Grayscale CoinDesk Crypto 5 ETF 10-K

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with, and is qualified in its entirety by reference to, our audited financial statements and related notes included elsewhere in this Annual Report, which have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The following discussion may contain forward-looking statements based on assumptions we believe to be reasonable. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed below and elsewhere in this Annual Report, particularly in “Item 1A. Risk Factors” and “Forward-Looking Statements.” Fund Overview The Fund is a passive entity that is managed and administered by the Manager and does not have any officers, directors or employees. As of June 30, 2025, the Fund holds Fund Components and, from time to time on a periodic basis, issues Creation Baskets in exchange for deposits of Fund Components. As a passive investment vehicle, the Fund’s investment objective is for the value of the Shares to reflect the value of the Fund Components, determined by reference to their respective Digital Asset Reference Rates and weightings within the Fund, less the Fund’s expenses and other liabilities. While an investment in the Shares is not a direct investment in the Fund Components, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to the digital assets held by the Fund. The Fund will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective. As of June 30, 2025, the Fund has not met its investment objective and the Shares quoted on OTCQX have not reflected the value of the digital assets held by the Fund, less the Fund’s expenses and other liabilities, but instead have traded at both premiums and discounts to such value, which at times have been substantial. The Fund is not managed like a business corporation or an active investment vehicle. As of June 30, 2025, 2024, and 2023, the Fund had unlimited Shares authorized and 15,867,400 Shares issued and outstanding. As of June 30, 2025 2024 2023 Number of Shares authorized Unlimited Unlimited Unlimited Number of Shares outstanding 15,867,400 15,867,400 15,867,400 Number of Shares freely tradable (1) 14,813,892 14,813,892 14,657,353 Number of beneficial holders owning at least 100 Shares (2) 15 18 20 Number of holders of record (2) 15 18 20 (1) Includes the total number of Shares that are not restricted securities as such term is defined under Rule 144. (2) Includes Cede & Co. as nominee for DTC for the Shares traded on OTCQX, but not its direct participants. Therefore, this number does not include the individual holders who have bought/sold Shares on OTCQX or transferred their eligible Shares to their brokerage accounts. Effective June 5, 2025, the Fund Components consist of the digital assets that make up the CoinDesk 5 Index (the “CD5” or the “Index”). For the period from July 1, 2024 until June 5, 2025, and the years ended June 30, 2024 and 2023, the Fund determined which Fund Components to hold pursuant to the DLCS Methodology. Prior to the adoption of the DLCS Methodology, the Digital Asset Reference Rates used to value the Fund Components were Index Prices or, in the case of AVAX and DOT, an Old Indicative Price. In connection with the adoption of the DLCS Methodology, the Manager changed the Digital Asset Reference Rates used to value the Fund Components and as of the date of this Annual Report, each of the Digital Asset Reference Rates are Indicative Prices. See “Item 1. Business—Investment Objective” and “Item 1. Business—Valuation of Digital Assets and Determination of NAV” for additional information. Any references to the Digital Asset Reference Rates subsequent to July 1, 2025 are to the Index Prices in effect following the adoption of the CD5 Methodology. Any references to the Digital Asset Reference Rates from July 1, 2022 to June 30, 2025 are to the Digital Asset Reference Rates in effect following the adoption of the DLCS Methodology. Any references in this section to the Digital Reference Rates prior to July 1, 2022 are to the Digital Asset Reference Rates in effect prior to the adoption of the DLCS Methodology. All references to the NAV and NAV per Share of the Fund for periods subsequent to July 1, 2025 in this Annual Report have been calculated based on the digital assets held by the Fund pursuant to the CD5 Methodology and the corresponding rebalancing of the Fund on July 31, 2025. All references to the NAV and NAV per Share of the Fund for periods from July 1, 2022 to June 30, 2025 in this Annual Report have been calculated based on the digital assets held by the Fund pursuant to the DLCS Methodology and the corresponding rebalancing of the Fund on July 5, 2022. All references to the NAV and NAV per Share of the Fund for periods prior to July 1, 2022 have been calculated based on the digital assets held by the Fund pursuant to the Target Coverage Ratio Methodology prior to the adoption of the DLCS Methodology and the corresponding rebalancing of the Fund on July 5, 2022. 108 Critical Accounting Policies and Estimates Investment Transactions and Revenue Recognition The Fund considers investment transactions to be the receipt of Fund Components by the Fund in connection with Share creations and the delivery of Fund Components by the Fund in connection with Share redemptions or for payment of expenses in Fund Components. As of June 30, 2025, the Fund was not accepting redemption requests. The Fund records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Manager’s Fee in the Fund Components. Principal Market and Fair Value Determination To determine which market is the Fund’s principal market for each Fund Component (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Fund’s net asset value in accordance with U.S. GAAP (“Principal Market NAV”), the Fund follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurement , which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for each Fund Component in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that each Fund Component is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Fund only receives Fund Components in connection with a creation order from the Authorized Participant (or a Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Fund looks to market-based volume and level of activity for Digital Asset Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (referred to as “Trading Platform Markets” in this Annual Report), each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”). In determining which of the eligible Digital Asset Markets is the Fund’s principal market for each Fund Component, the Fund reviews these criteria in the following order: • First, the Fund reviews a list of each Digital Asset Market that maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Trading Platform Markets that the Fund reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market. • Second, the Fund sorts these Digital Asset Markets from high to low by market-based volume and level of activity of each Fund Component traded on each Digital Asset Market in the trailing twelve months. • Third, the Fund then reviews pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. • Fourth, the Fund then selects a Digital Asset Market as its principal market for such Fund Component based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Fund, Trading Platform Markets have the greatest volume and level of activity for the Fund Components. The Fund therefore looks to accessible Trading Platform Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market for each Fund Component. As a result of the aforementioned analysis, a Trading Platform Market has been selected as the Fund’s principal market for each Fund Component. The Fund determines its principal market for each Fund Component (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Fund has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Fund’s determination of its principal market for each Fund Component. The cost basis of each Fund Component received in connection with a creation order is recorded by the Fund at the fair value of such Fund Component at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Fund may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors. 109 Investment Company Considerations The Fund is an investment company for U.S. GAAP purposes and follows accounting and reporting guidance in accordance with the FASB ASC Topic 946, Financial Services—Investment Companies . The Fund uses fair value as its method of accounting for digital assets in accordance with its classification as an investment company for accounting purposes. The Fund is not a registered investment company under the Investment Company Act of 1940. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. Review of Financial Results Financial Highlights for the Years Ended June 30, 2025, 2024, and 2023 (All amounts in the following table and the subsequent paragraphs, except Share, per Share amounts, and each Fund Component and price of each Fund Component, are in thousands) For the Years Ended June 30, 2025 2024 2023 Net realized and unrealized gain on investments in digital assets $ 266,399 $ 264,196 $ 104,153 Net increase in net assets resulting from operations $ 250,266 $ 254,324 $ 98,780 Net assets (1) $ 777,222 $ 526,956 $ 272,632 (1) Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of each Fund Component on the Digital Asset Trading Platforms that the Fund considered each Fund Component’s principal market, as of 4:00 p.m., New York time, on the valuation date. Net realized and unrealized gain on investments in digital assets for the year ended June 30, 2025 was $266,399, which includes a realized gain of $12,995 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $9,271 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $244,133. Net increase in net assets resulting from operations was $250,266 for the year ended June 30, 2025, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $16,133. Net assets increased to $777,222 at June 30, 2025, a 47% increase for the year. The increase in net assets resulted from the price appreciation of Fund Components for the year, partially offset by the withdrawal of approximately 147 Bitcoin, 893 Ether, 127,897 ADA, 3,556 SOL, 1,537 AVAX, and 421,555 XRP to pay the foregoing Manager’s Fee. Net realized and unrealized gain on investments in digital assets for the year ended June 30, 2024 was $264,196, which includes a realized gain of $6,714 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $789 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $256,693. Net increase in net assets resulting from operations was $254,324 for the year ended June 30, 2024, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $9,872. Net assets increased to $526,956 at June 30, 2024, a 93% increase for the year. The increase in net assets resulted from the price appreciation of Fund Components for the year, partially offset by the withdrawal of approximately 153 Bitcoin, 942 Ether, 210,014 ADA, 3,292 SOL, 38,180 MATIC, 1,385 AVAX, 203,318 XRP to pay the foregoing Manager’s Fee. Net realized and unrealized gain on investments in digital assets for the year ended June 30, 2023 was $104,153, which includes a realized gain of $2,124 on the transfer of digital assets to pay the Manager’s Fee, a realized loss of ($20,838) as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $122,867. Net increase in net assets resulting from operations was $98,780 for the year ended June 30, 2023, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $5,373. Net assets increased to $272,632 at June 30, 2023, a 57% increase for the year. The increase in net assets resulted from the price appreciation of Fund Components for the year, partially offset by the withdrawal of approximately 157 Bitcoin, 1,002 Ether, 281,296 ADA, 2,966 SOL, 53,165 MATIC, 135 DOT, 1,228 AVAX, 10 LTC, 96 UNI, 65 LINK, and 3 BCH to pay the foregoing Manager’s Fee. Cash Resources and Liquidity The Fund has not had a cash balance at any time since inception. When selling Fund Components and/or Forked Assets to pay Additional Fund Expenses on behalf of the Fund, the Manager endeavors to sell the exact amount of Fund Components and/or Forked Assets needed to pay expenses in order to minimize the Fund’s holdings of assets other than the Fund Components. As a consequence, the Manager expects that the Fund will not record any cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Furthermore, the Fund is not a party to any off-balance sheet arrangements. 110 In exchange for the Manager’s Fee, the Manager has agreed to assume most of the expenses incurred by the Fund. As a result, the only ordinary expense of the Fund during the periods covered by this Annual Report was the Manager’s Fee. The Fund is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. 111 Selected Operating Data For the Years Ended June 30, 2025 2024 2023 (All Fund Component balances are rounded to the nearest whole number) Bitcoin: Opening balance 5,990 6,231 6,231 Creations - - - Portfolio rebalancing (1) (85 ) (88 ) 157 Manager's Fee, related party (147 ) (153 ) (157 ) Closing balance 5,758 5,990 6,231 Accrued but unpaid Manager's Fee, related party - - - Net closing balance 5,758 5,990 6,231 Ether: Opening balance 36,578 39,445 39,360 Creations - - - Portfolio rebalancing (1) (677 ) (1,925 ) 1,087 Manager's Fee, related party (893 ) (942 ) (1,002 ) Closing balance 35,008 36,578 39,445 Accrued but unpaid Manager's Fee, related party - - - Net closing balance 35,008 36,578 39,445 ADA: Opening balance - 11,194,903 10,916,583 Creations - - - Portfolio rebalancing (1) 10,568,299 (10,984,889 ) 559,616 Manager's Fee, related party (127,897 ) (210,014 ) (281,296 ) Closing balance 10,440,402 - 11,194,903 Accrued but unpaid Manager's Fee, related party - - - Net closing balance 10,440,402 - 11,194,903 SOL: Opening balance 135,349 123,916 111,216 Creations - - - Portfolio rebalancing (1) 16,607 14,725 15,666 Manager's Fee, related party (3,556 ) (3,292 ) (2,966 ) Closing balance 148,400 135,349 123,916 Accrued but unpaid Manager's Fee, related party - - - Net closing balance 148,400 135,349 123,916 MATIC: Opening balance - 2,926,030 - Creations - - - Portfolio rebalancing (1) - (2,887,850 ) 2,979,195 Manager's Fee, related party - (38,180 ) (53,165 ) Closing balance - - 2,926,030 Accrued but unpaid Manager's Fee, related party - - - Net closing balance - - 2,926,030 112 DOT: Opening balance - - 328,187 Creations - - - Portfolio rebalancing (1) - - (328,052 ) Manager's Fee, related party - - (135 ) Closing balance - - - Accrued but unpaid Manager's Fee, related party - - - Net closing balance - - - AVAX: Opening balance 114,956 - 88,974 Creations - - - Portfolio rebalancing (1) (113,419 ) 116,341 (87,746 ) Manager's Fee, related party (1,537 ) (1,385 ) (1,228 ) Closing balance - 114,956 - Accrued but unpaid Manager's Fee, related party - - - Net closing balance - 114,956 - LTC: Opening balance - - 23,725 Creations - - - Portfolio rebalancing (1) - - (23,715 ) Manager's Fee, related party - - (10 ) Closing balance - - - Accrued but unpaid Manager's Fee, related party - - - Net closing balance - - - UNI: Opening balance - - 232,687 Creations - - - Portfolio rebalancing (1) - - (232,591 ) Manager's Fee, related party - - (96 ) Closing balance - - - Accrued but unpaid Manager's Fee, related party - - - Net closing balance - - - LINK: Opening balance - - 158,987 Creations - - - Portfolio rebalancing (1) - - (158,922 ) Manager's Fee, related party - - (65 ) Closing balance - - - Accrued but unpaid Manager's Fee, related party - - - Net closing balance - - - 113 BCH: Opening balance - - 6,314 Creations - - - Portfolio rebalancing (1) - - (6,311 ) Manager's Fee, related party - - (3 ) Closing balance - - - Accrued but unpaid Manager's Fee, related party - - - Net closing balance - - - XRP: Opening balance 16,719,308 - - Creations - - - Portfolio rebalancing (1) 573,017 16,922,626 - Manager's Fee, related party (421,555 ) (203,318 ) - Closing balance 16,870,770 16,719,308 - Accrued but unpaid Manager's Fee, related party - - - Net closing balance 16,870,770 16,719,308 - Number of Shares: Opening balance 15,867,400 15,867,400 15,867,400 Creations - - - Closing balance 15,867,400 15,867,400 15,867,400 As of June 30, 2025 2024 2023 Prices of digital assets on principal market: Bitcoin $ 107,753.95 $ 61,929.29 $ 30,361.94 Ether $ 2,516.23 $ 3,423.00 $ 1,925.83 XRP $ 2.32 $ 0.47 N/A SOL $ 157.80 $ 144.62 $ 19.09 ADA $ 0.59 N/A $ 0.29 AVAX N/A $ 28.47 N/A MATIC N/A N/A $ 0.66 Principal Market NAV per Share (2) $ 48.98 $ 33.21 $ 17.18 Digital Asset Reference Rates: Bitcoin $ 107,521.84 $ 61,908.57 $ 30,396.80 Ether $ 2,505.96 $ 3,420.12 $ 1,923.68 XRP $ 2.29 $ 0.47 N/A SOL $ 157.01 $ 144.71 $ 19.12 ADA $ 0.58 N/A $ 0.28 AVAX N/A $ 28.33 N/A MATIC N/A N/A $ 0.65 NAV per Share (2)(3) $ 48.83 $ 33.20 $ 17.19 (1) For more information on prior quarterly rebalances and the resulting impact on the Fund’s portfolio, please see Note 4 to the Audited Financial Statements—Portfolio Rebalancing. (2) Prior to February 7, 2024, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share. Prior to February 7, 2024, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share. 114 (3) From July 1, 2022 to June 30, 2025, NAV per Share is calculated based on the Digital Asset Reference Rates of the Fund Components held by the Fund pursuant to the DLCS Methodology. From and after July 1, 2025, the NAV per Share is calculated based on the Index Prices of the Fund Components held by the Fund pursuant to the CD5 Methodology. See “Item 1. Business—Investment Objective” and “Item 1. Business—Valuation of Digital Assets and Determination of NAV” for additional information For accounting purposes as of June 30, 2025, the Fund reflects creations and the Fund Components receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of Fund Components is received. As of June 30, 2025, the Fund had a net closing balance with a value of $774,814,558, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of June 30, 2025, the Fund had a total market value of $777,222,526, based on the principal market prices of the Fund Components. As of June 30, 2024, the Fund had a net closing balance with a value of $526,722,342, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of June 30, 2024, the Fund had a total market value of $526,955,720, based on the principal market prices of the Fund Components. As of June 30, 2023, the Fund had a net closing balance with a value of $272,757,436, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of June 30, 2023, the Fund had a total market value of $272,631,615, based on the principal market prices of the Fund Components. Historical Fund Component Prices As movements in the price of each Fund Component will directly affect the price of the Shares, investors should understand recent movements in the price of each Fund Component. Investors, however, should also be aware that past movements in each of the Fund Component prices are not indicators of future movements. Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world. The following chart illustrates the movement in the Fund’s NAV per Share versus the Fund’s Principal Market NAV per Share from February 1, 2018 (the inception of the Fund’s operations) to June 30, 2025. For more information on the determination of the Fund’s NAV, see “Item 1. Business—Overview of the Digital Asset Industry and Market—Fund Component Value—Digital Asset Trading Platform Valuation.” (1) NAV per Share of the Fund prior to and after July 1, 2022 are not comparable due to the change in the fund construction criteria on July 1, 2022. See “Item 1. Business—Investment Objective” for further details. Bitcoin Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate for Bitcoin from July 1, 2020 to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for Bitcoin was an Index Price for Bitcoin. Effective July 1, 2022, the Digital 115 Asset Reference Rate for Bitcoin is an Indicative Price for Bitcoin. As a result, the Digital Asset Reference Rates for Bitcoin for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for Bitcoin for periods prior to July 1, 2022. During the period from July 1, 2020 to June 30, 2025, the Digital Asset Reference Rate has ranged from $9,032.59 to $111,516.97, with the straight average being $44,997.04 through June 30, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group. High Low Period Average Digital Asset Reference Rate Date Digital Asset Reference Rate Date End of period Last business day Twelve months ended June 30, 2021 $ 29,666.38 $ 63,472.70 4/15/2021 $ 9,032.59 7/5/2020 $ 34,759.99 $ 34,759.99 Twelve months ended June 30, 2022 $ 42,951.63 $ 67,352.59 11/9/2021 $ 18,034.01 6/18/2022 $ 18,883.90 $ 18,883.90 Twelve months ended June 30, 2023 $ 22,532.93 $ 30,849.06 6/23/2023 $ 15,786.90 11/21/2022 $ 30,396.80 $ 30,396.80 Twelve months ended June 30, 2024 $ 45,791.95 $ 73,128.99 3/13/2024 $ 25,061.89 9/11/2023 $ 61,908.57 $ 60,272.64 Twelve months ended June 30, 2025 $ 84,040.13 $ 111,516.97 5/22/2025 $ 53,112.80 8/5/2024 $ 107,521.84 $ 107,521.84 July 1, 2020 to June 30, 2025 $ 44,997.04 $ 111,516.97 5/22/2025 $ 9,032.59 7/5/2020 $ 107,521.84 $ 107,521.84 The following table illustrates the movements in the Digital Asset Market price of Bitcoin, as reported on the Fund’s principal market for Bitcoin, from July 1, 2020 to June 30, 2025. During such period, the price of Bitcoin has ranged from $9,031.09 to $111,241.94, with the straight average being $44,989.71. High Low Period Average Digital Asset Market Price Date Digital Asset Market Price Date End of period Last business day Twelve months ended June 30, 2021 $ 29,667.40 $ 63,466.92 4/15/2021 $ 9,031.09 7/5/2020 $ 34,764.81 $ 34,764.81 Twelve months ended June 30, 2022 $ 42,950.57 $ 67,371.70 11/9/2021 $ 18,026.58 6/18/2022 $ 18,895.01 $ 18,895.01 Twelve months ended June 30, 2023 $ 22,533.12 $ 30,906.40 6/23/2023 $ 15,766.93 11/21/2022 $ 30,361.94 $ 30,361.94 Twelve months ended June 30, 2024 $ 45,781.62 $ 73,517.19 3/13/2024 $ 25,013.25 9/11/2023 $ 61,929.29 $ 59,952.11 Twelve months ended June 30, 2025 $ 84,013.67 $ 111,241.94 5/22/2025 $ 53,469.64 8/5/2024 $ 107,753.95 $ 107,753.95 July 1, 2020 to June 30, 2025 $ 44,989.71 $ 111,241.94 5/22/2025 $ 9,031.09 7/5/2020 $ 107,753.95 $ 107,753.95 Ether Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate for Ether from July 1, 2020 to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for Ether was an Index Price for Ether. Effective July 1, 2022, the Digital Asset Reference Rate for Ether is an Indicative Price for Ether. As a result, the Digital Asset Reference Rates for Ether for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for Ether for periods prior to July 1, 2022. During the period from July 1, 2020 to June 30, 2025, the Digital Asset Reference Rate has ranged from $225.27 to $4,776.32, with the straight average being $2,203.59 through June 30, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group. High Low Period Average Digital Asset Reference Rate Date Digital Asset Reference Rate Date End of period Last business day Twelve months ended June 30, 2021 $ 1,236.03 $ 4,090.65 5/12/2021 $ 225.27 7/5/2020 $ 2,243.96 $ 2,243.96 Twelve months ended June 30, 2022 $ 3,028.51 $ 4,776.32 11/9/2021 $ 913.51 6/18/2022 $ 1,018.72 $ 1,018.72 Twelve months ended June 30, 2023 $ 1,565.08 $ 2,131.48 4/16/2023 $ 1,045.57 7/12/2022 $ 1,923.68 $ 1,923.68 Twelve months ended June 30, 2024 $ 2,497.76 $ 4,049.30 3/11/2024 $ 1,531.22 10/12/2023 $ 3,420.12 $ 3,372.09 Twelve months ended June 30, 2025 $ 2,689.75 $ 4,070.55 12/6/2024 $ 1,464.86 4/8/2025 $ 2,505.96 $ 2,505.96 July 1, 2020 to June 30, 2025 $ 2,203.59 $ 4,776.32 11/9/2021 $ 225.27 7/5/2020 $ 2,505.96 $ 2,505.96 The following table illustrates the movements in the Digital Asset Market price of Ether, as reported on the Fund’s principal market for Ether, from July 1, 2020 to June 30, 2025. During such period, the price of Ether has ranged from $225.27 to $4,776.95, with the straight average being $2,203.74. 116 High Low Period Average Digital Asset Market Price Date Digital Asset Market Price Date End of period Last business day Twelve months ended June 30, 2021 $ 1,236.12 $ 4,089.92 5/12/2021 $ 225.27 7/5/2020 $ 2,243.98 $ 2,243.98 Twelve months ended June 30, 2022 $ 3,028.54 $ 4,776.95 11/9/2021 $ 913.24 6/18/2022 $ 1,019.72 $ 1,019.72 Twelve months ended June 30, 2023 $ 1,565.23 $ 2,116.20 4/16/2023 $ 1,040.35 7/12/2022 $ 1,925.83 $ 1,925.83 Twelve months ended June 30, 2024 $ 2,498.36 $ 4,033.86 3/11/2024 $ 1,530.88 10/12/2023 $ 3,423.00 $ 3,371.60 Twelve months ended June 30, 2025 $ 2,689.64 $ 4,053.28 12/6/2024 $ 1,465.40 4/8/2025 $ 2,516.23 $ 2,516.23 July 1, 2020 to June 30, 2025 $ 2,203.74 $ 4,776.95 11/9/2021 $ 225.27 7/5/2020 $ 2,516.23 $ 2,516.23 Solana Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate from the addition of the token to the Fund’s portfolio on October 1, 2021 to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for SOL was an Index Price for SOL. Effective July 1, 2022, the Digital Asset Reference Rate for SOL is an Indicative Price for SOL. As a result, the Digital Asset Reference Rates for SOL for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for SOL for periods prior to July 1, 2022. Since the token was added to the Fund’s portfolio, the Digital Asset Reference Rate for SOL has ranged from $8.37 to $274.68, with the straight average being $99.51 through June 30, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate for SOL and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group. High Low Period Average Digital Asset Reference Rate Date Digital Asset Reference Rate Date End of period Last business day October 1, 2021 to June 30, 2022 $ 123.52 $ 254.78 11/6/2021 $ 28.04 6/18/2022 $ 31.97 $ 31.97 Twelve months ended June 30, 2023 $ 24.73 $ 46.45 8/13/2022 $ 8.37 12/29/2022 $ 19.12 $ 19.12 Twelve months ended June 30, 2024 $ 88.05 $ 199.88 3/31/2024 $ 17.53 9/11/2023 $ 144.71 $ 140.95 Twelve months ended June 30, 2025 $ 167.81 $ 274.68 1/19/2025 $ 104.40 4/8/2025 $ 157.01 $ 157.01 October 1, 2021 to June 30, 2025 $ 99.51 $ 274.68 1/19/2025 $ 8.37 12/29/2022 $ 157.01 $ 157.01 The following table illustrates the movements in the Digital Asset Market price of SOL, as reported on the Fund’s principal market for SOL, from the addition of the token to the Fund’s portfolio on October 1, 2021 to June 30, 2025. During such period, the price of SOL has ranged from $8.29 to $280.00, with the straight average being $99.51. High Low Period Average Digital Asset Market Price Date Digital Asset Market Price Date End of period Last business day October 1, 2021 to June 30, 2022 $ 123.53 $ 254.44 11/6/2021 $ 28.04 6/18/2022 $ 31.98 $ 31.98 Twelve months ended June 30, 2023 $ 24.73 $ 46.33 8/13/2022 $ 8.29 12/29/2022 $ 19.09 $ 19.09 Twelve months ended June 30, 2024 $ 88.04 $ 200.17 3/31/2024 $ 17.51 9/11/2023 $ 144.62 $ 140.67 Twelve months ended June 30, 2025 $ 167.83 $ 280.00 1/19/2025 $ 103.92 4/8/2025 $ 157.80 $ 157.80 October 1, 2021 to June 30, 2025 $ 99.51 $ 280.00 1/19/2025 $ 8.29 12/29/2022 $ 157.80 $ 157.80 Effective October 1, 2021, the Manager adjusted the Fund’s portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase SOL in accordance with the Target Coverage Ratio Methodology. XRP Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. Effective April 2, 2024, the Manager adjusted the Fund’s portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase XRP in accordance with the DLCS Methodology. The following table illustrates the movements in the Digital Asset Reference Rate during the period from July 1, 2020 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to June 30, 2025. The Digital 117 Asset Reference Rate for XRP is an Indicative Price for XRP. The Digital Asset Reference Rate for XRP has ranged from $0.17 to $3.29, with the straight average being $1.03 for the periods July 1, 2020 through January 3, 2021 and January 4, 2024 through June 30, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate for XRP and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group. High Low Period Average Digital Asset Reference Rate Date Digital Asset Reference Rate Date End of period Last business day July 1, 2020 to January 3, 2021 $ 0.30 $ 0.71 11/24/2020 $ 0.17 7/2/2020 $ 0.23 $ 0.22 January 4, 2024 to June 30, 2024 $ 0.55 $ 0.73 3/11/2024 $ 0.47 6/14/2024 $ 0.47 $ 0.47 Twelve months ended June 30, 2025 $ 1.65 $ 3.29 1/16/2025 $ 0.43 7/5/2024 $ 2.29 $ 2.29 July 1, 2020 to January 3, 2021 and January 4, 2024 to June 30, 2025 $ 1.03 $ 3.29 1/16/2025 $ 0.17 7/2/2020 $ 2.29 $ 2.29 The following table illustrates the movements in the Digital Asset Market price of XRP, as reported on the Fund’s principal market for XRP, during the period from July 1, 2020 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to June 30, 2025. The price of XRP has ranged from $0.17 to $3.29, with the straight average being $1.03 for the periods July 1, 2020 through January 3, 2021 and January 4, 2024 through June 30, 2025. High Low Period Average Digital Asset Market Price Date Digital Asset Market Price Date End of period Last business day July 1, 2020 to January 3, 2021 $ 0.30 $ 0.71 11/24/2020 $ 0.17 7/2/2020 $ 0.23 $ 0.22 January 4, 2024 to June 30, 2024 $ 0.55 $ 0.73 3/11/2024 $ 0.47 6/24/2024 $ 0.47 $ 0.47 Twelve months ended June 30, 2025 $ 1.65 $ 3.29 1/16/2025 $ 0.43 7/5/2024 $ 2.32 $ 2.32 July 1, 2020 to January 3, 2021 and January 4, 2024 to June 30, 2025 $ 1.03 $ 3.29 1/16/2025 $ 0.17 7/2/2020 $ 2.32 $ 2.32 Effective January 3, 2021, the Manager adjusted the Fund’s portfolio by selling XRP and using the cash proceeds to purchase certain amounts of the other existing Fund Components in proportion to their respective weightings, in accordance with the Target Coverage Ratio Methodology. As a result of the rebalancing, XRP was removed from the Fund. Effective January 4, 2024, the Manager adjusted the Fund’s portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase XRP in accordance with the DLCS Methodology. Cardano Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate from the addition of the token to the Fund’s portfolio on July 1, 2021 to April 2, 2024 (when ADA was removed from the Fund), and the period from January 4, 2025 (when ADA was subsequently re-added to the Fund) to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for ADA was an Index Price for ADA. Effective July 1, 2022, the Digital Asset Reference Rate for ADA is an Indicative Price for ADA. As a result, the Digital Asset Reference Rates for ADA for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for ADA for periods prior to July 1, 2022. The Digital Asset Reference Rate for ADA has ranged from $0.24 to $2.99, with the straight average being $0.75 for the periods from July 1, 2021 through April 2, 2024 and January 4, 2025 through June 30, 2025.The Manager has not observed a material difference between the Digital Asset Reference Rate for ADA and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group. High Low Period Average Digital Asset Reference Rate Date Digital Asset Reference Rate Date End of period Last business day Twelve months ended June 30, 2022 $ 1.38 $ 2.99 9/3/2021 $ 0.43 6/18/2022 $ 0.44 $ 0.44 Twelve months ended June 30, 2023 $ 0.38 $ 0.57 8/14/2022 $ 0.24 12/29/2022 $ 0.28 $ 0.28 July 1, 2023 to April 2, 2024 $ 0.42 $ 0.77 3/11/2024 $ 0.24 9/11/2023 $ 0.59 $ 0.59 January 4, 2025 to June 30, 2025 $ 0.75 $ 1.15 1/17/2025 $ 0.53 6/22/2025 $ 0.58 $ 0.58 July 1, 2021 to April 2, 2024 and January 4, 2025 to June 30, 2025 $ 0.75 $ 2.99 9/3/2021 $ 0.24 9/11/2023 $ 0.58 $ 0.58 118 The following table illustrates the movements in the Digital Asset Market price of ADA, as reported on the Fund’s principal market for ADA, from the addition of the token to the Fund’s portfolio on July 1, 2021 through April 2, 2024 (when ADA was removed from the Fund) and January 4, 2025 (when ADA was subsequently re-added to the Fund) through June 30, 2025. The price of ADA has ranged from $0.24 to $2.99 , with the straight average being $0.75 for the periods from July 1, 2021 through April 2, 2024 and January 4, 2025 through June 30, 2025. High Low Period Average Digital Asset Market Price Date Digital Asset Market Price Date End of period Last business day Twelve months ended June 30, 2022 $ 1.38 $ 2.99 9/3/2021 $ 0.43 6/18/2022 $ 0.44 $ 0.44 Twelve months ended June 30, 2023 $ 0.38 $ 0.57 8/14/2022 $ 0.24 12/29/2022 $ 0.29 $ 0.29 July 1, 2023 to April 2, 2024 $ 0.42 $ 0.77 3/11/2024 $ 0.24 9/11/2023 $ 0.59 $ 0.59 January 4, 2025 to June 30, 2025 $ 0.75 $ 1.16 1/17/2025 $ 0.52 6/22/2025 $ 0.59 $ 0.59 July 1, 2021 to April 2, 2024 and January 4, 2025 to June 30, 2025 $ 0.75 $ 2.99 9/3/2021 $ 0.24 9/11/2023 $ 0.59 $ 0.59 Effective July 1, 2021, the Manager adjusted the Fund’s portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase ADA in accordance with the Target Coverage Ratio Methodology. Effective April 2, 2024, the Manager adjusted the Fund’s portfolio by selling ADA and using the cash proceeds to purchase certain amounts of the other existing Fund Components in proportion to their respective weightings, in accordance with the DLCS Methodology. As a result of the rebalancing, ADA was removed from the Fund. Effective January 4, 2025, the Manager adjusted the Fund’s portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase ADA in accordance with the DLCS Methodology. Avalanche Prior to July 1, 2025, the Fund valued the Fund Components for operational purposes by reference to Digital Asset Reference Rates. The following table illustrates the movements in the Digital Asset Reference Rate from the addition of the token to the Fund’s portfolio on April 5, 2022 (when AVAX was initially added to the Fund) to January 3, 2025 (when AVAX was subsequently removed from the Fund), and during the period from January 4, 2024 (when AVAX was subsequently re-added to the Fund) to June 30, 2025. Prior to July 1, 2022, the Digital Asset Reference Rate for AVAX was an Old Indicative Price for AVAX. Effective July 1, 2022, the Digital Asset Reference Rate for AVAX is an Indicative Price for AVAX. As a result, the Digital Asset Reference Rates for AVAX for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for AVAX for periods prior to July 1, 2022. The Digital Asset Reference Rate for AVAX has ranged from $10.79 to $95.06, with the straight average being $30.66 for the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through January 3, 2025. The Manager has not observed a material difference between the Digital Asset Reference Rate for AVAX and average prices from the Constituent Trading Platforms included in the relevant reference rate individually or as a group. High Low Period Average Digital Asset Reference Rate Date Digital Asset Reference Rate Date End of period Last business day April 5, 2022 to June 30, 2022 $ 43.55 $ 95.06 4/5/2022 $ 14.62 6/19/2022 $ 16.60 $ 16.60 July 1, 2022 to January 4, 2023 $ 17.76 $ 29.21 8/12/2022 $ 10.79 12/29/2022 $ 12.04 $ 12.04 January 4, 2024 to June 30, 2024 $ 38.38 $ 62.75 3/18/2024 $ 23.94 6/24/2024 $ 28.33 $ 28.02 July 1, 2024 to January 3, 2025 $ 30.25 $ 54.44 12/4/2024 $ 19.26 8/5/2024 $ 41.63 $ 41.63 April 5, 2022 to January 4, 2023 and January 4, 2024 to January 3, 2025 $ 30.66 $ 95.06 4/5/2022 $ 10.79 12/29/2022 $ 41.63 $ 41.63 The following table illustrates the movements in the Digital Asset Market price of AVAX, as reported on the Fund’s principal market for AVAX, during the period from April 5, 2022 (when AVAX was initially added to the Fund) to January 4, 2023 and during the period from January 4, 2024 (when AVAX was subsequently re-added to the Fund) to January 3, 2025 (when AVAX was 119 subsequently removed from the Fund). The price of AVAX has ranged from $10.76 to $93.01, with the straight average being $30.59 for the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through January 3, 2025. High Low Period Average Digital Asset Market Price Date Digital Asset Market Price Date End of period Last business day April 5, 2022 to June 30, 2022 $ 43.10 $ 93.01 4/5/2022 $ 14.18 6/18/2022 $ 16.24 $ 16.24 July 1, 2022 to January 4, 2023 $ 17.76 $ 29.18 8/12/2022 $ 10.76 12/29/2022 $ 12.03 $ 12.03 January 4, 2024 to June 30, 2024 $ 38.37 $ 62.35 3/18/2024 $ 23.85 6/24/2024 $ 28.47 $ 28.04 July 1, 2024 to January 3, 2025 $ 30.24 $ 54.16 12/4/2024 $ 19.40 8/5/2024 $ 41.45 $ 41.45 April 5, 2022 to January 4, 2023 and January 4, 2024 to January 3, 2025 $ 30.59 $ 93.01 4/5/2022 $ 10.76 12/29/2022 $ 41.45 $ 41.45 Secondary Market Trading Historically, the Fund’s Shares have been quoted on OTCQX under the symbol “GDLC” since November 22, 2019. The Fund’s previous trading symbol was “GDLCF” on OTCQX and was changed to “GDLC” on April 14, 2020. The Fund’s Shares have been quoted on OTCQX since November 22, 2019. The price of the Shares as quoted on OTCQX has varied significantly from the NAV per Share. For example, from July 1, 2022 to June 30, 2025, the Shares quoted on OTCQX traded at a discount to the value of the Fund’s NAV per Share based on the DLCS Methodology (changed to the CD5 Methodology effective June 5, 2025). From July 1, 2022 to June 30, 2025, the maximum discount of the closing price of the Shares quoted on OTCQX below the value of the Fund’s NAV per Share was 63% based on the DLCS Methodology (changed to the CD5 Methodology effective June 5, 2025) and the average discount was 35% based on the DLCS Methodology (changed to the CD5 Methodology effective June 5, 2025). The closing price of the Shares, as quoted on OTCQX at 4:00 p.m., New York time, on each business day, between July 1, 2022 and June 30, 2025, has been quoted at a discount on 751 days. As of June 30, 2025, the last business day of the period, the Fund’s Shares were quoted on OTCQX at a discount of 2% to the Fund’s NAV per Share. From and after July 1, 2025, the value of the Fund Components is determined by reference to Index Prices, as the Fund has transitioned from the DLCS to the CD5. From July 1, 2025 to September 2, 2025, the Shares quoted on OTCQX traded at both discounts and premiums to the value of the Fund’s NAV per Share based on the CD5 Methodology. From July 1, 2025 to September 2, 2025, the maximum premium of the closing price of the Shares quoted on OTCQX over the value of the Fund’s NAV per Share was less than 1% based on the CD5 Methodology, the average premium was less than 1%, the maximum discount of the closing price of the Shares quoted on OTCQX below the value of the Fund’s NAV per Share was 10% based on the CD5 Methodology, and the average discount was 6%. As of September 2, 2025, the Fund’s Shares were quoted on OTCQX at a discount of 8% to the Fund’s NAV per Share based on the CD5 Methodology. The following table sets out the range of high and low closing prices for the Shares as reported by OTCQX, the Fund’s Principal Market NAV per Share calculated in accordance with U.S. GAAP and the Fund’s NAV per Share for each of the quarters of the prior three years. 120 High Low OTCQX Principal Market NAV per Share (1) NAV per Share (2) OTCQX Principal Market NAV per Share (1) NAV per Share (2) Calendar Year 2022 Third quarter $ 10.33 $ 15.84 $ 15.87 $ 6.92 $ 11.17 $ 11.21 Fourth quarter $ 7.68 $ 13.48 $ 13.47 $ 3.83 $ 9.53 $ 9.54 Calendar Year 2023 First quarter $ 7.03 $ 16.48 $ 16.45 $ 3.77 $ 10.02 $ 10.03 Second quarter $ 8.75 $ 17.99 $ 18.10 $ 5.84 $ 14.56 $ 14.54 Third quarter $ 10.20 $ 18.00 $ 17.95 $ 7.80 $ 13.97 $ 14.01 Fourth quarter $ 19.35 $ 24.23 $ 24.14 $ 8.22 $ 14.62 $ 14.62 Calendar Year 2024 First quarter $ 26.15 $ 39.86 $ 39.69 $ 12.49 $ 21.59 $ 21.61 Second quarter $ 27.00 $ 38.39 $ 38.36 $ 17.78 $ 30.21 $ 30.61 Third quarter $ 24.60 $ 36.24 $ 36.06 $ 17.03 $ 26.95 $ 26.99 Fourth quarter $ 49.00 $ 53.82 $ 53.78 $ 19.65 $ 29.69 $ 29.60 Calendar Year 2025 First quarter $ 47.27 $ 53.19 $ 53.15 $ 33.86 $ 36.85 $ 36.59 Second quarter $ 47.95 $ 51.08 $ 51.21 $ 30.90 $ 34.55 $ 34.55 (1) The Principal Market NAV is calculated using the fair value of the Fund Components based on the price provided by the Digital Asset Market that the Fund considers each Fund Component’s principal market. Prior to February 7, 2024, Principal Market NAV was referred to as NAV and Principal Market NAV per Share was referred to as NAV per Share. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Principal Market and Fair Value Determination.” (2) From July 1, 2022 through June 30, 2025, the Fund’s NAV per Share was derived from the Digital Reference Rate of each Fund Component as of 4:00 p.m., New York time, on the valuation date. The Reference Rate Price was calculated using non-GAAP methodology and is not used in the Fund’s financial statements. Effective July 1, 2025, the Fund’s NAV per Share is derived from the Index Price of each Fund Component as of 4:00 p.m., New York time, on the valuation date. Prior to February 7, 2024, NAV was referred to as Digital Asset Holdings and NAV per Share was referred to as Digital Asset Holdings per Share. See “Item 1. Business—Valuation of Digital Assets and Determination of NAV.” See “Item 1. Business—Investment Objective” for further details. 121 The following chart sets out the historical closing prices for the Shares as reported by OTCQX and the Fund’s NAV per Share from November 22, 2019 to June 30, 2025. GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) ($) (1) The following chart sets out the historical premium and discount for the Shares as reported by OTCQX and the Fund’s NAV per Share from November 22, 2019 to June 30, 2025. GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) (%) (1) (1) NAV per Share of the Fund prior to and after July 1, 2022 are not comparable due to the change in the fund construction criteria on July 1, 2022. See “Item 1. Business—Investment Objective” for further details. Item 7A. Quantitative and Qualitat ive Disclosures about Market Risk The LLC Agreement does not authorize the Fund to borrow for payment of the Fund’s ordinary expenses. The Fund does not engage in transactions in foreign currencies which could expose the Fund or holders of Shares to any foreign currency related market risk. The Fund does not invest in derivative financial instruments and has no foreign operations or long-term debt instruments. 122 Item 8. Financial Statemen ts and Supplementary Data See Index to Financial Statements on page F-1 for a list of the financial statements being filed therein. Item 9. Changes in and Disagreements with Accou ntants on Accounting and Financial Disclosure There have been no disagreements with accountants on any matter of accounting principles or practices or financial statement disclosures during the year ended June 30, 2025. Item 9A. Control s and Procedures Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures The Fund maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Principal Executive Officer and Principal Financial and Accounting Officer of the Manager, and to the audit committee of the Board of Directors of the Manager (the “Board”), as appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of the Principal Executive Officer and the Principal Financial and Accounting Officer of the Manager, the Manager conducted an evaluation of the Fund’s disclosure controls and procedures, as defined under Exchange Act Rule 13a-15(e). Based on this evaluation, the Principal Executive Officer and the Principal Financial and Accounting Officer of the Manager concluded that, as of June 30, 2025, the Fund’s disclosure controls and procedures were effective. Management’s Report on Internal Control over Financial Reporting The Manager’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined under Exchange Act Rules 13a-15(f) and 15d-15(f). The Fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Fund’s assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that the Fund’s receipts and expenditures are being made only in accordance with appropriate authorizations; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Fund’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The Principal Executive Officer and Principal Financial and Accounting Officer of the Manager assessed the effectiveness of the Fund’s internal control over financial reporting as of June 30, 2025. In making this assessment, they used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013). Their assessment included an evaluation of the design of the Fund’s internal control over financial reporting and testing of the operational effectiveness of its internal control over financial reporting. Based on their assessment and those criteria, the Principal Executive Officer and Principal Financial and Accounting Officer of the Manager concluded that the Fund maintained effective internal control over Financial reporting as of June 30, 2025. Because we are an “emerging growth company” under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting for so long as we are an emerging growth company. Changes in Internal Control Over Financial Reporting There was no change in the Fund’s internal controls over financial reporting that occurred during the Fund’s most recently completed fiscal quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, these internal controls. Item 9B. Other Information No t applicable. 123 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 124 PART III Item 10. Directors, Executive Officers and Corporate Governance Management of the Manager 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, 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 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. Mr. 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 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 this code. 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. Mr. 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. Mr. 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. Mr. 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. Silbert). Since March 2021, Mr. Shifke has served on the board of directors of Dock Ltd., a full-stack payments and digital banking platform. Since September 2023, Mr. Shifke has served on the board of directors of Luno, a cryptocurrency platform. Mr. Shifke has nearly four decades of financial and fintech experience, and more than eight years of CFO experience leading two publicly-traded companies. Prior to joining DCG, Mr. Shifke served as CFO of Billtrust, a company focused on providing AR and cloud-based solutions around payments, and as CFO of Green Dot (NYSE: GDOT), a mobile banking company and payments platform. Previously, Mr. Shifke led teams at JPMorgan Chase and Goldman Sachs, specializing in M&A Structuring and Advisory, as well as Tax Asset Investments. Mr. Shifke also served as the Head of International Structured Finance Group at KPMG. Mr. Shifke began his career at Davis Polk, where he was a partner. He is a graduate of Tulane University (B.A./J.D.) and the New York University School of Law (LL.M. in Taxation). 125 Matthew Kummell, Board Member 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. Until January 2012, Mr. Kummell served on the board of directors of Derivix Corporation, a financial services software company. 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). 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 Peter Mintzberg, 57, has been the Chief Executive Officer of the Manager and has served as a director of the Manager since August 2024. Mr. Mintzberg joins the Manager from Goldman Sachs, where he served as Global Head of Strategy for Asset and Wealth Management. Prior, he held several global leadership roles in Strategy, M&A, and Investor Relations at BlackRock, Apollo, OppenheimerFunds, and Invesco. With deep knowledge across a broad base of client types and asset classes, Mr. Mintzberg has over two decades of experience developing and executing strategy and innovating to drive growth. Mr. Mintzberg started his career working at McKinsey & Co. in New York, San Francisco, and São Paulo, focused on the financial services and technology sectors. Mr. 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. Edward McGee, Board Member and Chief Financial Officer Edward McGee, 41, has been the Chief Financial Officer of the Manager since January 2022 and has served as a director of the Manager since January 2024. Before serving as CFO, Mr. McGee was Vice President, Finance and Controller of the Manager since June 2019. Prior to taking on his role at the Manager, Mr. McGee served as a Vice President, Accounting Policy at Goldman, Sachs & Co. providing coverage to their SEC Financial Reporting team facilitating the preparation and review of their financial statements and provided U.S. GAAP interpretation, application and policy development while servicing their Special Situations Group, Merchant Banking Division and Urban Investments Group from 2014 to 2019. From 2011 to 2014, Mr. McGee was an auditor at Ernst & Young providing assurance services to publicly listed companies. Mr. McGee earned his Bachelor of Science degree in accounting from the John H. Sykes College of Business at the University of Tampa and graduated with honors while earning his Master of Accountancy in Financial Accounting from the Rutgers Business School at the State University of New Jersey. Mr. McGee is a Certified Public Accountant licensed in the state of New York. Item 11. Executi ve Compensation Not applicable. Item 12. Security Ownership of Certain Beneficial Ow ners and Management and Related Stockholder Matters Securities Authorized for Issuance under Equity Compensation Plans and Related Stockholder Matters Not applicable. Security Ownership of Certain Beneficial Owners and Management The Fund does not have any directors, officers or employees. The following table sets forth certain information with respect to the beneficial ownership of the Shares for (i) each person that, to the Manager’s knowledge based on the records of the Transfer Agent and other ownership information provided to the Manager, owns beneficially a significant portion of the Shares; (ii) each director and executive officer of the Manager individually; and (iii) all directors and executive officers of the Manager as a group. The number of Shares beneficially owned and percentages of beneficial ownership set forth below are based on the number of Shares outstanding as of September 2, 2025. 126 In accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities. Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percentage of Beneficial Ownership Significant Shareholders: Digital Currency Group, Inc. (1)(2)(3) 1,032,073 6.50 % Directors & Executive Officers of the Manager: (4) Barry Silbert (5) * * % Mark Shifke * * % Matthew Kummell * * % Peter Mintzberg * * % Edward McGee * * % Directors & executive officers of the Manager as a group * * % (1) Includes 32,414 Shares held by Digital Currency Group, Inc. 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 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 ETF (NYSE Arca: ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG), and Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM). Subsequently, DCG authorized such purchase. 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 2, 2025, DCG did not purchase any Shares of the Fund under this authorization. (3) Barry E. 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. Mr. 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 Sponsors, LLC, 290 Harbor Drive, 4 th Floor, Stamford, Connecticut 06902. Item 13. Certain Relationships and Relate d Transactions and Director Independence General The Manager has not established formal procedures to resolve all potential conflicts of interest. Consequently, shareholders may be dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Manager attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Manager to ensure that these conflicts do not, in fact, result in adverse consequences to the Fund. The Manager presently intends to assert that shareholders have, by subscribing for Shares of the Fund, consented to the following conflicts of interest in the event of any proceeding alleging that such conflicts violated any duty owed by the Manager to investors. Digital Currency Group, Inc. Digital Currency Group, Inc. 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. has investments in a large number of digital assets and companies involved in the digital asset ecosystem, including trading platforms and custodians. 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 127 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 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. Additionally, the professional staff of the Manager also services other affiliates of the Manager, including several other digital asset investment vehicles, and their respective clients. Although the Manager and its professional staff cannot and will not devote all of its or their respective time or resources to the management of the affairs of the Fund, the Manager intends to devote, and to cause its professional staff to devote, sufficient time and resources to manage properly the affairs of the Fund consistent with its or their respective fiduciary duties to the Fund and others. The Manager and Grayscale Securities are affiliates of each other, and the Manager may engage other affiliated service providers in the future. Because of the Manager’s affiliated status, it may be disincentivized from replacing affiliated service providers. In connection with this conflict of interest, shareholders should understand that affiliated service providers will receive fees for providing services to the Fund. Clients of the affiliated service providers may pay commissions at negotiated rates which are greater or less than the rate paid by the Fund. 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 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. The Manager will, however, not retain any affiliated service providers for the Fund which the Manager has reason to believe would knowingly or deliberately favor any other client over the Fund. The Authorized Participant 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. 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). Lastly, several employees of the Manager and Digital Currency Group, Inc. are FINRA-registered representatives who maintain their licenses through Grayscale Securities. Proprietary Trading/Other Clients Because the officers of the Manager may trade digital assets for their own personal trading accounts (subject to certain internal trading policies and procedures) at the same time as they are managing the account of the Fund, the activities of the officers of the Manager, subject to their fiduciary duties, may, from time-to-time, result in their taking positions in their personal trading accounts which are opposite of the positions taken for the Fund. Records of the Manager’s officers’ personal trading accounts will not be available for inspection by shareholders. Item 14. Principal Accou ntant Fees and Services 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, 2025 2024 Audit fees $ 193,440 $ 160,125 Total $ 193,440 $ 160,125 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. 128 Pre-Approved Policies and Procedures The Fund has no board of directors, and as a result, has no audit committee or pre-approval policy with respect to fees paid to its principal accounting firm. 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. 129 PART IV Item 15. Exhibits and Fina ncial Statements Schedules 1. Financial Statements See Index to Financial Statements on Page F-1 for a list of the financial statements being filed herein. 2. Financial Statement Schedules Schedules have been omitted since they are either not required, not applicable, or the information has otherwise been included. 3. Exhibits Exhibit Number Exhibit Description 4.1 Second Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 4.1 of the Registration Statement on Form 10 filed by the Registrant on May 13, 2021). 4.2 Amendment No. 1 to the Second Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 4.2 of the Registration Statement on Form 10 filed by the Registrant on May 13, 2021). 4.3 Amendment No. 2 to the Second Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 4.3 of the current report on Form 8-K filed by the Registrant on July 30, 2021). 4.4 Amendment No. 3 to the Second Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by the Registrant on March 25, 2024). 4.5 Participant Agreement, dated October 3, 2022, between the Manager and Grayscale Securities, LLC (incorporated by reference to Exhibit 4.1 of the current report on Form 8-K filed by the Registrant on October 3, 2022). 4.6 Description of Registrant’s Securities (incorporated by reference to Exhibit 4.6 of the Annual Report on Form 10-K filed by the Registrant on September 27, 2021). 10.1† 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). 10.2 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). 10.3 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). 10.4 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. 10.5 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). 10.6† 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). 10.7† 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). 10.8 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. 10.9 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). 130 10.10 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). 10.11 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). 10.12 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). 31.1* Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2* Certification by Principal Financial and Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1* Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2* Certification by Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101.INS* Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents. 104 Cover Page Interactive Data File—The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. * Filed herewith. † Portions of this exhibit (indicated by asterisks) have been omitted as the Registrant has determined that (i) the omitted information is not material and (ii) the omitted information is of the type that the Registrant treats as private or confidential. Item 16. Form 10-K Summary Not applicable. 131 Glossary of D efined Terms “ Actual Exchange Rate ”—With respect to any particular asset, at any time, the price per single unit of such asset (determined net of any associated fees) at which the Fund is able to sell such asset for U.S. dollars (or other applicable fiat currency) at such time to enable the Fund to timely pay any Additional Fund Expenses, through use of the Manager’s commercially reasonable efforts to obtain the highest such price. “ Additional Fund Expenses ”—Together, any expenses incurred by the Fund in addition to the Manager’s Fee that are not Manager-paid Expenses, including, but not limited to, (i) taxes and governmental charges, (ii) 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), (iii) any indemnification of the Custodian or other agents, service providers or counterparties of the Fund, (iv) 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 (v) extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters. “ Administrator Fee ”—The fee payable to any administrator of the Fund for services it provides to the Fund, which the Manager will pay such administrator as a Manager-paid Expense. “ AEOI Regulations ”—Cayman Islands regulations have been issued to give effect to the Automatic Exchange of Information, which consists of the U.S. IGA and the CRS. “ 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. “ 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. Each Authorized Participant (i) is a registered broker-dealer, (ii) has entered into a Participant Agreement with the Manager and (iii) owns a digital wallet address that is known to the Custodian as belonging to the Authorized Participant or a Liquidity Provider. “ Avalanche ” or “ AVAX ”—A type of digital asset based on an open-source cryptographic protocol existing on the Avalanche network. “ Basket ”—A block of 100 Shares. “ 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. “ Bitcoin Cash ” or “ BCH ”—A type of digital asset based on an open-source cryptographic protocol existing on the Bitcoin Cash network. “ Blockchain ” or “ blockchain ”—The public transaction ledger of a Digital Asset Network on which miners or validators solve algorithmic equations allowing them to add records of recent transactions (called “blocks”) to the chain of transactions in exchange for an award of digital assets from a Digital Asset Network and the payment of transaction fees, if any, from users whose transactions are recorded in the block being added. “ Cardano ” or “ ADA ”—A type of digital asset based on an open-source cryptographic protocol existing on the Cardano network. “ Cash Account ”—Any bank account of the Fund in which the Fund holds any portion of its U.S. dollars. 132 “ Cash Portion ”—For any trade date, the amount of U.S. dollars determined by dividing (x) the amount of U.S. dollars or other fiat currency (as converted into U.S. 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. “ CFTC ”—The U.S. Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States. “ 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 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. “ Custodial Services ”—The Custodian’s services that (i) allow digital assets to be deposited from a public blockchain address to the Fund’s Digital Asset Accounts and (ii) allow the Fund and the Manager to withdraw digital assets from the Fund’s Digital Asset Accounts to a public blockchain address the Fund or the Manager controls pursuant to instructions the Fund or Manager provides to the Custodian. “ Custodian ”—Coinbase Custody Trust Company, LLC. “ Custodian Agreement ”—The Amended and Restated Custodial Services Agreement, dated as of June 29, 2022, by and between the Fund, Manager and Custodian that governs the Fund’s and Manager’s use of the Custodial Services provided by the Custodian as a fiduciary with respect to the Fund’s assets. “ 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. “ DCG ”—Digital Currency Group, Inc. “ Digital Asset Account ”—Each segregated custody account controlled and secured by the Custodian to store private keys of the Fund, which allow for the transfer of ownership or control of the Fund’s digital assets on the Fund’s behalf. 133 “ Digital Asset Market ”—A “Brokered Market,” “Dealer Market,” “Principal-to-Principal Market” or “Exchange Market” (referred to as “Trading Platform Market” in this Annual Report), as each such term is defined in the Financial Accounting Standards Board Accounting Standards Codification Master Glossary. “ Digital Asset Network ”—The online, end-user-to-end-user network hosting a public transaction ledger, known as a Blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing such Digital Asset Network. See “Item 1. Business—Overview of the Digital Asset Industry and Market.” “ Digital Asset Reference Rate ”—With respect to any Fund Component (and, if possible, each Forked Asset) as of any business day, the price in U.S. dollars of such Fund Component (and, if possible, each Forked Asset), as determined by reference to the Index Price or an Indicative Price (or prior to July 1, 2022, an Old Indicative Price) reported by CoinDesk Indices, Inc. for such Fund Component (and, if possible, each Forked Asset) as of 4:00 p.m., New York time, on any business day. “ Digital Asset Trading Platform ”—An electronic marketplace where trading platform participants may trade, buy and sell digital assets based on bid-ask trading. The largest Digital Asset Trading Platforms are online and typically trade on a 24-hour basis, publishing transaction price and volume data. “ Digital Asset Trading Platform Market ”—The global trading platform market for the trading of digital assets, which consists of transactions on electronic Digital Asset Trading Platforms. “ 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 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. DTC is a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC. DTC will act as the securities depository for the Shares. “ Ether ”—Ethereum tokens, which are a type of digital asset based on an open-source cryptographic protocol existing on the Ethereum network. “ Ethereum Classic ” or “ ETC ”—Ethereum Classic tokens, which are a type of digital asset based on an open-source cryptographic protocol existing on the Ethereum Classic network. “ Exchange Act ”—The Securities Exchange Act of 1934, as amended. “ FDIC ”—The Federal Deposit Insurance Corporation. “ FinCEN ”—The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury. 134 “ FINRA ”—The Financial Industry Regulatory Authority, Inc., which is the primary regulator in the United States for broker-dealers, including Authorized Participants. “ Forked Asset ”—Any asset other than cash that is held by the Fund at any time other than a Fund Component, including (i) any right, arising from a fork, airdrop or similar occurrence, to acquire (or otherwise establish dominion and control over) any digital asset or other asset or right and (ii) any digital asset or other asset or right acquired by the Fund through the exercise of a right described in the preceding clause (i), in each case, until such time as the Manager designates such asset as a Fund Component. “ Forked Asset Portion ”—For any Trade Date, the amount of U.S. 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 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. “ Fund Component ”—A digital asset designated as such by the Manager in accordance with the policies and procedures set forth in this Annual Report. “ Fund Component Aggregate Liability Amount ”—For any Fund Component and any trade date, an amount of tokens of such Fund Component equal to the sum of (x) all accrued but unpaid Fund Component Fee Amounts for such Fund Component as of 4:00 p.m., New York time, on such trade date and (y) the Fund Component Expense Amount as of 4:00 p.m., New York time, on such trade date. “ Fund Component Basket Amount ”—As of any trade date, the amount tokens of such Fund Component required to be delivered in connection with each Creation Basket, as determined by dividing the amount of tokens of such Fund Component held by the Fund at 4:00 p.m., New York time, on such trade date, after deducting the applicable Fund Component Aggregate Liability Amount, by the number of Shares outstanding at such time (the quotient so obtained calculated to one one-hundred-millionth (i.e., carried to the eighth decimal place)) and multiplying the quotient so obtained for the Fund Component by 100. “ Fund Component Fee Amount ”—For any day, the amount of tokens of each Fund Component payable as the Manager’s Fee. “ Fund Documents ”—The LLC Agreement and Custodian Agreement, collectively. “ Fund Rebalancing Period ”—Any period during which the Manager reviews for rebalancing the Fund’s portfolio in accordance with the policies and procedures set forth in this Annual Report. For purposes of the Limited Liability Company Agreement, the term Fund Rebalancing Period shall mean the Fund Rebalancing Period as defined herein. “ 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. 135 “ 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. As a result, CoinDesk Indices, Inc. 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 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. Investment Advisers Act of 1940, as amended. “ Investment Company Act ”—U.S. Investment Company Act of 1940, as amended. “ 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. Internal Revenue Service, a bureau of the U.S. Department of the Treasury. “ Layer 1 ”—The underlying blockchain layer on which transactions are executed and confirmed, and on which decentralized applications and smart contracts may be built. “ Layer 2 ” —Protocols built on top of an underlying blockchain layer intended to provide scalability to the underlying blockchain by increasing transaction efficiency. “ Liquidity Provider ”—A service provider that facilitates the purchase of digital assets in connection with the creation of Baskets. “ Litecoin ” or “ LTC ”—Litecoin tokens, which are a type of digital asset based on an open-source cryptographic protocol existing on the Litecoin network. 136 “ LLC Agreement ”—The Second Amended and Restated Limited Liability Company Agreement establishing and governing the operations of the Fund, as amended by Amendments No. 1, No. 2, and No. 3 thereto, and as the same may be amended from time to time. “ LLC Act ”—Limited Liability Companies Act (As Revised) of the Cayman Islands (as amended or any successor statute thereto). “ 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: (i) the Marketing Fee, (ii) the Administrator Fee, (iii) fees for the Custodian and any other security vendor engaged by the Fund (iv) the Transfer Agent Fee, (v) 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, (vi) ordinary course legal fees and expenses, (vii) audit fees, (viii) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act and fees relating to registration and any other regulatory requirements in the Cayman Islands, (ix) printing and mailing costs, (x) costs of maintaining the Fund’s website and (xi) applicable license fees with respect to the Fund. “ Manager’s Fee ”—A fee that accrues daily in U.S. dollars at an annual rate of 2.5% of the Fund’s NAV Fee Basis Amount as of 4:00 p.m., New York time, and will generally be paid in the Fund Components then held by the Fund in proportion to such Fund Components’ respective Weightings. For any day that is not a business day or in a Fund Rebalancing Period, the Manager’s Fee will accrue in U.S. dollars at a rate of 2.5% of the most recently calculated NAV Fee Basis Amount of the Fund. The Manager’s Fee is payable to the Manager monthly in arrears. “ 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. dollars, of the Fund’s assets, less the U.S. dollar value of its liabilities and expenses, a non-GAAP metric, calculated in the manner set forth under “Item 1. 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 U.S. GAAP. Prior to February 7, 2024, NAV was referred to as Digital Asset Holdings. For purposes of the LLC Agreement, the term Digital Asset Holdings shall mean the NAV as defined herein. “ 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 Fee Basis Amount shall mean the NAV Fee Basis Amount as defined herein. “ Old Indicative Price ”—A volume-weighted average price in U.S. dollars for the Fund Component for the immediately preceding 24-hour period derived from data collected from Digital Asset Trading Platforms trading such Fund Component selected by the Reference Rate Provider. “ OTCQX ”—The OTCQX Best Market ® of OTC Markets Group Inc. “ 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. 137 “ 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. “ Pre-Creation Abandonment Notice ”—A notice delivered by the Manager to the Custodian, on behalf of the Fund, stating that the Fund is abandoning irrevocably for no direct or indirect consideration, effective immediately prior to each Creation Time, all Forked Assets to which it would otherwise be entitled as of such time and with respect to which the Fund has not taken any Affirmative Action at or prior to such time. “ Polkadot ” or “ DOT ”—A type of digital asset based on an open-source cryptographic protocol existing on the Polkadot network. “ 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 U.S. GAAP basis. Prior to February 7, 2024, Principal Market NAV was referred to as NAV. “ Reference Rate Provider ”—CoinDesk Indices, Inc., a Delaware corporation that publishes the Digital Asset Reference Rates. Prior to its sale to an unaffiliated third party on November 20, 2023, DCG was the indirect parent company of CoinDesk Indices, Inc. As a result, CoinDesk Indices, Inc. was an affiliate of the Manager and the Fund and was considered a related party of the Fund. “ Rule 144 ”—Rule 144 under the Securities Act. “ Reorganization ”—The internal corporate reorganization of GSI consummated on January 1, 2025. “ SEC ”—The U.S. Securities and Exchange Commission. “ Secondary Market ”—Any marketplace or other alternative trading system, as determined by the Manager, on which the Shares may then be listed, quoted or traded, including but not limited to, the OTCQX Best Market of OTC Markets Group Inc. “ Securities Act ”—The Securities Act of 1933, as amended. “ Securities Exchange Act ” or “ Exchange Act ”—The Securities Exchange Act of 1934, as amended. “ 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 “ Solana ” or “ SOL ”—A type of digital asset based on an open-source cryptographic protocol existing on the Solana network. “ Staking ”—Means (i) using, or permitting to be used, in any manner, directly or indirectly, through an agent or otherwise (including, for the avoidance of doubt, through a delegation of rights to any third party with respect to any portion of the Fund Property, by making any portion of the Fund Property available to any third party or by entering into any similar arrangement with a third party), any portion of the Fund Property in a PoS validation protocol and (ii) accepting any Staking Consideration. For the avoidance of doubt, staking activities do not include the mere act of transferring units of virtual currency on a peer-to-peer virtual currency network that utilizes a PoS validation protocol. “ Staking Consideration ”—Any consideration of any kind whatsoever, including, but not limited to, any staking reward paid in fiat currency or paid in kind, in exchange for using, or permitting to be used, any portion of the Fund Property as described in clause (i) of the definition of “Staking.” 138 “ 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. “ Transfer Agency and Service Agreement ”—The agreement between the Manager and the Transfer Agent which sets forth the obligations and responsibilities of the Transfer Agent with respect to transfer agency services and related matters. “ Transfer Agent ”—Continental Stock Transfer & Trust Company, a Delaware corporation. “ Transfer Agent Fee ”—Fee payable to the Transfer Agent for services it provides to the Fund, which the Manager will pay to the Transfer Agent as a Manager-paid Expense. “ 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. “ U.S. ”—United States. “ U.S. dollar ,” “ USD ” or “ $ ”—United States dollar or dollars. “U.S. GAAP ”—United States generally accepted accounting principles. “ Weighting ”—For any Fund Component, the percentage of the total U.S. dollar value of the aggregate Fund Components at any time that is represented by tokens of such Fund Component. “ XRP ”—XRP tokens, which are a type of digital asset based on a cryptographic protocol existing on the Ripple network. 139 SIGNATURES 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 Sponsors, LLC as Manager of Grayscale Digital Large Cap Fund LLC By: /s/ Peter Mintzberg Name: Peter Mintzberg Title: Member of the Board of Directors and Chief Executive Officer (Principal Executive Officer)* By: /s/ Edward McGee Name: Edward McGee Title: Member of the Board of Directors and Chief Financial Officer (Principal Financial and Accounting Officer)* By: /s/ Barry Silbert Name: Barry Silbert Title: Chairman of the Board of Directors Director* By: /s/ Mark Shifke Name: Mark Shifke Title: Member of the Board of Directors Director* By: /s/ Matthew Kummell Name: Matthew Kummell Title: Member of the Board of Directors Director* Date: September 5, 2025 * 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. 140 INDEX TO FINANCIAL STATEMENTS Page Grayscale Digital Large Cap Fund LLC Annual Financial Statements Reports of Independent Registered Public Accounting Firms (KPMG LLP, PCAOB ID 185 ; Marcum LLP, PCAOB ID 688 ) F- 2 Statements of Assets and Liabilities at June 30, 2025 and 2024 F- 4 Schedules of Investments at June 30, 2025 and 2024 F- 5 Statements of Operations for the Years ended June 30, 2025, 2024 and 2023 F- 6 Statements of Changes in Net Assets for the Years ended June 30, 2025, 2024 and 2023 F- 7 Notes to Financial Statements F- 8 F- 1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Manager of Grayscale Digital Large Cap Fund LLC Opinion on the Financial Statements 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 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. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ KPMG LLP We have served as the Fund’s auditor since 2024. New York, New York September 5, 2025 F- 2 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Manager of Grayscale Digital Large Cap Fund LLC Opinion on the Financial Statements 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, Grayscale Investments, LLC. Our responsibility is to express an opinion on the Fund’s 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. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. 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 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 F- 3 GRAYSCALE DIGITAL LARGE CAP FUND LLC STATEMENTS OF ASSET S AND LIABILITIES (Amounts in thousands, except Share and per Share amounts) June 30, 2025 2024 Assets: Investments in digital assets, at fair value (cost $ 128,652 and $ 122,519 as of June 30, 2025 and 2024, respectively) $ 777,222 $ 526,956 Total assets $ 777,222 $ 526,956 Liabilities: Manager's Fee payable, related party $ - $ - Total liabilities - - Net assets $ 777,222 $ 526,956 Shares issued and outstanding, no par value (unlimited Shares authorized) 15,867,400 15,867,400 Principal Market NAV per Share $ 48.98 $ 33.21 See accompanying notes to financial statements. F- 4 GRAYSCALE DIGITAL LARGE CAP FUND LLC SCHEDULES OF INVESTMENTS ( Amounts in thousands, except quantity of each Fund Component and percentages) June 30, 2025 Quantity Cost Fair Value % of Net Assets Investment in Bitcoin 5,757.74321433 $ 70,994 $ 620,419 79.83 % Investment in Ether 35,007.73089383 17,524 88,088 11.33 % Investment in XRP 16,870,769.902426 10,165 39,140 5.04 % Investment in SOL 148,399.95605973 18,288 23,417 3.01 % Investment in ADA 10,440,402.251514 11,681 6,158 0.79 % Total Investments $ 128,652 $ 777,222 100.00 % Net assets $ 777,222 100.00 % June 30, 2024 Quantity Cost Fair Value % of Net Assets Investment in Bitcoin 5,990.49484890 $ 73,864 $ 370,987 70.41 % Investment in Ether 36,577.59452337 18,310 125,205 23.76 % Investment in SOL 135,348.78720949 16,294 19,574 3.71 % Investment in XRP 16,719,307.919340 9,764 7,917 1.50 % Investment in AVAX 114,955.66479380 4,287 3,273 0.62 % Total Investments $ 122,519 $ 526,956 100.00 % Net assets $ 526,956 100.00 % See accompanying notes to financial statements. F- 5 GRAYSCALE DIGITAL LARGE CAP FUND LLC STATEMENTS OF OPERATIONS ( Amounts in thousands) Years Ended June 30, 2025 2024 2023 Investment income: Investment income $ - $ - $ - Expenses: Manager's Fee, related party 16,133 9,872 5,373 Net investment loss ( 16,133 ) ( 9,872 ) ( 5,373 ) Net realized and unrealized gain from: Net realized gain (loss) on investments in digital assets 22,266 7,503 ( 18,714 ) Net change in unrealized appreciation on investments in digital assets 244,133 256,693 122,867 Net realized and unrealized gain on investments 266,399 264,196 104,153 Net increase in net assets resulting from operations $ 250,266 $ 254,324 $ 98,780 See accompanying notes to financial statements. F- 6 GRAYSCALE DIGITAL LARGE CAP FUND LLC STATEMENTS OF CHANG ES IN NET ASSETS ( Amounts in thousands, except change in Shares outstanding) Years Ended June 30, 2025 2024 2023 Increase in net assets from operations: Net investment loss $ ( 16,133 ) $ ( 9,872 ) $ ( 5,373 ) Net realized gain (loss) on investments in digital assets 22,266 7,503 ( 18,714 ) Net change in unrealized appreciation on investments in digital assets 244,133 256,693 122,867 Net increase in net assets resulting from operations 250,266 254,324 98,780 Increase in net assets from capital share transactions: Shares issued - - - Net increase in net assets resulting from capital share transactions - - - Total increase in net assets from operations and capital share transactions 250,266 254,324 98,780 Net assets: Beginning of year 526,956 272,632 173,852 End of year $ 777,222 $ 526,956 $ 272,632 Change in Shares outstanding: Shares outstanding at beginning of year 15,867,400 15,867,400 15,867,400 Shares issued - - - Net increase in Shares - - - Shares outstanding at end of year 15,867,400 15,867,400 15,867,400 See accompanying notes to financial statements. F- 7 GRAYSCALE DIGITAL LARGE CAP FUND LLC NOTES TO THE FINA NCIAL STATEMENTS 1. Organization Grayscale Digital Large Cap Fund LLC (the “Fund”) was constituted as a Cayman Islands limited liability company on January 25, 2018 (the inception of the Fund) and commenced operations on February 1, 2018. In general, the Fund will hold digital assets. 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). 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: Bitcoin, Ethereum (“Ether”), XRP, Bitcoin Cash (“BCH”) and Litecoin (“LTC”). As of June 30, 2025 , the digital assets included in the Fund’s portfolio were: 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. 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 (“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. (“DCG”). The Manager is responsible for the day-to-day administration of the Fund pursuant to the provisions of the LLC Agreement. 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 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. See Note 12. Subsequent Events for more information. The custodian of the Fund is Coinbase Custody Trust Company, LLC (the “Custodian”), a third-party service provider. The Custodian is responsible for safeguarding the Fund Components and Forked Assets held by the Fund, and holding the private key(s) that provide access to the Fund’s digital wallets and vaults. F- 8 The transfer agent for the Fund (the “Transfer Agent”) is Continental Stock Transfer & Trust Company. 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. The Fund’s trading symbol on OTCQX is “GDLC” and the CUSIP number for its Shares is G40705108. The Fund’s previous trading symbol was “GDLCF” on OTCQX and was changed to “GDLC” on April 14, 2020. On July 21, 2020, the Fund registered with the Cayman Islands Monetary Authority (the “Authority”) (reference number: 1688783). 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”). 2. 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 (“U.S. GAAP”). 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 . The Fund uses fair value as its method of accounting for digital assets in accordance with its classification as an investment company for accounting purposes. The Fund is not a registered investment company under the Investment Company Act of 1940. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates and these differences could be material. 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. 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 Topic 820-10, Fair Value Measurement , which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for each Fund Component in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that each Fund Component is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Fund only receives Fund Components in connection with a creation order from the Authorized Participant (or a Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Fund looks to market-based volume and level of activity for Digital Asset Markets. The Authorized Participant(s), or a Liquidity Provider, may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets (referred to as “Trading Platform Markets” in this Annual Report), each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”). In determining which of the eligible Digital Asset Markets is the Fund’s principal market, the Fund reviews these criteria in the following order: First, the Fund reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Trading Platform Markets that the Fund reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market. Second, the Fund sorts these Digital Asset Markets from high to low by market-based volume and level of activity of each Fund Component traded on each Digital Asset Market in the trailing twelve months. Third, the Fund then reviews pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. Fourth, the Fund then selects a Digital Asset Market as its principal market 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, F- 9 Trading Platform Markets have the greatest volume and level of activity for the Fund Components. The Fund therefore looks to accessible Trading Platform Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market for each Fund Component. As a result of the aforementioned analysis, a Trading Platform Market has been selected as the Fund’s principal market for each Fund Component. The Fund determines its principal market (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 by the Fund in connection with a creation order is recorded by the Fund at the fair value of such Fund Component at 4:00 p.m., New York time, on the creation date for financial reporting purposes. The cost basis recorded by the Fund may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors. Investment 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, 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. The Fund records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Manager’s Fee and selling Fund Component(s) when the Manager rebalances the Fund’s portfolio. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the ‘exit price’) in an orderly transaction between market participants at the measurement date. U.S. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: • Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. • Level 2—Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Fund. F- 10 Fair Value Measurement Using (Amounts in thousands) Amount at Fair Value Level 1 Level 2 Level 3 June 30, 2025 Assets Investment in Bitcoin $ 620,419 $ 620,419 $ - $ - Investment in Ether $ 88,088 $ 88,088 $ - $ - Investment in XRP $ 39,140 $ 39,140 $ - $ - Investment in SOL $ 23,417 $ 23,417 $ - $ - Investment in ADA $ 6,158 $ 6,158 $ - $ - $ 777,222 $ 777,222 $ - $ - June 30, 2024 Assets Investment in Bitcoin $ 370,987 $ 370,987 $ - $ - Investment in Ether $ 125,205 $ 125,205 $ - $ - Investment in SOL $ 19,574 $ 19,574 $ - $ - Investment in XRP $ 7,917 $ 7,917 $ - $ - Investment in AVAX $ 3,273 $ 3,273 $ - $ - $ 526,956 $ 526,956 $ - $ - 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): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 is intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period. ASU 2023-08 is effective for annual and interim reporting periods beginning after December 15, 2024. Early adoption is permitted for both interim and annual financial statements that have not yet been issued. 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. F- 11 3. Fair Value of Investments in Digital Assets The Fund Components are held by the Custodian on behalf of the Fund and are carried at fair value. The following table represents the fair value of each Fund Component using the price provided at 4:00 p.m., New York time, by the relevant Digital Asset Trading Platform Market considered to be its principal market, as determined by the Fund: June 30, Fund Component Principal Market 2025 2024 2023 Bitcoin Crypto.com $ 107,753.95 $ 61,929.29 $ 30,361.94 Ether Crypto.com $ 2,516.23 $ 3,423.00 $ 1,925.83 XRP (1)(2) Coinbase $ 2.32 $ 0.47 N/A SOL (2) Coinbase $ 157.80 $ 144.62 $ 19.09 ADA (2)(3)(4) Coinbase $ 0.59 N/A $ 0.29 AVAX (1)(4)(5) Coinbase N/A $ 28.47 N/A MATIC (1) Coinbase N/A N/A $ 0.66 (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. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing. (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. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing. (3) Effective April 2, 2024, the Manager removed ADA from the Fund’s portfolio and used the cash proceeds to purchase the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing. (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. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing. (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. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing. The following represents the changes in quantity of each Fund Component and their respective fair values: (Amounts in thousands, except Bitcoin amounts) Quantity Fair Value Bitcoin balance at June 30, 2022 6,231.43654040 $ 117,743 Bitcoin contributed - - Net Bitcoin contributed from portfolio rebalancing 157.11106568 3,049 Bitcoin distributed for Manager's Fee, related party ( 157.56894422 ) ( 3,549 ) Net change in unrealized appreciation on investment in Bitcoin - 69,386 Net realized gain on investment in Bitcoin - 2,556 Bitcoin balance at June 30, 2023 6,230.97866186 $ 189,185 Bitcoin contributed - - Net Bitcoin distributed from portfolio rebalancing ( 87.42054382 ) ( 2,751 ) Bitcoin distributed for Manager's Fee, related party ( 153.06326914 ) ( 6,964 ) Net change in unrealized appreciation on investment in Bitcoin - 180,523 Net realized gain on investment in Bitcoin - 10,994 Bitcoin balance at June 30, 2024 5,990.49484890 $ 370,987 Bitcoin contributed - - Net Bitcoin distributed from portfolio rebalancing ( 86.13516106 ) ( 7,792 ) Bitcoin distributed for Manager's Fee, related party ( 146.61647351 ) ( 12,294 ) Net change in unrealized appreciation on investment in Bitcoin - 252,302 Net realized gain on investment in Bitcoin - 17,216 Bitcoin balance at June 30, 2025 5,757.74321433 $ 620,419 F- 12 (Amounts in thousands, except Ether amounts) Quantity Fair Value Ether balance at June 30, 2022 39,359.77040671 $ 40,136 Ether contributed - - Net Ether contributed from portfolio rebalancing 1,087.50823575 1,095 Ether distributed for Manager's Fee, related party ( 1,002.14597330 ) ( 1,568 ) Net change in unrealized appreciation on investment in Ether - 34,695 Net realized gain on investment in Ether - 1,606 Ether balance at June 30, 2023 39,445.13266916 $ 75,964 Ether contributed - - Net Ether distributed from portfolio rebalancing ( 1,925.59571086 ) ( 3,779 ) Ether distributed for Manager's Fee, related party ( 941.94243493 ) ( 2,337 ) Net change in unrealized appreciation on investment in Ether - 50,085 Net realized gain on investment in Ether - 5,272 Ether balance at June 30, 2024 36,577.59452337 $ 125,205 Ether contributed - - Net Ether distributed from portfolio rebalancing ( 677.32474886 ) ( 2,176 ) Ether distributed for Manager's Fee, related party ( 892.53888068 ) ( 2,404 ) Net change in unrealized appreciation on investment in Ether - ( 36,331 ) Net realized gain on investment in Ether - 3,794 Ether balance at June 30, 2025 35,007.73089383 $ 88,088 (Amounts in thousands, except SOL amounts) Quantity Fair Value SOL balance at June 30, 2022 111,216.13265694 $ 3,557 SOL contributed - - Net SOL contributed from portfolio rebalancing 15,665.43529877 384 SOL distributed for Manager's Fee, related party ( 2,965.67266480 ) ( 73 ) Net change in unrealized depreciation on investment in SOL - ( 1,186 ) Net realized loss on investment in SOL - ( 316 ) SOL balance at June 30, 2023 123,915.89529091 $ 2,366 SOL contributed - - Net SOL contributed from portfolio rebalancing 14,724.90144955 1,274 SOL distributed for Manager's Fee, related party ( 3,292.00953097 ) ( 292 ) Net change in unrealized appreciation on investment in SOL - 16,330 Net realized loss on investment in SOL - ( 104 ) SOL balance at June 30, 2024 135,348.78720949 $ 19,574 SOL contributed - - Net SOL contributed from portfolio rebalancing 16,607.55009890 2,425 SOL distributed for Manager's Fee, related party ( 3,556.38124866 ) ( 597 ) Net change in unrealized appreciation on investment in SOL - 1,849 Net realized gain on investment in SOL - 166 SOL balance at June 30, 2025 148,399.95605973 $ 23,417 F- 13 (Amounts in thousands, except XRP amounts) Quantity Fair Value XRP balance at June 30, 2023 - $ - XRP contributed - - Net XRP contributed from portfolio rebalancing 16,922,626.498281 9,882 XRP distributed for Manager's Fee, related party ( 203,318.578941 ) ( 111 ) Net change in unrealized depreciation on investment in XRP - ( 1,847 ) Net realized loss on investment in XRP - ( 7 ) XRP balance at June 30, 2024 16,719,307.919340 $ 7,917 XRP contributed - - Net XRP contributed from portfolio rebalancing 573,017.276190 648 XRP distributed for Manager's Fee, related party ( 421,555.293104 ) ( 695 ) Net change in unrealized appreciation on investment in XRP - 30,822 Net realized gain on investment in XRP - 448 XRP balance at June 30, 2025 16,870,769.902426 $ 39,140 (Amounts in thousands, except ADA amounts) Quantity Fair Value ADA balance at June 30, 2022 10,916,582.900254 $ 4,803 ADA contributed - - Net ADA contributed from portfolio rebalancing 559,615.581934 231 ADA distributed for Manager's Fee, related party ( 281,295.930913 ) ( 108 ) Net change in unrealized depreciation on investment in ADA - ( 1,401 ) Net realized loss on investment in ADA - ( 330 ) ADA balance at June 30, 2023 11,194,902.551275 $ 3,195 ADA contributed - - Net ADA distributed from portfolio rebalancing ( 10,984,888.769029 ) ( 6,478 ) ADA distributed for Manager's Fee, related party ( 210,013.782246 ) ( 89 ) Net change in unrealized appreciation on investment in ADA - 12,051 Net realized loss on investment in ADA - ( 8,679 ) ADA balance at June 30, 2024 - $ - ADA contributed - - Net ADA distributed from portfolio rebalancing 10,568,299.628398 11,727 ADA distributed for Manager's Fee, related party ( 127,897.376884 ) ( 96 ) Net change in unrealized depreciation on investment in ADA - ( 5,523 ) Net realized gain on investment in ADA - 50 ADA balance at June 30, 2025 10,440,402.251514 $ 6,158 (Amounts in thousands, except MATIC amounts) Quantity Fair Value MATIC balance at June 30, 2022 - $ - MATIC contributed - - Net MATIC contributed from portfolio rebalancing 2,979,195.20726440 2,524 MATIC distributed for Manager’s Fee, related party ( 53,165.59406116 ) ( 51 ) Net change in unrealized depreciation on investment in MATIC - ( 565 ) Net realized gain on investment in MATIC - 14 MATIC balance at June 30, 2023 2,926,029.61320324 $ 1,922 MATIC contributed - - Net MATIC distributed from portfolio rebalancing ( 2,887,850.26244458 ) ( 2,486 ) MATIC distributed for Manager’s Fee, related party ( 38,179.35075866 ) ( 26 ) Net change in unrealized appreciation on investment in MATIC - 565 Net realized gain on investment in MATIC - 25 MATIC balance at June 30, 2024 - $ - F- 14 (Amounts in thousands, except DOT amounts) Quantity Fair Value DOT balance at June 30, 2022 328,187.49357863 $ 2,235 DOT contributed - - Net DOT distributed from portfolio rebalancing ( 328,052.64509826 ) ( 2,247 ) DOT distributed for Manager's Fee, related party ( 134.84848037 ) ( 1 ) Net change in unrealized appreciation on investment in DOT - 5,103 Net realized loss on investment in DOT - ( 5,090 ) DOT balance at June 30, 2023 - $ - (Amounts in thousands, except AVAX amounts) Quantity Fair Value AVAX balance at June 30, 2022 88,973.97836461 $ 1,445 AVAX contributed - - Net AVAX distributed from portfolio rebalancing ( 87,745.50702693 ) ( 974 ) AVAX distributed for Manager's Fee, related party ( 1,228.47133768 ) ( 21 ) Net change in unrealized appreciation on investment in AVAX - 6,936 Net realized loss on investment in AVAX - ( 7,386 ) AVAX balance at June 30, 2023 - $ - AVAX contributed - - Net AVAX contributed from portfolio rebalancing 116,340.93500452 4,338 AVAX distributed for Manager's Fee, related party ( 1,385.27021072 ) ( 53 ) Net change in unrealized depreciation on investment in AVAX - ( 1,014 ) Net realized gain on investment in AVAX - 2 AVAX balance at June 30, 2024 114,955.66479380 $ 3,273 AVAX contributed - - Net AVAX distributed from portfolio rebalancing ( 113,418.90243682 ) ( 4,832 ) AVAX distributed for Manager's Fee, related party ( 1,536.76235698 ) ( 47 ) Net change in unrealized depreciation on investment in AVAX - 1,014 Net realized gain on investment in AVAX - 592 AVAX balance at June 30, 2025 - $ - (Amounts in thousands, except LTC amounts) Quantity Fair Value LTC balance at June 30, 2022 23,725.08718334 $ 1,220 LTC contributed - - Net LTC distributed from portfolio rebalancing ( 23,715.33881688 ) ( 1,177 ) LTC distributed for Manager's Fee, related party ( 9.74836646 ) ( 1 ) Net change in unrealized appreciation on investment in LTC - 574 Net realized loss on investment in LTC - ( 616 ) LTC balance at June 30, 2023 - $ - (Amounts in thousands, except UNI amounts) Quantity Fair Value UNI balance at June 30, 2022 232,687.02308212 $ 1,122 UNI contributed - - Net UNI distributed from portfolio rebalancing ( 232,591.41465073 ) ( 1,236 ) UNI distributed for Manager's Fee, related party ( 95.60843139 ) - Net change in unrealized appreciation on investment in UNI - 3,937 Net realized loss on investment in UNI - ( 3,823 ) UNI balance at June 30, 2023 - $ - F- 15 (Amounts in thousands, except LINK amounts) Quantity Fair Value LINK balance at June 30, 2022 158,987.59087114 $ 960 LINK contributed - - Net LINK distributed from portfolio rebalancing ( 158,922.26469191 ) ( 989 ) LINK distributed for Manager's Fee, related party ( 65.32617923 ) ( 1 ) Net change in unrealized appreciation on investment in LINK - 3,726 Net realized loss on investment in LINK - ( 3,696 ) LINK balance at June 30, 2023 - $ - (Amounts in thousands, except BCH amounts) Quantity Fair Value BCH balance at June 30, 2022 6,314.20828653 $ 631 BCH contributed - - Net BCH distributed from portfolio rebalancing ( 6,311.61385070 ) ( 660 ) BCH distributed for Manager's Fee, related party ( 2.59443583 ) - Net change in unrealized appreciation on investment in BCH - 1,662 Net realized loss on investment in BCH - ( 1,633 ) BCH balance at June 30, 2023 - $ - 4. 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. Effective June 5, 2025, the Index Provider changed the DLCS to the CD5. 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. 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 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 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. 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 F- 16 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 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. On October 4, 2022, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, ADA, SOL, MATIC and AVAX met the inclusion criteria of the DLCS Index. 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 Fund Weightings and using the cash proceeds to purchase SOL, AVAX and MATIC. As a result, MATIC was added to the Fund. No tokens were removed from the Fund. On October 5, 2022, following the rebalancing, the Fund recognized a realized gain of $ 1,133,040 in connection with the sale of 98.97782869 Bitcoin, 363.52443217 Ether and 54,505.66521500 ADA, to purchase 1,776.60193605 SOL, and 3,070.74446103 AVAX and 2,879,708.35424883 MATIC. On January 4, 2023, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, ADA, SOL and MATIC met the inclusion criteria of the DLCS Index, but AVAX did not. 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 Fund Weightings following the rebalancing. As a result of the rebalancing, AVAX was removed from the Fund. On January 5, 2023, following the rebalancing, the Fund recognized a realized loss of $ 7,304,129 in connection with the sale of 96,557.16902347 AVAX to purchase 53.65562532 Bitcoin, 108.99277511 Ether, 133,890.68719500 ADA, 4,362.39069485 SOL, and 143.42553998 MATIC. On April 4, 2023, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, ADA, SOL and MATIC met the inclusion criteria of the DLCS Index. 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 Fund Weightings. No new tokens were added to or removed from the Fund. On April 5, 2023, following the rebalancing, the Fund recognized a realized gain of $ 227,762 in connection with the sale of 165.79100190 Ether to purchase 2.5976090 Bitcoin, 28,762.28047849 ADA, 5,273.27942925 SOL, and 99,343.42747559 MATIC. On July 5, 2023, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, ADA, SOL and MATIC met the inclusion criteria of the DLCS Index. 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 Fund Weightings. No new tokens were added to or removed from the Fund. On July 6, 2023, following the rebalancing, the Fund recognized a realized gain of $ 906,943 in connection with the sale of 645.45710183 Ether to purchase 34.54527749 Bitcoin, 81,945.38000000 ADA, 4,934.25000000 SOL, and 80,972.91000000 MATIC. On October 3, 2023, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, ADA, SOL and MATIC met the inclusion criteria of the DLCS Index. 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 Fund Weightings. No new tokens were added to or removed from the Fund. On October 4, 2023, following the rebalancing, the Fund recognized a realized gain of $ 149,939 in connection with the sale of 131.74000000 Ether and 9,814.74000000 MATIC to purchase 4.60330000 Bitcoin, 19,528.13080000 ADA, and 3,893.97900000 SOL. On January 3, 2024, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, ADA, SOL, AVAX and XRP met the inclusion criteria of the DLCS Index. 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 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. On January 4, 2024, following the rebalancing, the Fund recognized a realized gain of $ 7,968,963 in connection with the sale of 189.52612820 Bitcoin, 1,345.61184068 Ether, 318,034.15333200 ADA, and 2,959,008.43244458 MATIC to purchase 111.26066974 SOL, 16,538,863.15409700 XRP, and, 111,647.44818623 AVAX. On April 2, 2024, the Index Provider completed the quarterly rebalancing of the DLCS and determined that Bitcoin, Ether, SOL, AVAX and XRP met the inclusion criteria of the DLCS Index. On April 2, 2024, following the rebalancing of the Index, the Manager completed F- 17 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. 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. 5. Creations and Redemptions of Shares At June 30, 2025 and 2024, there were an unlimited number of Shares authorized by the Fund. The Fund creates (and, should the Fund commence a redemption program, redeems) Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets on behalf of investors are made by the Authorized Participant in exchange for the delivery of tokens of each Fund Component to the Fund, or the distribution of tokens of each Fund Component by the Fund, plus cash representing the Forked Asset Portion, if any, and the U.S. Dollar portion, if any. 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. The cost basis recorded by the Fund may differ from proceeds collected by the Authorized Participant from the sale of each Share to investors. The Authorized Participant or Liquidity Provider may realize significant profits buying, selling, creating, and, if permitted, redeeming Shares as a result of changes in the value of Shares or each Fund Component. In addition, the Authorized Participant or Liquidity Provider may realize significant profits through the sale of digital assets during a Fund Rebalancing Period. F- 18 At this time, the Fund is not operating a redemption program and is not accepting redemption requests. 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. Further, the Fund is registered and regulated as a private fund under the Private Funds Act. The Authority has supervisory and enforcement powers to ensure the Fund’s compliance with the Private Funds Act. 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. 6. Income Taxes 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. Interest, dividends and gains payable to the Fund and all distributions by the Fund to shareholders will be received free of any Cayman Islands income or withholding taxes. The Fund has elected to be treated as a corporation for U.S. federal income tax purposes. The Manager believes that the Fund will not be treated as engaged in a trade or business in the United States and thus will not derive income that is treated as “effectively connected” with the conduct of a trade or business in the United States (“effectively connected income”) under the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and corresponding tax regulations (e.g., including under Sections 861 through 865). There can, however, be no complete assurance in this regard. If the Fund were treated as engaged in a trade or business in the United States, it would be subject to U.S. federal income tax, at the rates applicable to U.S. corporations (currently, at the rate of 21 %), on its net effectively connected income. Any such income might also be subject to U.S. state and local income taxes. In addition, the Fund would be subject to a 30% U.S. branch profits tax in respect of its “dividend equivalent amount,” as defined in Section 884 of the Code, attributable to its effectively connected income (generally, the after-tax amount of certain effectively connected income that is not treated as reinvested in the trade or business). If the Fund were treated as engaged in a trade or business in the United States during any taxable year, it would be required to file a U.S. federal income tax return for that year, regardless of whether it recognized any effectively connected income. If the Fund did not file U.S. federal income tax returns and were later determined to have engaged in a U.S. trade or business, it would generally not be entitled to offset its effectively connected income and gains against its effectively connected losses and deductions (and, therefore, would be taxable on its gross, rather than net, effectively connected income). If the Fund recognizes any effectively connected income, the imposition of U.S. taxes on such income may have a substantial adverse effect on the return to shareholders. 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. 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. However, it is possible that the IRS will not agree with the Fund’s U.S. federal tax treatment of digital assets. 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. As of, and during the years ended June 30, 2025 and June 30, 2024, the Fund did not have a liability for any unrecognized tax amounts. However, the Manager’s conclusions concerning its determination of “more likely than not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and ongoing analyses of and changes to tax laws, regulations and interpretations thereof. The Manager of the Fund has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state and local income taxes existed as of June 30, 2025 or June 30, 2024 . 7. Related Parties The Fund considered the following entities, their directors and certain employees to be related parties of the Fund as of June 30, 2025: 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. 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 F- 19 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. The U.S. dollar amount of the Manager’s Fee will be converted into Fund Components on a daily basis by multiplying such U.S. dollar amount by the Weighing for each Fund Component and dividing the resulting product for each Fund Component by the U.S. dollar value for such Fund Component on such day. For purposes of these financial statements, the U.S. dollar value of Fund Components is determined by reference to the Digital Asset Trading Platform Market that the Fund considers its principal market as of 4:00 p.m., New York time, on each valuation date. No Forked Assets have been distributed in payment of the Manager’s Fee during the years ended June 30, 2025, 2024 and 2023. As partial consideration for receipt of the Manager’s Fee, the Manager shall assume and pay all fees and other expenses incurred by the Fund in the ordinary course of its affairs, excluding taxes, but including marketing fees; the administrator fee, if any; custodian fees; transfer agent 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; ordinary course legal fees and expenses; audit fees; regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act and fees relating to registration and any other regulatory requirements in the Cayman Islands; printing and mailing costs; the costs of maintaining the Fund’s website and applicable license fees (together, the “Manager-paid Expenses”). 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 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. As of June 30, 2025, 2024, and 2023 , there were no accrued and unpaid Manager’s Fees. In addition, the Manager may pay Additional Fund Expenses on behalf of the Fund, which are reimbursable by the Fund to the Manager. 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 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 ETF (NYSE Arca: ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG), and Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM). Subsequently, DCG authorized such purchase. 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, 2025, DCG had not purchased any Shares of the Fund. 8. Risks and Uncertainties The Fund is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in digital assets. Investing in digital assets is currently highly speculative and volatile. The Principal Market NAV of the Fund, calculated by reference to the principal market prices in accordance with U.S. GAAP, relates primarily to the value of the Fund Components, and fluctuations in the prices of such Fund Components could materially and adversely affect an investment in the Shares of the Fund. The prices of the Fund Components have a very limited history. 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 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. In the event of the insolvency of the Fund, its assets may be inadequate to satisfy a claim by its shareholders. F- 20 There is currently no clearing house for the Fund Components, nor is there a central or major depository for the custody of such Fund Components. There is a risk that some or all of the Fund Components could be lost or stolen. There can be no assurance that the Custodian will maintain adequate insurance or that such coverage will cover losses with respect to the Fund Components. Further, transactions in the Fund Components are irrevocable. Stolen or incorrectly transferred Fund Components may be irretrievable. As a result, any incorrectly executed Fund Component transactions could adversely affect an investment in the Shares. 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. 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. 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. (“Ripple”), the company that retains a key role in stewarding the development of XRP, is currently a defendant in a federal class-action lawsuit filed by certain XRP holders that alleges that XRP is a security issued by Ripple. 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 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. For example, it may become more difficult for such Fund Component to be traded, cleared and custodied as compared to other digital assets that are not considered to be securities, which could, in turn, negatively affect the liquidity and general acceptance of such Fund Component and cause users to migrate to other digital assets. As such, any determination that a Fund Component is a security under federal or state securities laws may adversely affect the value of such Fund Component and, as a result, an investment in the Shares. F- 21 To the extent that a Fund Component is determined to be a security, the Fund and the Manager may also be subject to additional regulatory requirements, including under the Investment Company Act of 1940, and the Manager may be required to register as an investment adviser under the Investment Advisers Act of 1940. If the Manager determines not to comply with such additional regulatory and registration requirements, the Manager will terminate the Fund. Any such termination could result in the liquidation of the Fund’s digital assets at a time that is disadvantageous to shareholders. 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. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of the Fund Component. The Fund relies on third-party service providers to perform certain functions essential to its operations. Any disruptions to the Fund’s service providers’ business operations resulting from business failures, financial instability, security failures, government mandated regulation or operational problems could have an adverse impact on the Fund’s ability to access critical services and be disruptive to the operations of the Fund. The Manager and the Fund may be subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business. 9. Quarterly Statements of Operations Fiscal Years Ended June 30, 2025 and 2024 Three Months Ended (unaudited) (Amounts in thousands) Sept-30, 2024 Dec-31, 2024 Mar-31, 2025 Jun-30, 2025 Year Ended June 30, 2025 Expenses Manager's Fee, related party $ 3,135 $ 4,138 $ 4,414 $ 4,446 $ 16,133 Net investment loss $ ( 3,135 ) $ ( 4,138 ) $ ( 4,414 ) $ ( 4,446 ) $ ( 16,133 ) Net realized and unrealized (loss) gain from: Net realized gain on investments in digital assets 3,140 3,708 10,530 4,888 22,266 Net change in unrealized (depreciation) appreciation on investments in digital assets ( 20,358 ) 232,027 ( 141,229 ) 173,693 244,133 Net realized and unrealized (loss) gain on investments ( 17,218 ) 235,735 ( 130,699 ) 178,581 266,399 Net (decrease) increase in net assets resulting from operations $ ( 20,353 ) $ 231,597 $ ( 135,113 ) $ 174,135 $ 250,266 F- 22 Three Months Ended (unaudited) (Amounts in thousands) Sept-30, 2023 Dec-31, 2023 Mar-31, 2024 Jun-30, 2024 Year Ended June 30, 2024 Expenses Manager's Fee, related party $ 1,584 $ 1,980 $ 2,882 $ 3,426 $ 9,872 Net investment loss $ ( 1,584 ) $ ( 1,980 ) $ ( 2,882 ) $ ( 3,426 ) $ ( 9,872 ) Net realized and unrealized (loss) gain from: Net realized gain (loss) on investments in digital assets 1,701 1,343 10,033 ( 5,574 ) 7,503 Net change in unrealized appreciation on investments in digital assets ( 32,520 ) 134,194 225,325 ( 70,306 ) 256,693 Net realized and unrealized (loss) gain on investments ( 30,819 ) 135,537 235,358 ( 75,880 ) 264,196 Net (decrease) increase in net assets resulting from operations $ ( 32,403 ) $ 133,557 $ 232,476 $ ( 79,306 ) $ 254,324 10. Financial Highlights Per Share Performance Years Ended June 30, 2025 2024 2023 Per Share Data: Principal Market NAV, beginning of year $ 33.21 $ 17.18 $ 10.96 Net increase in net assets from investment operations Net investment loss ( 1.02 ) ( 0.62 ) ( 0.34 ) Net realized and unrealized gain 16.79 16.65 6.56 Net increase in net assets resulting from operations 15.77 16.03 6.22 Principal Market NAV, end of year $ 48.98 $ 33.21 $ 17.18 Total return 47.49 % 93.31 % 56.75 % Ratios to average net assets: Net investment loss - 2.50 % - 2.50 % - 2.50 % Expenses - 2.50 % - 2.50 % - 2.50 % An individual shareholder’s return, ratios, and per Share performance may vary from those presented above based on the timing of Share transactions. The amount shown for a Share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the number of Shares issued in Creations occurring at an operational value derived from an operating metric as defined in the LLC Agreement. Total return is calculated assuming an initial investment made at the Principal Market NAV at the beginning of the year and assuming redemption on the last day of the year. 11. Indemnifications In the normal course of business, the Fund enters into certain contracts that provide a variety of indemnities, including contracts with the Manager and affiliates of the Manager, DCG and its officers, directors, employees, subsidiaries and affiliates, and the Custodian as well as others relating to services provided to the Fund. The Fund’s maximum exposure under these and its other indemnities is unknown. However, no liabilities have arisen under these indemnities in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Manager does not consider it necessary to record a liability in this regard. F- 23 12. Subsequent Events 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 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. F- 24