Grayscale Digital Large Cap Fund LLC
For the period ended Mar 31, 2024. Filed May 3, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
GDLC$34.05-0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2023-12-31; filed 2024-02-07.
0000950170-24-011965
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-03-31; filed 2024-05-03.
0000950170-24-053009
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 81 previous paragraphs and 79 current paragraphs.
50 unchanged; 16 reworded; 13 added; 15 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 24 previous and 29 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Net realized and unrealized gain on investments in digital assets for the three months ended March 31, 2024 was $235,358, which includes a realized gain of $39,896 on the transfer of digital assets to pay the Manager’s Fee, a realized loss of ($29,863) as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $225,325. Net increase in net assets resulting from operations was $232,476 for the three months ended March 31, 2024, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $2,882. Net assets increased to $606,262 at March 31, 2024, a 62% increase for the three-month period. The increase in net assets primarily resulted from the price appreciation of Fund Components during the period, partially offset by the withdrawal of approximately 37 Bitcoin, 229 Ether, 813 SOL, 67,219 ADA, 607 MATIC, 669 AVAX, and 99,119 XRP to pay the foregoing Manager’s Fee.
Current report
Net realized and unrealized gain on investments in digital assets for the three months ended March 31, 2023 was $104,076, which includes a realized gain of $559 on the transfer of digital assets to pay the Manager’s Fee, a realized loss of ($7,304) as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $110,821. Net increase in net assets resulting from operations was $102,739 for the three months ended March 31, 2023, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $1,337. Net assets increased to $261,494 at March 31, 2023, a 65% increase for the three-month period. The increase in net assets resulted from the price appreciation in Fund Components prices for the period, partially offset by the withdrawal of approximately 39 Bitcoin, 246 Ether, 69,443 ADA, 737 SOL and 17,592 MATIC to pay the foregoing Manager’s Fee.
Current report
Net realized and unrealized gain on investments in digital assets for the nine months ended March 31, 2024 was $340,076, which includes a realized gain of $4,052 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $9,025 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $326,999. Net increase in net assets resulting from operations was $333,630 for the nine months ended March 31, 2024, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $6,446. Net assets increased to $606,262 at March 31, 2024, a 122% increase for the nine-month period. The increase in net assets primarily resulted from the price appreciation of Fund Components during the period, partially offset by the withdrawal of approximately 116 Bitcoin, 714 Ether, 2,449 SOL, 208,543 ADA, 38,180 MATIC, 669 AVAX, and 99,119 XRP to pay the foregoing Manager’s Fee.
Current report
Effective January 3, 2024, the Manager removed MATIC from the Fund’s portfolio and used the cash proceeds to purchase Avalanche and XRP and adjusted the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.
Current report
Ether
Current report
XRP
Current report
Effective January 3, 2024, the Manager adjusted the Fund’s portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase XRP in accordance with the DLCS Methodology.
Current report
The following table illustrates the movements in the Digital Asset Reference Rate during the period from April 1, 2019 to January 3, 2021 and during the period from January 3, 2024 (when XRP was re-added to the Fund) to March 31, 2024. The Digital Asset Reference Rate for XRP is an Indicative Price for XRP. The Digital Asset Reference Rate for XRP has ranged from $0.14 to $0.73, with the straight average being $0.31 from the periods April 1, 2019 through January 3, 2021 and January 3, 2024 through March 31, 2024:
Current report
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 April 1, 2019 to January 3, 2021 and during the period from January 3, 2024 (when XRP was re-added to the Fund) to March 31, 2024. The price of XRP has ranged from $0.14 to $0.73, with the straight average being $0.31 from the periods April 1, 2019 through January 3, 2021 and January 3, 2024 through March 31, 2024:
Current report
Avalanche
Current report
Effective April 5, 2022, the Manager adjusted the Fund’s portfolio in connection with its quarterly review by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase AVAX in accordance with the Target Coverage Ratio Methodology.
Current report
The following table illustrates the movements in the Digital Asset Reference Rate during the period from April 5, 2022 (when AVAX was added to the Fund) to January 4, 2023 and during the period from January 3, 2024 (when AVAX was re-added to the Fund) to March 31, 2024. Prior to July 1, 2022, the Digital Asset Reference Rate for AVAX was an Old Indicative Price for AVAX. Effective July 1, 2022, the Digital Asset Reference Rate for AVAX is an Indicative Price for AVAX. As a result, the Digital Asset 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 $29.69 from the periods April 5, 2022 through January 4, 2023 and January 3, 2024 through March 31, 2024. The Manager has not observed a material difference between the Digital Asset Reference Rate for AVAX and average prices from the constituent Digital Asset Exchanges included in the relevant index individually or as a group.
Current report
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 added to the Fund) to January 4, 2023 and during the period from January 3, 2024 (when AVAX was re-added to the Fund) to March 31, 2024. The price of AVAX has ranged from $10.76 to $93.01, with the straight average being $29.57 from the periods April 5, 2022 through January 4, 2023 and January 3, 2024 through March 31, 2024:
Removed paragraphs (15)
Previous report
Ethereum Fork on September 15, 2022 (ETHPoW)
Previous report
Background and Measurement
Previous report
A “hard fork” of a Digital Asset Network occurs when there is a disagreement among users and validators or miners over modifications to a Digital Asset Network, which are typically made through software upgrades and subsequently accepted or rejected through downloads or lack thereof of the relevant software upgrade by users. If less than a substantial majority of users and validators or miners consent to a proposed modification, and the modification is not compatible with the software prior to its modification, a fork in the blockchain results, with one prong running the pre-modified software and the other running the modified software. The effect of such a fork is the existence of two versions of the relevant Digital Asset Network running in parallel, yet lacking interchangeability. After a fork, holders of the original digital asset typically end up holding equal amounts of the original digital asset and the new digital asset.
Previous report
The Ethereum Network completed the final stages of an upgrade referred to as the “Merge,” which is a stage of what was previously referred to as Ethereum 2.0, on September 15, 2022, and the Ethereum Network transitioned to a proof-of-stake model. Following the Merge, a hard fork of the Ethereum Network occurred, as certain ETH miners and network participants planned to maintain the proof-of-work consensus mechanism that was removed as part of the Merge. This version of the Ethereum Network was rebranded as Ethereum Proof-of-Work (“ETHPoW”).
Previous report
Immediately following the hard fork on September 15, 2022, holders of ETH passively received rights to an equal number of ETHPoW (referred to as a “right to the Forked Asset”). At that time, the Fund held approximately 40,653 ETH and the newly created ETHPoW was inaccessible to the Fund. On the date of the hard fork, the rights to the Forked Asset were determined to have no value as there were insufficient observable market inputs to determine the fair value of ETHPoW and the ETHPoW assets were not supported by the Custodian.
Previous report
Furthermore, on September 16, 2022, the Manager of the Fund announced that it had declared a distribution and established a record date for the distribution of the rights to the Forked Asset to the shareholders of record as of the close of business on September 26, 2022 (“Record Date Shareholders”).
Previous report
Subsequent Measurement and Distribution of Rights to ETHPoW
Previous report
On September 26, 2022 (the “Record Date”), the Fund distributed the rights to the Forked Asset to obtain approximately 40,653 ETHPoW tokens held by the Fund to the Record Date Shareholders as of the close of business on the Record Date. The right to acquire, or otherwise establish dominion and control over, any ETHPoW as a result of the aforementioned fork in the Ethereum blockchain is referred to as a “right to the Forked Asset” and any such ETHPoW acquired through such a right to the Forked Asset is referred to as the “Forked Asset.”
Previous report
On the Record Date, the Fund, acting on behalf of the Record Date Shareholders and pursuant to the terms of the LLC Agreement governing the Fund, appointed Grayscale Investments, LLC as agent (in this capacity, the “Agent”) on behalf of the Record Date Shareholders and transferred the rights to the Forked Assets held by the Fund to the Agent on behalf of the Record Date Shareholders. The Fund has no ownership interest in the distributed rights to the Forked Assets, no ability to control the actions of the Agent and no right to receive any information about the rights to the Forked Assets or the disposition thereof or of the underlying Forked Asset from the Record Date Shareholders, the Agent or any other person. As of the Record Date, the Fund determined such rights to the Forked Assets to have a fair value of $0 and no gain or loss was recognized as part of the rights to the Forked Assets distribution, due to the lack of a trading venue accessible to the Authorized Participant of the Fund and uncertainty regarding the ability to safely access and custody the ETHPoW.
Previous report
On September 18, 2023, the Agent announced that it irrevocably abandoned all of the rights to the Forked Assets. The Agent determined that the Custodian does not support the Forked Assets, nor have trading venues with meaningful liquidity developed for the Forked Assets. As such, it is not possible to exercise the rights to acquire and sell the Forked Assets, and on behalf of the Record Date Shareholders, the Agent abandoned the rights to the Forked Assets.
Previous report
Net realized and unrealized gain on investments in digital assets for the three months ended December 31, 2023 was $135,537, which includes a realized gain of $1,192 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $151 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $134,194. Net increase in net assets resulting from operations was $133,557 for the three months ended December 31, 2023, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $1,980. Net assets increased to $373,786 at December 31, 2023, a 56% increase for the three-month period. The increase in net assets primarily resulted from the price appreciation of Fund Components during the period, partially offset by the withdrawal of approximately 39 BTC, 241 ETH, 828 SOL, 70,512 ADA, and 18,711 MATIC to pay the foregoing Manager’s Fee.
Previous report
Net realized and unrealized loss on investments in digital assets for the three months ended December 31, 2022 was ($29,312), which includes a realized gain of $1,397 on the transfer of digital assets to pay the Manager’s Fee, and net change in unrealized depreciation on investments in digital assets of ($30,709). Net decrease in net assets resulting from operations was ($30,420) for the three months ended December 31, 2022, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $1,108. Net assets decreased to $158,755 at December 31, 2022, a 16% decrease for the three-month period. The decrease in net assets resulted from decreases in Fund Components prices during the period ended December 31, 2022, and the withdrawal of approximately 40 BTC, 253 ETH, 70,636 ADA, 732 SOL, 610 AVAX, and 17,305 MATIC to pay the foregoing Manager’s Fee.
Previous report
Net realized and unrealized gain on investments in digital assets for the six months ended December 31, 2023 was $104,718, which includes a realized gain of $1,986 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $1,058 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $101,674. Net increase in net assets resulting from operations was $101,154 for the six months ended December 31, 2023, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $3,564. Net assets increased to $373,786 at December 31, 2023, a 37% increase for the six-month period. The increase in net assets primarily resulted from the price appreciation of Fund Components during the period, partially offset by the withdrawal of approximately 78 BTC, 485 ETH, 1,636 SOL, 141,323 ADA, and 37,573 MATIC to pay the foregoing Manager’s Fee.
Previous report
Effective April 2, 2021, the Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase LINK in accordance with the Target Coverage Ratio Methodology.
Reworded paragraphs (16)
Previous wording
Financial Highlights for the Three and Six Months Ended December 31, 2023 and 2022
Current wording
Financial Highlights for the Three and Nine Months Ended March 31, 2024 and 2023
Previous wording
Net realized and unrealized loss on investments in digital assets for the six months ended December 31, 2022 was ($12,668), which includes a realized gain of $739 on the transfer of digital assets to pay the Manager’s Fee, a realized loss of ($13,763) as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $356. Net decrease in net assets resulting from operations was ($15,097) for the six months ended December 31, 2022, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $2,429. Net assets decreased to $158,755 at December 31, 2022, a 9% decrease for the six-month period. The decrease in net assets resulted from the decrease in the price of BTC, as well as certain other Fund Components, and the withdrawal of approximately 80 BTC, 509 ETH, 1,455 SOL, 96 UNI, 3 BCH, 10 LTC, 65 LINK, 141,864 ADA, 1,202 AVAX, 135 DOT, and 17,305 MATIC to pay the foregoing Manager’s Fee.
Current wording
Net realized and unrealized gain on investments in digital assets for the nine months ended March 31, 2023 was $91,408, which includes a realized gain of $1,298 on the transfer of digital assets to pay the Manager’s Fee, a realized loss of ($21,067) as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $111,177. Net increase in net assets resulting from operations was $87,642 for the nine months ended March 31, 2023, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $3,766. Net assets increased to $261,494 at March 31, 2023, a 50% increase for the nine-month period. The increase in net assets primarily resulted from the price appreciation of Fund Components during the period, partially offset by the withdrawal of approximately 119 Bitcoin, 755 Ether, 2,192 SOL, 96 UNI, 3 BCH, 10 LTC, 65 LINK, 211,307 ADA, 1,202 AVAX, 135 DOT, and 34,898 MATIC to pay the foregoing Manager’s Fee.
Previous wording
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 number 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.
Current wording
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.
Previous wording
For accounting purposes, the Fund reflects creations and the Fund Components receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite number of Fund Components is received. At this time, the Fund is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Manager in its sole discretion, the Fund may in the future operate a redemption program. The Fund currently has no intention of seeking regulatory approval to operate an ongoing redemption program.
Current wording
For accounting purposes, the Fund reflects creations and the Fund Components receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of Fund Components is received. At this time, the Fund is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Manager in its sole discretion, the Fund may in the future operate a redemption program. The Fund currently has no intention of seeking regulatory approval to operate an ongoing redemption program.
Previous wording
As of December 31, 2023, the Fund had a net closing balance with a value of $374,086,113, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of December 31, 2023, the Fund had a total market value of $373,786,458, based on the principal market prices of the Fund Components.
Current wording
As of March 31, 2024, the Fund had a net closing balance with a value of $605,517,995, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of March 31, 2024, the Fund had a total market value of $606,262,062, based on the principal market prices of the Fund Components.
Previous wording
As of December 31, 2022, the Fund had a net closing balance with a value of $158,781,878, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of December 31, 2022, the Fund had a total market value of $158,755,046, based on the principal market prices of the Fund Components.
Current wording
As of March 31, 2023, the Fund had a net closing balance with a value of $260,872,831, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of March 31, 2023, the Fund had a total market value of $261,493,993, based on the principal market prices of the Fund Components.
Previous wording
The following table illustrates the movements in the Digital Asset Reference Rate for BTC from January 1, 2019 to December 31, 2023. Prior to July 1, 2022, the Digital Asset Reference Rate for BTC was an Index Price for BTC. Effective July 1, 2022, the Digital Asset Reference Rate for BTC is an Indicative Price for BTC. As a result, the Digital Asset Rates for BTC for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for BTC for periods prior to July 1, 2022. During the period from January 1, 2019 to December 31, 2023, the Digital Asset Reference Rate has ranged from $3,358.99 to $67,352.59, with the straight average being $24,573.71 through December 31, 2023. The Manager has not observed a material difference between the Digital Asset Reference Rate and average prices from the constituent Digital Asset Trading Platforms individually or as a group.
Current wording
The following table illustrates the movements in the Digital Asset Reference Rate for Bitcoin from April 1, 2019 to March 31, 2024. Prior to July 1, 2022, the Digital Asset Reference Rate for Bitcoin was an Index Price for Bitcoin. Effective July 1, 2022, the Digital Asset Reference Rate for Bitcoin is an Indicative Price for Bitcoin. As a result, the Digital Asset 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 April 1, 2019 to March 31, 2024, the Digital Asset Reference Rate has ranged from $4,132.14 to $73,128.99, with the straight average being $27,043.97 through March 31, 2024. The Manager has not observed a material difference between the Digital Asset Reference Rate and average prices from the constituent Digital Asset Trading Platforms individually or as a group.
Previous wording
The following table illustrates the movements in the Digital Asset Market price of BTC, as reported on the Fund’s principal market for BTC, from January 1, 2019 to December 31, 2023. During such period, the price of BTC has ranged from $3,358.79 to $67,371.70, with the straight average being $24,574.80 through December 31, 2023:
Current wording
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 April 1, 2019 to March 31, 2024. During such period, the price of Bitcoin has ranged from $4,133.74 to $73,517.19, with the straight average being $27,043.19 through March 31, 2024:
Previous wording
The following table illustrates the movements in the Digital Asset Reference Rate for ETH from January 1, 2019 to December 31, 2023. Prior to July 1, 2022, the Digital Asset Reference Rate for ETH was an Index Price for ETH. Effective July 1, 2022, the Digital Asset Reference Rate for ETH is an Indicative Price for ETH. As a result, the Digital Asset Rates for ETH for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for ETH for periods prior to July 1, 2022. During the period from January 1, 2019 to December 31, 2023, the Digital Asset Reference Rate has ranged from $102.84 to $4,776.32, with the straight average being $1,408.39 through December 31, 2023. The Manager has not observed a material difference between the Digital Asset Reference Rate and average prices from the constituent Digital Asset Trading Platforms included in the relevant index individually or as a group.
Current wording
The following table illustrates the movements in the Digital Asset Reference Rate for Ether from April 1, 2019 to March 31, 2024. 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 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 April 1, 2019 to March 31, 2024, the Digital Asset Reference Rate has ranged from $109.83 to $4,776.32, with the straight average being $1,546.45 through March 31, 2024. The Manager has not observed a material difference between the Digital Asset Reference Rate and average prices from the constituent Digital Asset Trading Platforms included in the relevant index individually or as a group.
Previous wording
The following table illustrates the movements in the Digital Asset Market price of ETH, as reported on the Fund’s principal market for ETH, from January 1, 2019 to December 31, 2023. During such period, the price of ETH has ranged from $102.88 to $4,776.95, with the straight average being $1,408.48 through December 31, 2023:
Current wording
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 April 1, 2019 to March 31, 2024. During such period, the price of Ether has ranged from $110.29 to $4,776.95, with the straight average being $1,546.52 through March 31, 2024:
Previous wording
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 December 31, 2023. 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 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 $254.78, with the straight average being $60.47 through December 31, 2023. The Manager has not observed a material difference between the Digital Asset Reference Rate for SOL and average prices from the constituent Digital Asset Trading Platforms included in the relevant index individually or as a group.
Current wording
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 March 31, 2024. 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 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 $254.78, with the straight average being $66.72 through March 31, 2024. The Manager has not observed a material difference between the Digital Asset Reference Rate for SOL and average prices from the constituent Digital Asset Trading Platforms included in the relevant index individually or as a group.
Previous wording
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 December 31, 2023. Since the addition of the token to the Fund’s portfolio, the price of SOL has ranged from $8.29 to $254.44, with the straight average being $60.47 through December 31, 2023:
Current wording
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 March 31, 2024. Since the addition of the token to the Fund’s portfolio, the price of SOL has ranged from $8.29 to $254.44, with the straight average being $66.71 through March 31, 2024:
Previous wording
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 December 31, 2023. 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 Rates for ADA for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for ADA for periods prior to July 1, 2022. Since the token was added to the Fund’s portfolio, the Digital Asset Reference Rate for ADA has ranged from $0.24 to $2.99, with the straight average being $0.77 through December 31, 2023. The Manager has not observed a material difference between the Digital Asset Reference Rate for ADA and average prices from the constituent Digital Asset Trading Platforms included in the relevant index individually or as a group.
Current wording
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 March 31, 2024. 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 Rates for ADA for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for ADA for periods prior to July 1, 2022. Since the token was added to the Fund’s portfolio, the Digital Asset Reference Rate for ADA has ranged from $0.24 to $2.99, with the straight average being $0.76 through March 31, 2024. The Manager has not observed a material difference between the Digital Asset Reference Rate for ADA and average prices from the constituent Digital Asset Trading Platforms included in the relevant index individually or as a group.
Previous wording
The following table illustrates the movements in the Digital Asset Market price of ADA, as reported on the Fund’s principal market for ADA, from the addition of the token to the Fund’s portfolio on July 1, 2021 to December 31, 2023. Since the addition of the token to the Fund’s portfolio, the price of ADA has ranged from $0.24 to $2.99, with the straight average being $0.77 through December 31, 2023:
Current wording
The following table illustrates the movements in the Digital Asset Market price of ADA, as reported on the Fund’s principal market for ADA, from the addition of the token to the Fund’s portfolio on July 1, 2021 to March 31, 2024. Since the addition of the token to the Fund’s portfolio, the price of ADA has ranged from $0.24 to $2.99, with the straight average being $0.76 through March 31, 2024:
Previous wording
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share ($)
Current wording
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) ($)
Previous wording
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (%)
Current wording
GDLC Premium/(Discount): GDLC Share Price vs. NAV per Share (Non-GAAP) (%)