Grayscale Digital Large Cap Fund LLC (GDLC) is a digital asset investment fund that holds a basket of large-capitalization digital assets on behalf of investors. The Fund generates returns by tracking the CoinDesk 5 Index (CD5), which weights holdings across qualifying digital assets, including Bitcoin, Ethereum, XRP, Solana, and Cardano (ADA), selected from an index universe of the top 250 digital assets by market capitalization (excluding stablecoins, memecoins, and wrapped tokens). The Fund is managed by Grayscale Investments Sponsors, LLC, which charges a Manager's Fee. For the fiscal year ended June 30, 2025, the Manager's Fee totaled $16,133 (in thousands), net assets reached $777,222 (in thousands), representing a 47% increase for the year, and net realized and unrealized gain on investments in digital assets was $266,399 (in thousands). The Fund is registered as a private fund under the Private Funds Act of the Cayman Islands and files annual reports with the U.S. SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934.

Revenue model

The Fund does not generate operating revenue in the traditional sense. The Manager earns a Manager's Fee deducted from Fund assets, which totaled $16,133 (in thousands) for the fiscal year ended June 30, 2025. Investor returns derive from price appreciation of the underlying digital asset holdings, not dividends or interest.

Products and services

The Fund holds a basket of large-cap digital assets weighted and rebalanced quarterly according to the CoinDesk 5 Index (CD5), transitioned from the Digital Large Cap Select Index (DLCS) as of July 1, 2025. Fund Components as of the fiscal year ended June 30, 2025 include Bitcoin, Ethereum, XRP, Solana, and ADA (Cardano). Net Asset Value (NAV) per Share is calculated using Index Prices derived from volume-weighted trade data across constituent digital asset trading platforms as of 4:00 p.m. New York time on each valuation date.

Customers and end markets

The Fund is structured as a private fund and does not disclose individual investor or customer detail in the excerpts provided. Shares are registered under Section 12(g) of the Securities Exchange Act of 1934.

Value-chain role

The Fund operates as a passive digital asset holding vehicle. Grayscale Investments Sponsors, LLC serves as Manager. Continental Stock Transfer and Trust Company serves as Co-Transfer Agent under an agreement dated June 25, 2025. Coinbase serves as a custody counterparty under an assignment agreement effective January 3, 2025. The Index Provider supplies the CD5 Index methodology and component pricing.

Geographic exposure

The Fund is organized in the Cayman Islands and registered as a private fund under the Cayman Islands Private Funds Act. It files with the U.S. SEC and its digital asset holdings are valued in U.S. dollars.

Source: SEC 10-K, filed 2025-09-05

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