption Agreement (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K filed by the Registrant on January 3, 2025).

Coinbase Assignment Agreement (incorporated by reference to Exhibit 10.2 of the current report on Form 8-K filed by the Registrant on January 3, 2025).

Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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“ Affirmative Action ”—A decision by the Fund to acquire or abandon specific Forked Assets at any time prior to the time of a creation of Shares.

“ Agent ”—A Person appointed by the Fund to act on behalf of the shareholders in connection with any distribution of Forked Assets.

“ AP Designee ”—An Authorized Participant’s designee in connection with In-Kind Orders (to the extent In-Kind Regulatory Approval is obtained).

“ Authorized Participant ”—Certain eligible financial institutions that have entered into an agreement with the Fund and the Manager concerning the creation of Shares.

3 unchanged sentences

“ Basket Amount ”—The sum of (x) the Fund Component Basket Amounts for all Fund Components, (y) the Forked Asset Portion and (z) the Cash Portion, in each case, as of such trade date.

“ Binance ”—Binance Holdings Ltd.

“ Bitcoin ”—A type of digital asset based on an open-source cryptographic protocol existing on the Bitcoin network.

7 unchanged sentences

dollars at the applicable exchange rate as of 4:00 p.m., New York time) held by the Fund at 4:00 p.m., New York time, on such trade date by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth), and multiplying such quotient by 100.

“ CDI ”—CoinDesk Indices, Inc., with its affiliates, including CC Data Limited.

“CD5” —The CoinDesk 5 Index (CD5).

“CD5 Methodology ”—The criteria that a digital asset must meet to be eligible for inclusion in the CD5, as determined from time to time by the Index Provider.

“ CEA ”—Commodity Exchange Act of 1936, as amended.

2 unchanged sentences

“ Chainlink ” or “ LINK ”—A type of digital asset based on an open-source cryptographic protocol existing on the Ethereum network.

“ CME ”—The Chicago Mercantile Exchange.

“ Code ”—The U.S.

Internal Revenue Code of 1986, as amended.

“ Coinbase ”—Coinbase, Inc.

“ Covered Person ”—As defined in the section “Description of the LLC Agreement—Fiduciary and Regulatory Duties of the Manager.”

“ Creation Basket ”—Basket of Shares issued by the Fund in exchange the transfer of the Total Basket Amount required for each such Creation Basket.

“ Creation Basket ”—Basket of Shares issued by the Fund upon deposits of the Total Basket Amount required for each such Creation Basket.

“ Creation Time ”—With respect to the creation of any Shares by the Fund, the time at which the Fund creates such Shares.

3 unchanged sentences

“ Custodian Fee ”—Fee payable to the Custodian for services it provides to the Fund, which the Manager shall pay to the Custodian as a Manager-paid Expense.

“ CUTPA ”—The Connecticut Unfair Trade Practices Act.

“ CRS ”—The OECD Standard for Automatic Exchange of Financial Account Information – Common Reporting Standard.

11 unchanged sentences

“ Distribution and Marketing Agreement ”—The agreement among the Manager and the distributor and marketer, which sets forth the obligations and responsibilities of the distributor and marketer.

“ DLCS ”—The CoinDesk Large Cap Select Index (DLCS).

“ DLCS Methodology ”—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.

“ DLCS Fund Rebalancing Period ”—Prior to June 5, 2025, any period during which the Manager reviews for rebalancing the Fund’s portfolio in accordance with the policies and procedures set forth in our Annual Report on Form 10-K.

“ DLCS Index Components ”—The digital assets that make up the DLCS.

“ DLCS Index Price ”— A price for a Fund Component determined by the Reference Rate Provider by further cleansing and compiling the trade data used to determine the Indicative Price in such a manner as to algorithmically reduce the impact of anomalistic or manipulative trading.

“ DLCS Index Rebalancing Period ”—Prior to June 5, 2025, any period during which the Index Provider reviews for rebalancing the DLCS in accordance with the policies and procedures set forth in our Annual Report on Form 10-K.

“ DLCS Index Universe ”—The universe of investable digital assets meeting the following criteria, (i) the digital asset must be ranked in the top 250 in the Index Provider’s Digital Asset Classification Standard (“DACS”) report, (ii) custodian services for the digital asset must be available from Coinbase Custody, a division of Coinbase Global Inc., and must be accessible to U.S.

investors,(iii) the digital asset must not be a stablecoin or categorized as a meme coin as determined by the Index Provider and (iv) the digital asset must have been listed on a Constituent Trading Platform for a minimum of 30 days leading up to the DLCS Index Rebalancing Period.

“ DLCS Methodology ”—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, prior to June 5, 2025.

“ DTC ”—The Depository Trust Company.

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dollars determined by dividing (x) the aggregate value in U.S.

dollars of the Fund’s Forked Assets at 4:00 p.m., New York time, on such Trade Date (calculated, to the extent possible, by reference to Digital Asset Reference Rates) by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth), and multiplying such quotient by 100.

dollars of the Fund’s Forked Assets at 4:00 p.m., New York time, on such Trade Date (calculated, to the extent possible, by reference to Index Prices) by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth), and multiplying such quotient by 100.

“ FRA ”—The Financial Reporting Authority of the Cayman Islands.

“ FSMA ”—The Financial Services and Markets Act 2023.

“ FTX ”—FTX Trading, Ltd.

“ Fund Accounts ”—The Cash Account and the Digital Asset Accounts, collectively.

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For purposes of the Limited Liability Company Agreement, the term Fund Rebalancing Period shall mean the Fund Rebalancing Period as defined herein.

“ GAAP ”—United States generally accepted accounting principles.

“ Genesis ”—Genesis Global Trading, Inc., a wholly owned subsidiary of Digital Currency Group, Inc., which served as a Liquidity Provider from October 3, 2022 to September 12, 2023.

“ Grayscale Securities ”—Grayscale Securities, LLC, a wholly owned subsidiary of the Manager, which as of the date of this Annual Report, is the only acting Authorized Participant.

“ Index License Agreement ”—The license agreement, dated as of February 1, 2022, between the Reference Rate Provider and the Manager governing the Manager’s use of data collected from the Digital Asset Trading Platforms trading digital assets selected by the Reference Rate Provider for calculation of the Digital Asset Reference Rates, as amended by Amendment No.

1 thereto and as the same may be amended from time to time.

“ Index Price ”—A price for a Fund Component determined by the Reference Rate Provider by further cleansing and compiling the trade data used to determine the Indicative Price in such a manner as to algorithmically reduce the impact of anomalistic or manipulative trading.

“ Index Provider ”—CoinDesk Indices, Inc., a Delaware corporation that designed and manages the DLCS.

“ Genesis ”—Genesis Global Trading, Inc., a wholly owned subsidiary of Digital Currency Group, Inc.

“ Grayscale Securities ”—Grayscale Securities, LLC, a wholly owned direct subsidiary of Grayscale Operating, LLC, which as of the date of this Annual Report, is the only acting Authorized Participant.

“ GSI ”—Grayscale Investments, LLC, the Manager of the Fund, until December 31, 2024.

“ GSIS ”—Grayscale Investments Sponsors, LLC, a Delaware limited liability company and a wholly owned direct subsidiary of Grayscale Operating, LLC.

“ GSO ”—Grayscale Operating, LLC, a Delaware limited liability company and a wholly owned indirect subsidiary of DCG.

“ GSOIH ”—GSO Intermediate Holdings Corporation, a Delaware corporation formed in connection with the Reorganization which is the sole managing member of GSO, and an indirect subsidiary of DCG.

“ ICE ”—Intercontinental Exchange.

“ Index Components ”—The digital assets that make up the CD5 or, prior to June 5, 2025, the DLCS Index Components, as the

context may require.

“ Index License Agreement ”—The license agreement, dated as of February 1, 2022, between the Index Provider and the Manager governing the Manager’s use of data collected from the Digital Asset Trading Platforms trading digital assets selected by the Index Provider for calculation of the Index Prices, as amended from time to time.

“ Index Price ”—The U.S.

dollar value of a Fund Component derived from the Digital Asset Trading Platforms that are reflected in each respective Fund Components’ CoinDesk CCIXber Reference Rate, calculated at 4:00 p.m., New York time, on each business day.

Prior to July 1, 2025, “Index Price” refers to the DLCS Index Price.

“ Index Provider ”—CoinDesk Indices, Inc., a Delaware corporation that publishes the DLCS and the Index, as applicable.

Prior to its sale to an unaffiliated third party on November 20, 2023, DCG was the indirect parent company of CoinDesk Indices, Inc.

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was an affiliate of the Manager and the Fund and was considered a related party of the Fund.

“ Index Rebalancing Period ”—Any period during which the Index Provider reviews for rebalancing the DLCS in accordance with the policies and procedures set forth in this Annual Report.

“ Index Rebalancing Period ”—Any period during which the Index Provider reviews for rebalancing the CD5 in accordance with the policies and procedures set forth in this Annual Report.

Prior to June 5, 2025, “Index Rebalancing Period” refers to the DLCS

Index Rebalancing Period.

“ Index Universe ”—The universe of investable digital assets meeting the following criteria, (i) the digital asset must be ranked in the top 250 by market capitalization, excluding stablecoins;

(ii) the digital asset must be able to support an applicable index price by nature of its inclusion on a sufficient amount of digital asset trading platforms and volume metrics;

(iii) the digital asset must not be a “wrapped token,” “pegged token,” or “liquid-staked asset,” a “gas-only token,” a “memecoin,” a “privacy-focused” token, each as defined by the Index Provider, or an asset that meets the definition of a security as determined by the Index Provider;

and (iv) the digital asset must be listed as a USD and/or USDC pair on a minimum of three trading platforms that contribute to the applicable Index Price and such trading platform must meet the following requirements:

(a) at least one listing has existed for the previous 90 days;

(b) at least one digital trading platform is a Category 1 Trading Platform;

and (c) there has been 30 consecutive days of non-zero volume on all three trading platforms described above.

Prior to June 5, 2025, “the Index Universe” refers to the DLCS Index Universe.

“ Indicative Price ”—A volume-weighted average price in U.S.

dollars for a Fund Component as of 4:00 p.m., New York time, for the immediately preceding 60-minute period derived from data collected from Digital Asset Trading Platforms trading such Fund Component selected by the Reference Rate Provider.

Prior to July 1, 2025, all of the Digital Asset Reference Rates had been Indicative Prices.

“ Investment Advisers Act ”—U.S.

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“ Investor ”—Any investor that has entered into a subscription agreement with an Authorized Participant, pursuant to which such Authorized Participant will act as agent for the investor.

“ IRAs ”—Individual retirement accounts.

“ IRS ”—The U.S.

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“ LLC Act ”—Limited Liability Companies Act (As Revised) of the Cayman Islands (as amended or any successor statute thereto).

“ Manager ”—Grayscale Investments, LLC, or any substitute therefor as provided herein, or any successor thereto by merger or operation of law.

“ Manager ”—The manager of the Fund.

GSO was a co-manager of the Fund from January 1, 2025 to May 3, 2025, and GSIS was a co-manager of the Fund from January 1, 2025 to May 3, 2025 and became the sole remaining manager thereafter.

“ Manager Contracts ”—Certain contracts assigned by GSO pertaining to its role as Manager (as such term is defined in the LLC Agreement) of the Fund to GSIS in connection with the Reorganization.

“ Manager-paid Expenses ”—The fees and expenses incurred by the Fund in the ordinary course of its affairs, excluding taxes, that the Manager is obligated to assume and pay, including:

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“ Marketing Fee ”—Fee payable to the marketer for services it provides to the Fund, which the Manager will pay to the marketer as a Manager-paid Expense.

“ Merger ”—The merger of GSI with and into GSO, with GSO continuing as the surviving company.

“ MiCA ”—The Markets in Crypto-Assets Regulation, which was approved by the Parliament of the European Union in 2023.

“ MSB ”—A money services business.

“ NAV ”—The aggregate value, expressed in U.S.

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Business—Valuation of Digital Assets and Determination of NAV.” See also “Item 1.

Business—Investment Objective” for a description of the Fund’s Principal Market NAV, as calculated in accordance with GAAP.

Business—Investment Objective” for a description of the Fund’s Principal Market NAV, as calculated in accordance with U.S.

Prior to February 7, 2024, NAV was referred to as Digital Asset Holdings.

1 unchanged sentence

“ NAV Fee Basis Amount ”—The amount on which the Manager’s Fee for the Fund is based, as calculated in the manner set forth under “Item 1.

Business—Valuation of Digital Assets and Determination of NAV.” For purposes of the LLC Agreement, the term Digital Asset Holdings Basis Amount shall mean the NAV Fee Basis Amount as defined herein.

Business—Valuation of Digital Assets and Determination of NAV.” For purposes of the LLC Agreement, the term Digital Asset Holdings Fee Basis Amount shall mean the NAV Fee Basis Amount as defined herein.

“ Old Indicative Price ”—A volume-weighted average price in U.S.

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“ Participant Agreement” —An agreement entered into by an Authorized Participant with the Manager that provides the procedures for the creation of Baskets and for the delivery of digital assets required for Creation Baskets.

“ Plans ”—Employee benefit plans and certain other plans and arrangements, including IRAs and annuities, Keogh plans, and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to ERISA and/or the Section 4975 of the Code.

“ Pre-Creation Abandonment ”—The abandonment by the Fund, irrevocably for no direct or indirect consideration, all Forked Assets to which the Fund would otherwise be entitled, effective immediately prior to a Creation Time.

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“ Polygon ” or “ MATIC ”—A type of digital asset based on an open-source cryptographic protocol existing on the Ethereum network.

“ Principal Market NAV ”—The net asset value of the Fund determined on a GAAP basis.

“ Principal Market NAV ”—The net asset value of the Fund determined on a U.S.

Prior to February 7, 2024, Principal Market NAV was referred to as NAV.

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“ Rule 144 ”—Rule 144 under the Securities Act.

“ Reorganization ”—The internal corporate reorganization of GSI consummated on January 1, 2025.

“ SEC ”—The U.S.

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“ Shares ”—Equal, fractional, undivided interests in the profits, losses, distributions, capital and assets of, and ownership of, the Fund with such relative rights and terms as set out in the LLC Agreement.

“ Share Percentage ”—A fraction the numerator of which is the number of Shares disposed of and the denominator of which is the total number of Shares held by such U.S.

Holder immediately prior to such sale or other disposition.

“ Similar Laws ”— Rules under other federal, state, local, non-U.S.

or other applicable law that are similar to ERISA or Section 4975 of the Code.

“ SIPC ”—The Securities Investor Protection Corporation

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“ Target Coverage Ratio Methodology ”—The criteria, established by the Manager, that the Fund used to determine which digital assets would be included in the Fund Components, prior to July 1, 2022.

“ Tertiary Pricing Option ”—The price set by the Fund’s principal market.

“ Total Basket Amount ”—The Basket Amount multiplied by the number of Baskets being created or redeemed.

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“ Treasury Regulations ”—The regulations, including proposed or temporary regulations, promulgated under the Code.

“ UBTI ”—Unrelated business taxable income.

“ Uniswap ” or “ UNI ”—A type of digital asset based on an open-source cryptographic protocol existing on the Ethereum network.

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dollar ,” “ USD ” or “ $ ”—United States dollar or dollars.

GAAP ”—United States generally accepted accounting principles.

“ Weighting ”—For any Fund Component, the percentage of the total U.S.

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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized.

Grayscale Investments, LLC

Grayscale Investments Sponsors, LLC

as Manager of Grayscale Digital Large Cap Fund LLC

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Member of the Board of Directors and Chief Financial Officer (Principal Financial and Accounting Officer)*

/s/ Mark Shifke

/s/ Barry Silbert

Barry Silbert

Chairman of the Board of Directors

/s/ Mark Shifke

Member of the Board of Directors

/s/ Matthew Kummell

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September 5, 2025

* The Registrant is a fund and the persons are signing in their capacities as officers or directors of Grayscale Investments, LLC, the Manager of the Registrant.

* The Registrant is a fund and the persons are signing in their capacities as officers or directors of Grayscale Investments Sponsors, LLC, the Manager of the Registrant, or directors of GSO Intermediate Holdings Corporation, the sole managing member of Grayscale Operating, LLC, as applicable.

INDEX TO FINANCIAL STATEMENTS

Grayscale Digital Large Cap Fund LLC Annual Financial Statements

Reports of Independent Registered Public Accounting Firms (Marcum LLP, PCAOB ID 688 ;

Friedman LLP, PCAOB ID 711 )

Reports of Independent Registered Public Accounting Firms (KPMG LLP, PCAOB ID 185 ;

Marcum LLP, PCAOB ID 688 )

Statements of Assets and Liabilities at June 30, 2025 and 2024

7 unchanged sentences

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedules of investments, of Grayscale Digital Large Cap Fund LLC (the “Fund”) as of June 30, 2024 and 2023, and the related statements of operations and changes in net assets for each of the two years in the period ended June 30, 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024 and 2023, and the results of its operations for each of the two years in the period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying statement of assets and liabilities of Grayscale Digital Large Cap Fund LLC (the Fund), including the schedule of investments, as of June 30, 2025, the related statements of operations, and changes in net assets for the year then ended, and the related notes (collectively, the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, and the results of its operations and the changes in its net assets for the year then ended, in conformity with U.S.

generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the management of the Fund’s Manager, Grayscale Investments, LLC.

Our responsibility is to express an opinion on the Fund’s financial statements based on our audit.

These financial statements are the responsibility of the Fund’s management.

Our responsibility is to express an opinion on these financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S.

9 unchanged sentences

We believe that our audit provides a reasonable basis for our opinion.

Emphasis of Matter - Investment in Digital Assets

In forming our opinion, we have considered the adequacy of the disclosures included in Note 9 to the financial statements concerning among other things the risks and uncertainties related to the Fund’s investments in digital assets and Incidental Rights or IR Virtual Currency that arise as a result of the Fund’s investments in digital assets.

The risks and rewards to be recognized by the Fund associated with its investments in digital assets will be dependent on many factors outside of the Fund’s control.

The currently immature nature of the digital asset markets including clearing, settlement, custody and trading mechanisms, the dependency on information technology to sustain digital assets continuity, as well as valuation and volume volatility all subject digital assets to unique risks of theft, loss, or other misappropriation as well as valuation uncertainty.

Furthermore, these factors also contribute to the significant uncertainty with respect to the future viability and value of digital assets.

Our opinion is not qualified in respect to this matter.

/s/ Marcum LLP

We have served as the Fund’s auditor since 2018 (such date takes into account the acquisition of certain assets of Friedman LLP by Marcum LLP effective September 1, 2022).

We have served as the Fund’s auditor since 2024.

New York, New York

4 unchanged sentences

Opinion on the Financial Statements

We have audited the statements of operations and changes in net assets of Grayscale Digital Large Cap Fund LLC (the “Fund”) for the year ended June 30, 2022, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the results of the Fund’s operations for the year ended June 30, 2022, in conformity with accounting principles generally accepted in the United States of America.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Grayscale Digital Large Cap Fund LLC (the “Fund”) as of June 30, 2024, and the related statements of operations and changes in net assets for each of the years in the two-year period ended June 30, 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, and the results of its operations for each of the years in the two-year period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the management of the Fund’s Manager.

These financial statements are the responsibility of the management of the Fund’s Manager, Grayscale Investments, LLC.

Our responsibility is to express an opinion on the Fund’s financial statements based on our audit.

10 unchanged sentences

We believe that our audit provides a reasonable basis for our opinion.

Emphasis of Matter - Investments in Digital Assets

In forming our opinion, we have considered the adequacy of the disclosures included in Note 9 to the financial statements concerning among other things the risks and uncertainties related to the Fund’s investment in Digital Assets and Incidental Rights or IR Virtual Currency that arise as a result of the Fund’s investment in Digital Assets.

The risks and rewards to be recognized by the Fund associated with its investment in Digital Assets will be dependent on many factors outside of the Fund’s control.

The currently immature nature of the Digital Assets market including clearing, settlement, custody and trading mechanisms, the dependency on information technology to sustain Digital Assets continuity, as well as valuation and volume volatility all subject Digital Assets to unique risks of theft, loss, or other misappropriation as well as valuation uncertainty.

Emphasis of Matter - Investment in Digital Assets

The risks and rewards to be recognized by the Fund associated with its investments in digital assets will be dependent on many factors outside of the Fund’s control.

Furthermore, these factors also contribute to the significant uncertainty with respect to the future viability and value of digital assets.

Our opinion is not qualified in respect to this matter.

/s/ Friedman LLP

We have served as the Fund’s auditor from 2018 through 2022.

East Hanover, New Jersey

/s/ Marcum LLP

We have served as the Fund’s auditor from 2018 to 2024 (such date takes into account the acquisition of certain assets of Friedman LLP by Marcum LLP effective September 1, 2022).

New York, New York

September 6, 2024

6 unchanged sentences

Shares issued and outstanding, no par value (unlimited Shares authorized)

Principal market net asset value per Share

Principal Market NAV per Share

See accompanying notes to financial statements.

7 unchanged sentences

35,007.73089383

Investment in SOL

135,348.78720949

Investment in XRP

16,870,769.902426

Investment in AVAX

Investment in SOL

148,399.95605973

Investment in ADA

10,440,402.251514

Total Investments

June 30, 2024

3 unchanged sentences

36,577.59452337

Investment in ADA

11,194,902.551275

Investment in SOL

135,348.78720949

Investment in MATIC

Investment in XRP

16,719,307.919340

Investment in AVAX

114,955.66479380

Total Investments

See accompanying notes to financial statements.

7 unchanged sentences

Net investment loss

Net realized and unrealized gain (loss) from:

Net realized and unrealized gain from:

Net realized gain (loss) on investments in digital assets

Net change in unrealized appreciation on investments in digital assets

Net realized and unrealized gain (loss) on investments

Net increase (decrease) in net assets resulting from operations

Net realized and unrealized gain on investments

Net increase in net assets resulting from operations

See accompanying notes to financial statements.

3 unchanged sentences

Years Ended June 30,

Increase (decrease) in net assets from operations:

Increase in net assets from operations:

Net investment loss

1 unchanged sentence

Net change in unrealized appreciation on investments in digital assets

Net increase (decrease) in net assets resulting from operations

Net increase in net assets resulting from operations

Increase in net assets from capital share transactions:

1 unchanged sentence

Net increase in net assets resulting from capital share transactions

Total increase (decrease) in net assets from operations and capital share transactions

Total increase in net assets from operations and capital share transactions

Beginning of year

10 unchanged sentences

Historically, through the period ended June 30, 2022, a digital asset had been eligible for inclusion in the Fund’s portfolio if it satisfied market capitalization, liquidity and coverage criteria as determined by the Manager (as defined below in Note 4).

Effective July 1, 2022, the Fund’s digital assets consist of digital assets that comprise the CoinDesk Large Cap Select Index (the “DLCS”), as rebalanced from time to time, subject to the Manager’s discretion to exclude individual digital assets in certain cases.

The DLCS is designed and managed by CoinDesk Indices, Inc.

(in this capacity, the “Index Provider”), as discussed in Note 4.

From July 1, 2022 through June 5, 2025, the Fund’s digital assets consisted of digital assets that comprised the CoinDesk Large Cap Select Index (the “DLCS”), as rebalanced from time to time, subject to the Manager’s discretion to exclude individual digital assets in certain cases.

The DLCS was designed and managed by CoinDesk Indices, Inc.

(the “Index Provider”).

Effective June 5, 2025, the Index Provider changed the DLCS to the CoinDesk 5 Index (“CD5” or the “Index”).

As a result, effective June 5, 2025, the Fund Components will consist of the digital assets that make up the CD5, as rebalanced from time to time, subject to the Manager’s discretion to exclude individual digital assets in certain rules-based circumstances.

The CD5 is designed and managed by the Index Provider, as discussed in Note 4.

At the inception of the Fund, the digital assets included in the Fund’s portfolio were:

1 unchanged sentence

As of June 30, 2025 , the digital assets included in the Fund’s portfolio were:

Bitcoin, Ethereum (“Ether”), Solana (“SOL”), XRP, and Avalanche (“AVAX”) (collectively, the “Fund Components”).

On a quarterly basis beginning on the second business day of January, April, July and October of each year, the Manager performs an analysis and may rebalance the Fund’s portfolio based on these results in accordance with policies and procedures as set forth in the Fund’s Limited Liability Company Agreement (the “LLC Agreement”).

The Fund is authorized under the LLC Agreement to create and issue an unlimited number of equal, fractional, undivided interests in the profits, losses, distributions, capital and assets of, and ownership of, the Fund (“Shares”) (in minimum baskets of 100 Shares, referred to as “Baskets”) in connection with creations.

The redemption of Shares is not currently contemplated and the Fund does not currently operate a redemption program.

Bitcoin, Ethereum (“Ether”), Solana (“SOL”), XRP, and Cardano (“ADA”) (collectively, the “Fund Components”).

On a quarterly basis during a period beginning 30 days before the last business day of each January, April, July, and October (each such period, an “Index Rebalancing Period”), the Manager performs an analysis and may rebalance the Fund’s portfolio based on these results in accordance with policies and procedures as set forth in the Fund’s Limited Liability Company Agreement (the “LLC Agreement”).

The Fund is authorized under the LLC Agreement to create and issue an unlimited number of equal, fractional, undivided interests in the profits, losses, distributions, capital and assets of, and ownership of, the Fund (“Shares”) (in minimum baskets of 100 Shares as of June 30, 2025, referred to as “Baskets”) in connection with creations.

As of June 30, 2025, the Fund did not operate a redemption program.

Subject to receipt of regulatory approval and approval by the Manager in its sole discretion, the Fund may in the future operate a redemption program.

The Fund currently has no intention of seeking regulatory approval to operate an ongoing redemption program.

The Fund’s investment objective is to hold the top digital assets by market capitalization and for the value of the Shares to reflect the value of such Fund Components at any given time, less the Fund’s expenses and other liabilities.

On October 15, 2024, NYSE Arca, Inc.

(“NYSE Arca”) submitted an application under Rule 19b-4 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) to list the Shares of the Fund on NYSE Arca.

As of the date of this filing, the NYSE Arca 19b-4 application has not been approved by the SEC, and the Fund makes no representation as to when or if such approval and relief will be obtained.

The Fund’s investment objective is to hold the top digital assets by market capitalization that meet certain criteria set by the Fund and for the value of the Shares to reflect the value of such Fund Components at any given time, less the Fund’s expenses and other liabilities.

From time to time, the Fund may hold cash in U.S.

dollars and positions in digital assets as a result of a fork, airdrop or similar event through which the Fund becomes entitled to another digital asset or other property by virtue of its ownership of one or more of the digital assets it then holds (each such new asset, a “Forked Asset”).

Grayscale Investments, LLC (“Grayscale” or the “Manager”) acts as the Manager of the Fund and is a wholly owned subsidiary of Digital Currency Group, Inc.

Grayscale Investments, LLC (“GSI”) was the manager of the Fund before January 1, 2025, Grayscale Operating, LLC (“GSO”) was the co-manager of the Fund from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC (“GSIS”) was the co-manager of the Fund from January 1, 2025 to May 3, 2025 and is the sole remaining manager thereafter (each of GSI, GSO and GSIS, the “Manager”, as the context may require, and GSO and GSIS, together, the “Co-Managers”) are each an indirect wholly owned subsidiary of Digital Currency Group, Inc.

The Manager is responsible for the day-to-day administration of the Fund pursuant to the provisions of the LLC Agreement.

Grayscale is responsible for preparing and providing annual and quarterly reports on behalf of the Fund to investors and is also responsible for selecting and monitoring the Fund’s service providers.

The Manager is responsible for preparing and providing annual and quarterly reports on behalf of the Fund to investors and is also responsible for selecting and monitoring the Fund’s service providers.

As partial consideration for the Manager’s services, the Fund pays Grayscale a Manager’s Fee as discussed in Note 7.

The Manager also acts as the sponsor and manager of other investment products including Grayscale Avalanche Trust (AVAX), Grayscale Basic Attention Token Trust (BAT) (OTCQB:

GBAT), Grayscale Bitcoin Trust (BTC) (NYSE Arca:

GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX:

BCHG), Grayscale Bitcoin Mini Trust (BTC) (NYSE Arca:

BTC), Grayscale Bittensor Trust (TAO), Grayscale Chainlink Trust (LINK) (OTCQX:

GLNK), Grayscale Decentraland Trust (MANA) (OTCQX:

MANA), Grayscale Ethereum Trust (ETH) (NYSE Arca:

ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:

ETCG), Grayscale Ethereum Mini Trust (ETH) (NYSE Arca:

ETH), Grayscale Filecoin Trust (FIL) (OTC Markets:

FILG), Grayscale Horizen Trust (ZEN) (OTCQX:

HZEN), Grayscale Litecoin Trust (LTC) (OTCQX:

LTCN), Grayscale Livepeer Trust (LPT) (OTCQX:

GLIV), Grayscale MakerDao Trust (MKR), Grayscale Solana Trust (SOL) (OTCQX:

GSOL), Grayscale Stacks Trust (STX), Grayscale Stellar Lumens Trust (XLM) (OTCQX:

GXLM), Grayscale Sui Trust (SUI), Grayscale Zcash Trust (ZEC) (OTCQX:

ZCSH), Grayscale Decentralized AI Fund LLC, Grayscale Decentralized Finance (DeFi) Fund LLC (OTCQB:

DEFG), and Grayscale Smart Contract Platform Ex Ethereum (ETH) Fund LLC, each of which is an affiliate of the Fund.

The following investment products sponsored or managed by the Manager are also SEC reporting companies with their shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):

Grayscale Bitcoin Cash Trust (BCH), Grayscale Ethereum Classic Trust (ETC), Grayscale Horizen Trust (ZEN), Grayscale Litecoin Trust (LTC), Grayscale Stellar Lumens Trust (XLM), and Grayscale Zcash Trust (ZEC).

The following investment products sponsored by the Manager are SEC reporting companies with their shares registered pursuant to Section 12(b) of the Exchange Act:

Grayscale Bitcoin Trust (BTC), Grayscale Ethereum Trust (ETH) (as of July 23, 2024), Grayscale Ethereum Mini Trust (ETH) (as of July 23, 2024), and Grayscale Bitcoin Mini Trust (BTC) (as of July 31, 2024).

Grayscale Advisors, LLC, a Registered Investment Advisor and an affiliate of the Manager, is the advisor to the Grayscale Future of Finance (NYSE Arca:

GFOF) product.

Authorized Participants of the Fund are the only entities who may place orders to create or, if permitted, redeem Baskets.

Grayscale Securities, LLC (“Grayscale Securities” or, in such capacity, an “Authorized Participant”), a registered broker-dealer and wholly owned subsidiary of the Manager, is the only Authorized Participant, and is party to a participant agreement with the Manager and the Fund.

Additional Authorized Participants may be added at any time, subject to the discretion of the Manager.

Liquidity Providers who are unaffiliated with the Fund may be engaged from time to time and at any time.

Genesis Global Trading, Inc.

(“Genesis”), a wholly owned subsidiary of DCG, served as a Liquidity Provider from October 3, 2022 to September 12, 2023.

The Manager also acts as the sponsor and manager of other single-asset and diversified investment products, each of which is an affiliate of the Fund.

Information related to the affiliated investment products can be found on the Manager’s website at www.grayscale.com/resources/regulatory-filings.

Any information contained on or linked from such website is not part of nor incorporated by reference into these audited financial statements.

Several of the affiliated investment products are also SEC reporting companies with their shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

In addition, the following affiliated investment products are SEC reporting companies with their shares registered pursuant to Section 12(b) of the Exchange Act:

Grayscale Bitcoin Trust ETF, Grayscale Ethereum Trust ETF, Grayscale Ethereum Mini Trust ETF, and Grayscale Bitcoin Mini Trust ETF.

Authorized Participants of the Fund are the only entities who may place orders to create or redeem Baskets.

As of June 30, 2025, Grayscale Securities, LLC (“Grayscale Securities” or, in such capacity, an “Authorized Participant”), a registered broker-dealer and wholly owned subsidiary of the Manager, was the only Authorized Participant, and was party to a participant agreement with the Manager and the Fund.

As of June 30, 2025, the Fund engaged certain Authorized Participants and Liquidity Providers, and additional Authorized Participants and Liquidity Providers may be added at any time, subject to the discretion of the Manager.

Subsequent Events for more information.

The custodian of the Fund is Coinbase Custody Trust Company, LLC (the “Custodian”), a third-party service provider.

2 unchanged sentences

The responsibilities of the Transfer Agent are to maintain creations, redemptions, transfers, and distributions of the Fund’s Shares which are primarily held in book-entry form.

The administrator for the Fund (the “Administrator”) is BNY Mellon Asset Servicing, a division of The Bank of New York Mellon.

BNY Mellon Asset Servicing provides administration and accounting services to the Fund.

The Administrator’s fees are paid on behalf of the Fund by the Manager.

On October 14, 2019, the Fund received notice that its Shares were qualified for public trading on the OTCQX Best Market ® (“OTCQX”) of OTC Markets Group Inc.

2 unchanged sentences

On July 21, 2020, the Fund registered with the Cayman Islands Monetary Authority (the “Authority”) (reference number:

The Fund is registered and regulated as a private fund under the Private Funds Act (As Revised) of the Cayman Islands (the “Private Funds Act”).

As of June 30, 2025 , the Fund was registered and regulated as a private fund under the Private Funds Act (As Revised) of the Cayman Islands (the “Private Funds Act”).

Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund:

The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).

The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S.

The Fund qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies .

4 unchanged sentences

The Fund conducts its transactions in Fund Components, including receiving Fund Components for the creation of Shares and delivering Fund Components for the redemption of Shares and for the payment of the Manager’s Fee.

At this time, the Fund is not accepting redemption requests from shareholders.

As of June 30, 2025, the Fund was not accepting redemption requests from shareholders.

Since its inception, the Fund has not held cash or cash equivalents.

The Manager will determine the Fund’s net asset value (“NAV”) on each business day as of 4:00 p.m., New York time, or as soon thereafter as practicable.

Principal Market and Fair Value Determination

To determine which market is the Fund’s principal market (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 ASC 820-10, which outlines the application of fair value accounting.

GAAP (“Principal Market NAV”), the Fund follows ASC Topic 820-10, Fair Value Measurement , which outlines the application of fair value accounting.

9 unchanged sentences

Fourth, the Fund then selects a Digital Asset Market as its principal market 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.

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.

1 unchanged sentence

The Fund determines its principal market (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.

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 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.

1 unchanged sentence

The Fund considers investment transactions to be the receipt of Fund Components for Share creations and the delivery of Fund Components for Share redemptions, the payment of expenses in Fund Components or the sale of Fund Components when the Manager rebalances the Fund’s portfolio.

At this time, the Fund is not accepting redemption requests from shareholders.

At this time, the Fund is 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.

19 unchanged sentences

Investment in Ether

Investment in SOL

Investment in XRP

Investment in AVAX

Investment in SOL

Investment in ADA

June 30, 2024

1 unchanged sentence

Investment in Ether

Investment in ADA

Investment in SOL

Investment in MATIC

Recently Issued Accounting Pronouncements

Investment in XRP

Investment in AVAX

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):

5 unchanged sentences

The Fund adopted this new guidance on July 1, 2024, with no material impact on its financial statements and disclosures as the Fund historically used fair value as its method of accounting for digital assets in accordance with its classification as an investment company for accounting purposes.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations.

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and to assess performance.

The Chief Executive Officer and Chief Financial Officer of the Manager act as the Fund’s CODM.

The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s passive investment objective is pre-determined in accordance with the terms of the LLC Agreement.

The financial information in the form of the Fund’s total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations and capital share transactions), which are used by the CODM to assess the segment’s performance, are consistent with that presented within the Fund’s financial statements.

Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expense, the Manager’s fee, related party, is included in the accompanying Statements of Operations.

Fair Value of Investments in Digital Assets

3 unchanged sentences

Principal Market

ADA (2)(3)(4)

AVAX (1)(4)(5)

Portfolio Rebalancing for a description of the portfolio rebalancing.

(2) 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 DOT and AVAX in accordance with the Fund Construction Criteria.

Portfolio Rebalancing for a description of the portfolio rebalancing.

(3) Effective January 5, 2023, the Fund removed AVAX from the Fund’s portfolio and sold the AVAX holdings to purchase additional tokens of the remaining Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.

(1) Effective January 3, 2024, the Manager removed MATIC from the Fund’s portfolio and used the cash proceeds to purchase AVAX and XRP and adjusted the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.

Portfolio Rebalancing for a description of the portfolio rebalancing.

(4) Effective July 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 ADA in accordance with the Fund Construction Criteria See Note 4.

(2) Effective April 4, 2025, 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 XRP, SOL, and ADA in accordance with the Fund Construction Criteria.

Portfolio Rebalancing for a description of the portfolio rebalancing.

1 unchanged sentence

Portfolio Rebalancing for a description of the portfolio rebalancing.

(6) Effective January 3, 2024, the Manager removed MATIC from the Fund’s portfolio and used the cash proceeds to purchase AVAX and XRP and adjusted the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.

(4) Effective January 3, 2025, the Manager removed AVAX from the Fund’s portfolio and used the cash proceeds to purchase ADA and adjusted the existing Fund Components in proportion to their respective weightings and in accordance with the DLCS Methodology.

Portfolio Rebalancing for a description of the portfolio rebalancing.

(7) Effective July 7, 2022, following adoption of the DLCS Methodology, the Fund removed DOT, LTC, UNI, LINK and BCH from the Fund’s portfolio and sold the DOT, LTC, UNI, LINK and BCH holdings to purchase additional tokens of the remaining Fund Components in proportion to their respective weightings.

Portfolio Rebalancing for a description of the portfolio rebalancing.

4 unchanged sentences

Bitcoin contributed

Bitcoin distributed from portfolio rebalancing

( 955.65065367

Net Bitcoin contributed from portfolio rebalancing

Bitcoin distributed for Manager's Fee, related party

( 157.56894422

Net change in unrealized depreciation on investment in Bitcoin

Net change in unrealized appreciation on investment in Bitcoin

Net realized gain on investment in Bitcoin

2 unchanged sentences

Bitcoin contributed

Bitcoin contributed from portfolio rebalancing

Net Bitcoin distributed from portfolio rebalancing

( 87.42054382

Bitcoin distributed for Manager's Fee, related party

5 unchanged sentences

Bitcoin contributed

Bitcoin distributed from portfolio rebalancing

Net Bitcoin distributed from portfolio rebalancing

( 86.13516106

9 unchanged sentences

Ether contributed

Ether distributed from portfolio rebalancing

Net Ether contributed from portfolio rebalancing

1,087.50823575

1 unchanged sentence

( 1,002.14597330

Net change in unrealized depreciation on investment in Ether

Net change in unrealized appreciation on investment in Ether

Net realized gain on investment in Ether

2 unchanged sentences

Ether contributed

Ether contributed from portfolio rebalancing

Net Ether distributed from portfolio rebalancing

( 1,925.59571086

6 unchanged sentences

Ether contributed

Ether distributed from portfolio rebalancing

Net Ether distributed from portfolio rebalancing

( 677.32474886

5 unchanged sentences

35,007.73089383

(Amounts in thousands, except ADA amounts)

ADA balance at June 30, 2021

ADA contributed

20,953.270382

ADA contributed from portfolio rebalancing

11,178,490.637538

ADA distributed for Manager's Fee, related party

( 282,861.007666

Net change in unrealized depreciation on investment in ADA

Net realized gain on investment in ADA

ADA balance at June 30, 2022

10,916,582.900254

ADA contributed

ADA contributed from portfolio rebalancing

559,615.581934

ADA distributed for Manager's Fee, related party

( 281,295.930913

Net change in unrealized depreciation on investment in ADA

Net realized loss on investment in ADA

ADA balance at June 30, 2023

11,194,902.551275

ADA contributed

ADA distributed from portfolio rebalancing

( 10,984,888.769029

ADA distributed for Manager's Fee, related party

( 210,013.782246

Net change in unrealized appreciation on investment in ADA

Net realized loss on investment in ADA

ADA balance at June 30, 2024

(Amounts in thousands, except SOL amounts)

SOL balance at June 30, 2022

111,216.13265694

SOL contributed

SOL contributed from portfolio rebalancing

Net SOL contributed from portfolio rebalancing

15,665.43529877

6 unchanged sentences

SOL contributed

SOL contributed from portfolio rebalancing

Net SOL contributed from portfolio rebalancing

14,724.90144955

1 unchanged sentence

( 3,292.00953097

Net change in unrealized depreciation on investment in SOL

Net change in unrealized appreciation on investment in SOL

Net realized loss on investment in SOL

2 unchanged sentences

SOL contributed

SOL contributed from portfolio rebalancing

Net SOL contributed from portfolio rebalancing

16,607.55009890

2 unchanged sentences

Net change in unrealized appreciation on investment in SOL

Net realized loss on investment in SOL

Net realized gain on investment in SOL

SOL balance at June 30, 2025

148,399.95605973

(Amounts in thousands, except XRP amounts)

XRP balance at June 30, 2023

XRP contributed

Net XRP contributed from portfolio rebalancing

16,922,626.498281

XRP distributed for Manager's Fee, related party

( 203,318.578941

Net change in unrealized depreciation on investment in XRP

Net realized loss on investment in XRP

XRP balance at June 30, 2024

16,719,307.919340

XRP contributed

Net XRP contributed from portfolio rebalancing

573,017.276190

XRP distributed for Manager's Fee, related party

( 421,555.293104

Net change in unrealized appreciation on investment in XRP

Net realized gain on investment in XRP

XRP balance at June 30, 2025

16,870,769.902426

(Amounts in thousands, except ADA amounts)

ADA balance at June 30, 2022

10,916,582.900254

ADA contributed

Net ADA contributed from portfolio rebalancing

559,615.581934

ADA distributed for Manager's Fee, related party

( 281,295.930913

Net change in unrealized depreciation on investment in ADA

Net realized loss on investment in ADA

ADA balance at June 30, 2023

11,194,902.551275

ADA contributed

Net ADA distributed from portfolio rebalancing

( 10,984,888.769029

ADA distributed for Manager's Fee, related party

( 210,013.782246

Net change in unrealized appreciation on investment in ADA

Net realized loss on investment in ADA

ADA balance at June 30, 2024

ADA contributed

Net ADA distributed from portfolio rebalancing

10,568,299.628398

ADA distributed for Manager's Fee, related party

( 127,897.376884

Net change in unrealized depreciation on investment in ADA

Net realized gain on investment in ADA

ADA balance at June 30, 2025

10,440,402.251514

(Amounts in thousands, except MATIC amounts)

1 unchanged sentence

MATIC contributed

MATIC contributed from portfolio rebalancing

Net MATIC contributed from portfolio rebalancing

2,979,195.20726440

6 unchanged sentences

MATIC contributed

MATIC distributed from portfolio rebalancing

Net MATIC distributed from portfolio rebalancing

( 2,887,850.26244458

6 unchanged sentences

DOT balance at June 30, 2022

DOT contributed

DOT contributed from portfolio rebalancing

328,187.49357863

DOT distributed for Manager's Fee, related party

( 1,961.54350143

Net change in unrealized depreciation on investment in DOT

Net realized loss on investment in DOT

DOT balance at June 30, 2022

328,187.49357863

DOT contributed

DOT distributed from portfolio rebalancing

Net DOT distributed from portfolio rebalancing

( 328,052.64509826

6 unchanged sentences

AVAX balance at June 30, 2022

88,973.97836461

AVAX contributed

AVAX contributed from portfolio rebalancing

Net AVAX distributed from portfolio rebalancing

( 87,745.50702693

1 unchanged sentence

( 1,228.47133768

Net change in unrealized depreciation on investment in AVAX

Net change in unrealized appreciation on investment in AVAX

Net realized loss on investment in AVAX

AVAX balance at June 30, 2023

88,973.97836461

AVAX contributed

AVAX distributed from portfolio rebalancing

Net AVAX contributed from portfolio rebalancing

116,340.93500452

1 unchanged sentence

( 1,385.27021072

Net change in unrealized appreciation on investment in AVAX

Net realized loss on investment in AVAX

Net change in unrealized depreciation on investment in AVAX

Net realized gain on investment in AVAX

AVAX balance at June 30, 2024

114,955.66479380

AVAX contributed

AVAX contributed from portfolio rebalancing

Net AVAX distributed from portfolio rebalancing

( 113,418.90243682

4 unchanged sentences

AVAX balance at June 30, 2025

114,955.66479380

(Amounts in thousands, except LTC amounts)

2 unchanged sentences

LTC contributed

LTC distributed from portfolio rebalancing

( 1,901.21497737

LTC distributed for Manager's Fee, related party

( 605.89374115

Net change in unrealized depreciation on investment in LTC

Net realized gain on investment in LTC

LTC balance at June 30, 2022

23,725.08718334

LTC contributed

LTC distributed from portfolio rebalancing

Net LTC distributed from portfolio rebalancing

( 23,715.33881688

5 unchanged sentences

UNI balance at June 30, 2022

UNI contributed

UNI contributed from portfolio rebalancing

232,687.02308212

UNI distributed for Manager's Fee, related party

( 4,091.39411814

Net change in unrealized depreciation on investment in UNI

Net realized loss on investment in UNI

UNI balance at June 30, 2022

232,687.02308212

UNI contributed

UNI distributed from portfolio rebalancing

Net UNI distributed from portfolio rebalancing

( 232,591.41465073

8 unchanged sentences

LINK contributed

LINK contributed from portfolio rebalancing

9,391.16255779

LINK distributed for Manager's Fee, related party

( 4,041.64897033

Net change in unrealized depreciation on investment in LINK

Net realized loss on investment in LINK

LINK balance at June 30, 2022

158,987.59087114

LINK contributed

LINK distributed from portfolio rebalancing

Net LINK distributed from portfolio rebalancing

( 158,922.26469191

8 unchanged sentences

BCH contributed

BCH distributed from portfolio rebalancing

( 906.97968581

BCH distributed for Manager's Fee, related party

( 171.88324722

Net change in unrealized depreciation on investment in BCH

Net realized gain on investment in BCH

BCH balance at June 30, 2022

6,314.20828653

BCH contributed

BCH distributed from portfolio rebalancing

Net BCH distributed from portfolio rebalancing

( 6,311.61385070

3 unchanged sentences

BCH balance at June 30, 2023

(Amounts in thousands, except XRP amounts)

XRP balance at June 30, 2023

XRP contributed

XRP contributed from portfolio rebalancing

16,922,626.498281

XRP distributed for Manager's Fee, related party

( 203,318.578941

Net change in unrealized depreciation on investment in XRP

Net realized loss on investment in XRP

XRP balance at June 30, 2024

16,719,307.919340

Portfolio Rebalancing

Since July 1, 2022, the Fund Components have consisted of the digital assets that make up the DLCS, as rebalanced from time to time, subject to the Manager’s discretion to exclude individual digital assets in certain cases.

The DLCS is designed and managed by the Index Provider.

The process followed by the Index Provider to determine the digital assets included in the DLCS and their respective weightings in the DLCS is referred to as the “DLCS Methodology.” Through the DLCS Methodology, the Fund seeks to (i) provide large-cap coverage of the digital asset market;

Effective June 5, 2025, the Index Provider changed the DLCS to the CD5.

The CD5 is designed and managed by the Index Provider.

The change from DLCS to CD5 on June 5, 2025 had no impact on the Fund Components or the respective weightings.

The process followed by the Index Provider to determine the digital assets included in the CD5 and their respective weightings in the CD5 is referred to as the “CD5 Methodology.” Through the CD5 Methodology, the Fund seeks to (i) provide large-cap coverage of the digital asset market;

(ii) minimize transaction costs through low turnover of the Fund’s portfolio;

and (iii) create a portfolio that could be replicated through direct purchases in the Digital Asset Market.

Effective July 1, 2022, the Index Provider reviews the DLCS for rebalancing according to the DLCS Methodology quarterly during a period beginning 14 days before the second business day of each January, April, July, and October (each such period, an “Index Rebalancing Period”).

At the start of each Index Rebalancing Period, the Index Provider applies the DLCS Methodology to determine any changes to the Index Components and the respective weightings of the Index Components within DLCS, as determined by the Index Provider based on market capitalization criteria (the “Index Weightings”), after which the Manager rebalances the Fund’s portfolio accordingly, subject to application of the Exclusion Criteria.

In order to rebalance the Fund’s portfolio, the Manager will (i) determine whether any Fund Components have been removed from the DLCS and should therefore be removed as Fund Components, (ii) determine whether any new digital assets have been added to the DLCS and should therefore be included as Fund Components, and (iii) determine how much cash and Forked Assets the Fund holds.

If a Fund Component is no longer included in the DLCS, the Manager will adjust the Fund’s portfolio by selling such Fund Component in the Digital Asset Markets in proportion to their respective weightings in the Fund (“Weightings”) and using the cash proceeds to purchase additional tokens of the remaining Fund Components and, if applicable, any new Fund Component in proportion to their respective Weightings.

The Weightings of each Fund Component are generally expected to be the same as the weighting of each digital asset in the DLCS except when the Manager determines to exclude one or more digital assets included in the DLCS from the Fund Components, in which case the Weightings are generally expected to be calculated proportionally to the respective Index Weightings for the remaining Index Components.

If a digital asset not then included in the Fund’s portfolio is newly eligible for inclusion in the Fund’s portfolio because it was added to the DLCS and not excluded through the Exclusion Criteria, the Manager will adjust the Fund’s portfolio by selling tokens of the then-current Fund Components in the Digital Asset Markets in proportion to their respective Weightings and using the cash proceeds to purchase tokens of the newly eligible digital assets.

The Manager will rebalance the Fund’s portfolio quarterly during a period beginning on the second business day of each January, April, July and October (each such period, a “Fund Rebalancing Period”).

Effective June 5, 2025, the Index Provider reviews the CD5 for rebalancing according to the CD5 Methodology quarterly during a period beginning 30 days before the last business day of each January, April, July, and October (each such period, an “Index Rebalancing Period”).

At the start of each Index Rebalancing Period, the Index Provider applies the CD5 Methodology to determine any changes to the Index Components and the respective weightings of the Index Components within CD5, as determined by the Index Provider based on market capitalization criteria (the “Index Weightings”), after which the Manager rebalances the Fund’s portfolio accordingly, subject to application of the Exclusion Criteria.

In order to rebalance the Fund’s portfolio, the Manager will (i) determine whether any Fund Components have been removed from the CD5 and should therefore be removed as Fund Components, (ii) determine whether any new digital assets have been added to the CD5 and should therefore be included as Fund Components, and (iii) determine how much cash and Forked Assets the Fund holds.

If a Fund Component is no longer included in the CD5, the Manager will adjust the Fund’s portfolio by selling such Fund Component in the Digital Asset Markets in proportion to their respective Fund Weightings in the Fund (“Fund Weightings”) and using the cash proceeds to purchase additional tokens of the remaining Fund Components and, if applicable, any new Fund Component in proportion to their respective weightings.

The Fund Weightings of each Fund Component are generally expected to be the same as the weighting of each digital asset in the CD5 except when the Manager exercises its limited discretion to exclude one or more digital assets included in the CD5 from the Fund Components in certain rules-based circumstances, in which case the Fund Weightings are generally expected to be calculated proportionally to the respective Index Weightings for the remaining Index Components.

If a digital asset not then included in the Fund’s portfolio is newly eligible for inclusion in the Fund’s portfolio because it was added to the CD5 and not excluded through the Exclusion Criteria, the Manager will adjust the Fund’s portfolio by selling tokens of the then-current Fund Components in the Digital Asset Markets in proportion to their respective Fund Weightings and using the cash proceeds to purchase tokens of the newly eligible digital assets.

From and after June 5, 2025, the Manager will rebalance the Fund’s portfolio quarterly during a period beginning on the last business day of each January, April, July and October (each such period, a “Fund Rebalancing Period”).

The Manager expects each Fund Rebalancing Period to last between one and five business days.

The DLCS, and therefore the Fund, may also be rebalanced mid-quarter, prior to the Index Rebalancing Period under extraordinary circumstances, if, for example, a digital asset is removed from the Index.

From inception through June 30, 2022, the Fund sought to hold digital assets with market capitalizations that collectively constituted at least 70 % of the market capitalization of the entire digital asset market (the “Target Coverage Ratio”) and determined the Fund Components by reference to fund construction criteria that consisted of market capitalization, liquidity and coverage criteria established by the Manager (the “Target Coverage Ratio Methodology”).

Effective July 1, 2022, the Manager replaced the Target Coverage Ratio Methodology as the fund construction criteria and no longer seeks to hold Fund Components meeting the Target Coverage Ratio.

On July 2, 2021, the Manager of the Fund announced the updated Fund Component weightings for the Fund in connection with its quarterly review.

Effective July 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 ADA in accordance with the Fund’s construction criteria.

On July 1, 2021, the Fund recognized a realized gain of $ 11,651,902 in connection with the sale of 225.33929087 Bitcoin, 3,622.13172739 Ether, 68.33481591 BCH and 722.93691458 LTC, to purchase 11,256,632.53387140 ADA and 13,460.14709855 LINK.

On October 1, 2021, the Manager of the Fund announced the updated Fund Component weightings for the Fund in connection with its quarterly review.

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 SOL and UNI in accordance with the Fund’s construction criteria.

On October 1, 2021, the Fund recognized a realized gain of $ 14,980,028 in connection with the sale of 431.18779320 Bitcoin, 568.90340080 Ether, 312.68264910 BCH, 1,332.29529100 LTC and 4,669.36765100 LINK, to purchase 393,666.73666700 ADA, 106,015.34887688 SOL and 213,332.22308637 UNI.

On April 5, 2022, the Manager of the Fund announced the updated Fund Component weightings for the Fund in connection with its quarterly review.

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 DOT and AVAX in accordance with the Fund’s construction criteria.

On April 5, 2022, the Fund recognized a realized gain of $ 12,437,503 in connection with the sale of 299.12356960 Bitcoin, 799.44969220 Ether, 525.96222080 BCH, and 471,808.63300000 ADA, to purchase 154.01722821 LTC, 600.38311024 LINK, 7,207.59678111 SOL, 23,446.19411389 UNI, 89,505.76684675 AVAX and 330,149.03708006 DOT.

The CD5, and therefore the Fund, may also be rebalanced mid-quarter, prior to the I ndex Rebalancing Period under extraordinary circumstances, if, for example, a digital asset is removed from the Index.

Components by reference to fund construction criteria that consisted of market capitalization, liquidity and coverage criteria established by the Manager (the “Target Coverage Ratio Methodology”).

Effective July 1, 2022, the Fund replaced the Target Coverage Ratio Methodology with the DLCS Methodology.

The change in methodology resulted in the removal of BCH, LINK, LTC, DOT, and UNI in proportion to their respective weighing on July 7, 2022 following the quarterly Fund Rebalancing Period.

The change in methodology resulted in the removal of BCH, LINK, LTC, DOT, and UNI in proportion to their respective Fund Weightings on July 7, 2022 following the quarterly Fund Rebalancing Period.

On July 7, 2022, the Fund recognized a realized loss of $ 14,895,069 in connection with the sale of 6,311.61385070 BCH, 23,715.33881688 LTC, 158,922.26469191 LINK, 232,591.41465073 UNI and 328,052.64509826 DOT, to purchase 199.83559815 Bitcoin, 1,507.83089471 Ether, 451,468.27947474 ADA, 4,253.16323862 SOL and 5,714.46623435 AVAX.

1 unchanged sentence

On October 4, 2022, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

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 SOL, AVAX and MATIC.

The Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective Fund Weightings and using the cash proceeds to purchase SOL, AVAX and MATIC.

As a result, MATIC was added to the Fund.

3 unchanged sentences

On January 4, 2023, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by selling AVAX and using the cash proceeds to purchase certain amounts of the other existing Fund Components in proportion to their respective Weightings following the rebalancing.

As a result of the rebalancing, AVAX was removed from the Fund.

2 unchanged sentences

On April 4, 2023, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Weightings.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings.

No new tokens were added to or removed from the Fund.

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On July 5, 2023, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Weightings.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings.

No new tokens were added to or removed from the Fund.

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On October 3, 2023, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Weightings.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings.

No new tokens were added to or removed from the Fund.

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On January 3, 2024, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Weightings and using the cash proceeds to purchase AVAX and XRP.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings and using the cash proceeds to purchase AVAX and XRP.

As a result of the rebalancing, AVAX and XRP were added to the Fund, and MATIC was removed from the Fund.

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its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Weightings.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings.

As a result of the rebalancing, ADA was removed from the Fund.

On April 3, 2024, following the rebalancing, the Fund recognized a realized loss of $ 8,236,118 in connection with the sale of 10,769,799.360314 ADA to purchase 62.95700689 Bitcoin, 197.21323165 Ether, 5,785.41177981 SOL, 383,763.344184 XRP, and 4,693.48681829 AVAX.

On July 2, 2024, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, SOL, XRP, and AVAX met the inclusion criteria of the DLCS Index.

On July 2, 2024, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings.

No new tokens were added to or removed from the Fund.

On July 3, 2024, following the rebalancing, the Fund recognized a realized gain of $ 777,961 in connection with the sale of 8.51348210 Bitcoin and 122.29384902 Ether to purchase 4,851.33537551 SOL, 4,504.89019509 AVAX, and 155,155.893956 XRP.

On October 2, 2024, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, SOL, XRP and AVAX met the inclusion criteria of the DLCS Index.

On October 2, 2024, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings.

No new tokens were added to or removed from the Fund.

On October 3, 2024, following the rebalancing, the Fund recognized a realized gain of $ 339,366 in connection with the sale of 5.19268958 Bitcoin and 47.44601825 Ether to purchase 1,564.99954476 SOL, 3,325.36582960 AVAX, and 215,950.368619 XRP.

On January 3, 2025, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, SOL, XRP, and ADA met the inclusion criteria of the DLCS Index.

On January 3, 2025, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling AVAX and certain existing Fund Components in proportion to their respective Fund Weightings and using the cash proceeds to purchase ADA.

As a result of the rebalancing, ADA was added to the Fund and AVAX was removed from the Fund.

On January 4, 2025, following the rebalancing, the Fund recognized a realized gain of $ 6,907,147 in connection with the sale of 57.73992592 Bitcoin, 399.19145855 Ether, and 121,249.15846151 AVAX to purchase 1,551.54616083 SOL, 10,539,970.7637110 ADA, and 49,915.814935 XRP.

On April 2, 2025, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, SOL, XRP, and ADA met the inclusion criteria of the DLCS Index.

On April 2, 2025, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings.

No new tokens were added to or removed from the Fund.

On of April 3, 2025, follo wing the rebalancing, the Fund recognized a realized gain of $ 1,247,808 in connection with the sale of 14.68906346 Bitcoin and 108.39342304 Ether to purchase 28,328.864687 ADA, 8,639.66901780 SOL, and 151,995.198680 XRP.

Creations and Redemptions of Shares

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Dollar portion, if any.

The amount of tokens of each Fund Component required for each creation Basket or redemption Basket is determined by dividing (x) the total amount of tokens of such Fund Component held by the Fund at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of tokens of each Fund Component payable as the Manager’s Fee and the amount of tokens of such Fund Component payable as a portion of Additional Fund Expenses (as defined in Note 7), by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 100.

Each Share represented approximately 0.0004 of one Bitcoin, 0.0023 of one Ether, 0.0085 of one SOL, 1.0537 XRP, and 0.0072 of one AVAX, at June 30, 2024.

Each Share represented approximately 0.0004 of one Bitcoin, 0.0025 of one Ether, 0.7055 of one ADA, 0.0078 of one SOL, and 0.1844 of one MATIC at June 30, 2023.

As of June 30, 2025, the amount of tokens of each Fund Component required for each Creation Basket or redemption Basket was determined by dividing (x) the total amount of tokens of such Fund Component held by the Fund at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of tokens of each Fund Component payable as the Manager’s Fee and the amount of tokens of such Fund Component payable as a portion of Additional Fund Expenses (as defined in Note 7), by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 100.

Each Share represented approximately 0.0004 of one Bitcoin, 0.0022 of one Ether, 0.0094 of one SOL, 1.0632 XRP, and 0.6580 of one ADA, at June 30, 2025.

Each Share represented approximately 0.0004 of one Bitcoin, 0.0023 of one Ether, 0.0085 of one SOL, 1.0537 of one XRP, and 0.0072 of one AVAX at June 30, 2024.

The cost basis of investments in each Fund Component recorded by the Fund is the fair value of each Fund Component, as determined by the Fund, at 4:00 p.m., New York time, on the date of transfer to the Fund by the Authorized Participant, or Liquidity Provider, based on the Creation Baskets.

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The Authority has supervisory and enforcement powers to ensure the Fund’s compliance with the Private Funds Act.

Before the Fund is able to effect open redemptions as an open-ended Fund, it will be required to meet the requirements of, and register with, the Authority and be regulated as a mutual fund under the Mutual Funds Act (As Revised) of the Cayman Islands.

The regulatory analysis of the Fund in the Cayman Islands will change upon the listing of the Shares on NYSE Arca and operating a redemption program.

At the time of listing, the Fund intends to apply to de-register as a private fund with the Authority on the basis that the Fund will not be registrable with the Authority as an investment fund by virtue of the Shares being listed on the NYSE Arca being a recognized stock exchange by the Authority.

The Government of the Cayman Islands does not, and will not, under existing Cayman law, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax upon the Fund or the shareholders.

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Due to the new and evolving nature of digital assets and a general absence of clearly controlling authority with respect to digital assets, many significant aspects of the U.S.

federal income tax treatment of digital assets (including with respect to the amount, timing, and

character of income recognition) are uncertain.

federal income tax treatment of digital assets (including with respect to the amount, timing, and character of income recognition) are uncertain.

The Manager believes that, in general, gains and losses recognized by the Fund from the sale or other disposition of digital assets will be treated as capital gains or losses.

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federal tax treatment of digital assets.

In accordance with GAAP, the Fund has defined the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized.

In accordance with U.S.

GAAP, the Fund has defined the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized.

Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current period.

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The Fund considered the following entities, their directors and certain employees to be related parties of the Fund as of June 30, 2025:

DCG, Genesis, Grayscale, and Grayscale Securities.

DCG, GSO, GSIS, and Grayscale Securities.

As of June 30, 2025 and 2024, 1,058,657 and 1,055,487 Shares of the Fund were held by related parties of the Fund, respectively.

On November 20, 2023, it was announced that CoinDesk Indices, Inc., the Index Provider and Reference Rate Provider, previously an affiliate of the Manager and the Fund at the time of this event, was acquired by an unaffiliated third party.

This transaction did not have any impact on the Fund, or disrupt the operations of the Fund.

The Manager’s parent, an affiliate of the Fund, holds a minority interest in Coinbase, Inc., the parent company of the Custodian, that represents less than 1.0 % of Coinbase, Inc.’s ownership.

Genesis Global Trading, Inc.

filed a certificate of dissolution in August 2024, and has therefore been removed from the list of related parties.

In accordance with the LLC Agreement governing the Fund, the Fund pays a fee to the Manager, calculated as 2.5 % of the aggregate value of the Fund’s digital asset holdings, less its liabilities (which include any accrued but unpaid expenses up to, but excluding, the date of calculation), as calculated and published by the Manager or its delegates (the “Manager’s Fee”).

The Manager’s Fee accrues daily in U.S.

The Manager’s Fee accrues

daily in U.S.

dollars and is payable in Fund Components then held by the Fund in proportion to their respective Fund Component’s Weighting.

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transfer agent fees;

trustee fees;

the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including customary legal, marketing and audit fees and expenses) in an amount up to $ 600,000 in any given fiscal year;

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The Fund may incur certain extraordinary, non-recurring expenses that are not Manager-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Manager (or any other service provider) on behalf of the Fund to protect the Fund or the interests of shareholders (including in connection with any Forked Assets), any indemnification of the Custodian or other agents, service providers or counterparties of the Fund, the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including legal, marketing and audit fees and expenses) to the extent exceeding $ 600,000 in any given fiscal year and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Additional Fund Expenses”).

In such circumstances, the Manager or its delegate (i) will instruct the Custodian to withdraw from the digital asset accounts Fund Components in proportion to their respective Weightings at such time and in such quantity as may be necessary to permit payment of such Additional Fund Expenses and (ii) may either (x) cause the Fund (or its delegate) to convert such Fund Components into U.S.

dollars or other fiat currencies at the price per single unit of such asset (determined net of any associated fees) at which the Fund is able

to sell such asset or (y) when the Manager incurs such expenses on behalf of the Fund, cause the Fund (or its delegate) to deliver such Fund Components, and/or Forked Assets in kind to the Manager, in each case in such quantity as may be necessary to permit payment of such Additional Fund Expenses.

In such circumstances, the Manager or its delegate (i) will instruct the Custodian to withdraw from the digital asset accounts Fund Components in proportion to their respective Fund Weightings at such time and in such quantity as may be necessary to permit payment of such Additional Fund Expenses and (ii) may either (x) cause the Fund (or its delegate) to convert such Fund Components into U.S.

dollars or other fiat currencies at the price per single unit of such asset (determined net of any associated fees) at which the Fund is able to sell such asset or (y) when the Manager incurs such expenses on behalf of the Fund, cause the Fund (or its delegate) to deliver such Fund Components, and/or Forked Assets in kind to the Manager, in each case in such quantity as may be necessary to permit payment of such Additional Fund Expenses.

For years ended June 30, 2025, 2024, and 2023, the Fund incurred Manager’s Fees of $ 16,131,655 , $ 9,872,855 and $ 5,372,916 , respectively.

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For the years ended June 30, 2025, 2024, and 2023 , the Manager did no t pay any Additional Fund Expenses on behalf of the Fund.

On March 2, 2022, the Board of Directors of the Manager approved the purchase by DCG, the 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 (BTC) (NYSE Arca:

On March 2, 2022, the Board of Directors of the Manager 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:

BCHG), Grayscale Ethereum Trust (ETH) (NYSE Arca:

BCHG), Grayscale Ethereum Trust ETF (NYSE Arca:

ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:

2 unchanged sentences

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.

From March 2, 2022 through June 30, 2024, DCG had not purchased any Shares of the Fund under this authorization.

From March 2, 2022 through June 30, 2025, DCG had not purchased any Shares of the Fund.

Risks and Uncertainties

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During such history, the market prices of such Fund Components have been volatile and subject to influence by many factors including the levels of liquidity.

If the Digital Asset Markets continue to experience significant price fluctuations, the Fund may experience losses.

Several factors may affect the market price of the Fund Components, including, but not limited to, global supply and demand of such Fund Components, theft of such Fund Components from global trading platforms or vaults, competition from other forms of digital assets or payment services, global or regional political, economic or financial conditions, and other unforeseen events and situations.

The Digital Asset Networks relevant to the Fund Components are decentralized to an extent, meaning no single entity owns or operates them.

Some Digital Asset Networks, such as the Bitcoin, Ether, SOL, XRP, and AVAX networks, are collectively maintained by a decentralized user base.

If Digital Asset Markets continue to experience significant price fluctuations, the Fund may experience losses.

Several factors may affect the market price of the Fund Components, including, but not limited to, global supply and demand of such Fund Components, theft of such Fund Components from global trading platforms or vaults, competition from other forms of digital currency or payment services, global or regional political, economic or financial conditions, and other unforeseen events and situations.

The Fund Components are commingled, and the Fund’s shareholders have no specific rights to any specific Fund Component.

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As a result, any incorrectly executed Fund Component transactions could adversely affect an investment in the Shares.

The Securities and Exchange Commission (the “SEC”) has stated that certain digital assets may be considered “securities” under the federal securities laws.

The Securities and Exchange Commission (the “SEC”), at least under the prior administration, has stated that certain digital assets may be considered “securities” under the federal securities laws.

The test for determining whether a particular digital asset is a “security” is complex and difficult to apply, and the outcome is difficult to predict.

Public, though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or Ether to be securities, and does not currently consider Bitcoin to be a security.

A number of SEC and SEC staff actions with respect to a variety of digital assets demonstrate this difficulty.

For example, public though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or Ether to be securities, and does not currently consider Bitcoin to be a security.

In addition, the SEC appears to have implicitly taken the view that Ether is not a security (i) by not objecting to Ether futures trading on Commodity Futures Trading Commission-regulated markets under rules designed for futures on non-security commodity underliers and (ii) by approving the listing and trading of exchange-traded products (“ETPs”) that invest in Ether (i.e., approving the redemption of shares of such ETPs) under the rules for commodity-based trust shares, without requiring these ETPs to be registered as investment companies.

Likewise, in various courts filings and arguments the SEC has distinguished Ether from assets that it claimed were securities, and in judicial opinions, courts have accepted or even assumed that Ether is not a security.

Moreover, in a recent settlement with another market participant relating to allegations that it acted as an unregistered broker-dealer for facilitating trading in certain digital assets, the SEC highlighted that the firm would cease trading in all digital assets other than Bitcoin, Bitcoin Cash and Ether—activity that, if the SEC believed Ether was presently a security—would continue to constitute unregistered brokerage activity.

The SEC staff has also provided informal assurances via no-action letter to a handful of promoters that their digital assets are not securities.

On the other hand, the SEC has brought enforcement actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question are securities.

More recently, the SEC has also brought enforcement actions against digital asset trading platforms for operating unregistered securities exchanges on the basis that certain of the digital assets traded on their platforms are securities.

For example, in June 2023, the SEC brought charges against Binance and Coinbase, respectively, for alleged violations of a variety of securities laws.

Moreover, the SEC’s Division of Corporation Finance has published statements that it does not consider, under certain circumstances, “meme coins” or some stablecoins to be securities.

However, such statements may be withdrawn at any time without notice and comment by the Division of Corporation Finance at the SEC or the SEC itself.

In addition, the SEC has brought enforcement actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question are securities and has not formally or explicitly confirmed that it does not deem Ether to be a security.

These developments demonstrate the difficulty in applying the federal securities laws to digital assets generally.

In January 2025, the SEC launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for digital assets led by Commissioner Hester Peirce.

Subsequently, Commissioner Peirce announced a list of specific priorities to further that initiative, which included pursuing final rules related to a digital asset’s security status, a revised path to registered offerings and listings for digital assets-based investment vehicles, and clarity regarding digital asset custody, lending, and staking.

However, the efforts of the crypto task force have only just begun, and how or whether the SEC regulates digital asset activity in the future remains to be seen.

In June 2023, the SEC brought charges against the Digital Asset Trading Platforms Binance and Coinbase for alleged violations of a variety of securities laws.

In its complaints, the SEC asserted that SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO, are securities under the federal securities laws.

In addition, in November 2023, the SEC brought charges against the Digital Asset Trading Platform Kraken, for alleged violations of a variety of securities laws.

In September 2024, the SEC filed an enforcement action against Mango Labs, LLC, Mango DAO, and Blockworks Foundation, and in October 2024, the SEC filed an enforcement action against Cumberland DRW, LLC, in both instances describing a number of digital assets, including SOL, as examples of “crypto assets that are offered and sold as securities.” In February 2025, the SEC announced it had filed a joint stipulation with Coinbase to dismiss the enforcement action against it.

In March 2025, the SEC announced it had dismissed its enforcement action against Cumberland DRW, LLC.

Further, Ripple Labs, Inc.

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In addition, in 2020 the SEC filed a complaint against the issuer of XRP, Ripple Labs, Inc., and two of its executives, alleging that they raised more than $ 1.3 billion through XRP sales that should have been registered under the federal securities laws, but were not.

Subsequently, in July

2023, the District Court for the Southern District of New York held that while XRP is not a “security”, certain sales of XRP to certain buyers (but not other types of sales to other buyers) amounted to “investment contracts” under the Howey test.

The District Court entered a final judgment in the case on August 7, 2024.

As of September 3, 2024, the SEC had not yet filed a notice of appeal, although it may still do so.

SOL and XRP are currently Fund Components held by the Fund representing approximately 5.22% of the Fund’s NAV as of June 30, 2024.

Subsequently, in July 2023, the District Court for the Southern District of New York held that while XRP is not a “security”, certain sales of XRP to certain buyers (but not other types of sales to other buyers) amounted to “investment contracts” under the Howey test.

The District Court entered a final judgment in the case on August 7, 2024 and the parties each dismissed their appeals to the Second Circuit on August 7, 2025.

SOL, XRP, and ADA are currently Fund Components held by the Fund representing approximately 8.84 % of the Fund’s Principal Market NAV as of June 30, 2025.

If a Fund Component is determined to be a “security” under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for such Fund Component.

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Any such termination could result in the liquidation of the Fund’s digital assets at a time that is disadvantageous to shareholders.

As with any computer network, Digital Asset Networks are vulnerable to various kinds of attacks and disruptions.

For example, each Digital Asset Network of the Fund Components, for which it is relevant, is vulnerable to a “51% attack” where, if a malicious actor were to gain control of more than 50% of a network’s hash rate, it would be able to gain full control of the network and the ability to manipulate the relevant blockchains on which the respective Fund Components settle.

In May 2019, the Bitcoin Cash network experienced a 51% attack when two mining pools combined their hash rates to reverse a block of transactions that rewarded tokens to an unknown actor who had taken advantage of an unrelated vulnerability in the Bitcoin Cash network.

The Fund did not suffer any direct losses as a result of the attack.

Although this particular attack could be interpreted as reversing a separate attack on the Bitcoin Cash network, the Bitcoin Cash network may be vulnerable to future 51% attacks that could result in a loss of confidence in the Bitcoin Cash network.

Additionally, as an example of a network disruption, the Solana network experienced a significant disruption on September 14, 2021, later attributed to a type of denial of service attack, and was offline for 17 hours, only returning to full functionality 24 hours later.

While persons associated with Solana Labs and/or the Solana Foundation are understood to have played a key role in bringing the network back online, the broader community also played a key role, as Solana validators coordinated to upgrade and restart the network.

Furthermore, like any smart contract platform that utilizes bridge technology, digital assets transferred to or from other blockchains are vulnerable to certain types of exploits.

For example, on February 3, 2022, hackers were able to manipulate the Wormhole bridge smart contract code which enables the transfer of certain digital assets to the Solana network, to divert approximately 120,000 Ether from the Wormhole bridge to the attacker’s Ether wallet.

While Jump Crypto, the creators of the Wormhole bridge, replenished the stolen Ether, effectively backstopping user losses, they or other creators may not be able to do so again in the future.

The development of bridges on Digital Asset Networks is ongoing and further attacks on bridges compatible with a Digital Asset Network of a Fund Component could have a material adverse effect on the value of such Fund Component and an investment in the Shares.

To the extent a private key required to access a Fund Component address is lost, destroyed or otherwise compromised and no backup of the private key is accessible, the Fund may be unable to access the relevant Fund Component controlled by the private key and the private key will not be capable of being restored by the network of such Fund Component.

To the extent a private key, held by the Custodian, required to access a Fund Component address is lost, destroyed or otherwise compromised and no backup of the private key is accessible, the Fund may be unable to access the relevant Fund Component controlled by the private key and the private key will not be capable of being restored by the network of such Fund Component.

The processes by which the Fund Component transactions are settled are dependent on the peer-to-peer network of such Fund Component, and as such, the Fund is subject to operational risk.

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Net realized and unrealized (loss) gain from:

Net realized gain (loss) on investments in digital assets

Net change in unrealized appreciation on investments in digital assets

Net realized gain on investments in digital assets

Net change in unrealized (depreciation) appreciation on investments in digital assets

Net realized and unrealized (loss) gain on investments

5 unchanged sentences

Net investment loss

Net realized and unrealized gain (loss) from:

Net realized (loss) gain on investments in digital assets

Net change in unrealized appreciation (depreciation) on investments in digital assets

Net realized and unrealized gain (loss) on investments

Net increase (decrease) in net assets resulting from operations

Net realized and unrealized (loss) gain from:

Net realized gain (loss) on investments in digital assets

Net change in unrealized appreciation on investments in digital assets

Net realized and unrealized (loss) gain on investments

Net (decrease) increase in net assets resulting from operations

Financial Highlights Per Share Performance

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Per Share Data:

Principal market net asset value, beginning of year

Net increase (decrease) in net assets from investment operations

Principal Market NAV, beginning of year

Net increase in net assets from investment operations

Net investment loss

Net realized and unrealized gain (loss)

Net increase (decrease) in net assets resulting from operations

Principal market net asset value, end of year

Net realized and unrealized gain

Net increase in net assets resulting from operations

Principal Market NAV, end of year

Ratios to average net assets:

9 unchanged sentences

Subsequent Events

On July 2, 2024, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, SOL, XRP and AVAX met the inclusion criteria of the DLCS Index.

On July 2, 2024, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Weightings.

On July 31, 2025, the Index Provider completed the quarterly rebalancing of the CD5 and determined that Bitcoin, Ether, SOL, XRP, and ADA met the inclusion criteria of the CD5 Index.

On August 1, 2025, following the rebalancing of the Index, the Manager completed its quarterly review of the Fund’s portfolio and initiated the process of rebalancing the Fund.

The Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective Fund Weightings.

No new tokens were added to or removed from the Fund.

As of July 3, 2024, following the rebalancing, the Fund Components consisted of 70.46 % Bitcoin, 23.51 % Ether, 3.86 % SOL, 1.54 % XRP and 0.63 % AVAX, and each of the Fund’s shares represented 0.0004 Bitcoin, 0.0023 Ether, 0.0088 SOL, 1.0633 XRP and 0.0075 AVAX.

As of the close of business on September 3, 2024 , the fair value of each Fund Component, determined in accordance with the Fund’s accounting policy, was $ 58,017.88 per Bitcoin, $ 2,446.52 per Ether, $ 130.90 per SOL, $ 0.57 per XRP and $ 21.82 per AVAX.

As of August 1, 2025, following the rebalancing, the Fund Components consisted of 75.83 % Bitcoin, 14.28 % Ether, 5.99 % XRP, 3.01 % SOL, and 0.89 % ADA, and each of the Fund’s Shares represented 0.0004 Bitcoin, 0.0022 Ether, 1.0738 XRP, 0.0098 SOL, and 0.6568 ADA.

As of the close of business on September 2, 2025 , the fair value of each Fund Component, determined in accordance with the Fund’s accounting policy, was $ 110,834.00 per Bitcoin, $ 4,274.75 per Ether, $ 205.50 per SOL, $ 2.83 per XRP and $ 0.82 per ADA.

There are no known events that have occurred that require disclosure other than that which has already been disclosed in these notes to the financial statements.

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.

What changed 10-K

Item 7. Management’s Discussion and Analysis