Grayscale Digital Large Cap Fund LLC
For the period ended Dec 31, 2024. Filed Feb 5, 2025.
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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.
Dec 31, 2024 · Filed Feb 5, 2025
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 2024-09-30; filed 2024-11-01.
0000950170-24-120127
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-12-31; filed 2025-02-05.
0000950170-25-014183
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 65 previous paragraphs and 69 current paragraphs.
43 unchanged; 16 reworded; 10 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 previous and 20 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 (10)
Current report
Net realized and unrealized gain on investments in digital assets for the three months ended December 31, 2024 was $235,735, which includes a realized gain of $3,369 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $339 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $232,027. Net increase in net assets resulting from operations was $231,597 for the three months ended December 31, 2024, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $4,138. Net assets increased to $738,200 at December 31, 2024, a 46% 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, 227 Ether, 882 SOL, 106,374 XRP and 764 AVAX to pay the foregoing Manager’s Fee.
Current 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 Bitcoin, 241 Ether, 828 SOL, 70,512 ADA and 18,711 MATIC to pay the foregoing Manager’s Fee.
Current report
Net realized and unrealized gain on investments in digital assets for the six months ended December 31, 2024 was $218,517, which includes a realized gain of $5,731 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $1,117 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of $211,669. Net increase in net assets resulting from operations was $211,244 for the six months ended December 31, 2024, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $7,273. Net assets increased to $738,200 at December 31, 2024, a 40% 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 74 Bitcoin, 455 Ether, 1,760 SOL, 212,066 XRP and 1,512 AVAX to pay the foregoing Manager’s Fee.
Current 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 Bitcoin, 485 Ether, 1,636 SOL, 141,323 ADA and 37,573 MATIC to pay the foregoing Manager’s Fee.
Current report
For more information on prior quarterly rebalances and the resulting impact on the Fund’s portfolio, please see Note 4 to the Unaudited Financial Statements—Portfolio Rebalancing.
Current report
Recent Developments
Current report
On January 1, 2025, Grayscale Investments, LLC (“GSI”) consummated an internal corporate reorganization (the “Reorganization”), pursuant to which GSI, the manager of the Fund prior to the Reorganization, merged with and into Grayscale Operating, LLC, a Delaware limited liability company and a wholly owned indirect subsidiary of Digital Currency Group, Inc. (“GSO”), with GSO continuing as the surviving company (the “Merger”). As a result of the Merger, GSO succeeded by operation of law to all the rights, powers, privileges and franchises and became subject to all of the obligations, liabilities, restrictions and disabilities of GSI, including with respect to the Manager Contracts, all as provided under the Delaware Limited Liability Company Act. The Reorganization is not expected to have any material impact on the operations of the Fund.
Current report
In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO assigned certain contracts pertaining to its role as Manager (as such term is defined in the LLC Agreement) of the Fund (such contracts, the “Manager Contracts”) to Grayscale Investments Sponsors, LLC, a Delaware limited liability company and a wholly owned direct subsidiary of GSO (“GSIS”), whereby GSIS assumed all of the rights and obligations of GSO under the Manager Contracts. Other than the assumption of the Manager Contracts by GSIS, the Reorganization does not alter the rights or obligations under any of the Manager Contracts.
Current report
In connection with the Reorganization, on January 1, 2025, and promptly following the effectiveness of the Merger, GSO and GSIS executed a Certificate of Admission, pursuant to which GSIS was admitted as an additional Manager of the Fund under the LLC Agreement, by and among GSO (as successor in interest to GSI) and the shareholders from time to time thereunder, as amended from time to time. GSIS shall be subject to the rights and obligations of a Manager under the LLC Agreement.
Current report
On January 3, 2025, GSO voluntarily withdrew as a Manager of the Fund pursuant to the terms of the LLC Agreement, and, effective May 3, 2025, GSIS shall be the sole remaining Manager of the Fund.
Removed paragraphs (6)
Previous report
Net realized and unrealized loss on investments in digital assets for the three months ended September 30, 2024 was ($17,218), which includes a realized gain of $2,362 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $778 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation on investments in digital assets of ($20,358). Net decrease in net assets resulting from operations was ($20,353) for the three months ended September 30, 2024, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $3,135. Net assets decreased to $506,603 at September 30, 2024, a 4% decrease for the three-month period. The decrease in net assets primarily resulted from the price depreciation of Fund Components during the period, and the withdrawal of approximately 37 Bitcoin, 228 Ether, 878 SOL, 105,692 XRP, and 748 AVAX to pay the foregoing Manager’s Fee.
Previous report
Net realized and unrealized loss on investments in digital assets for the three months ended September 30, 2023 was ($30,819), which includes a realized gain of $794 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $907 as a result of the quarterly rebalance of digital assets, and net change in unrealized depreciation on investments in digital assets of ($32,520). Net decrease in net assets resulting from operations was ($32,403) for the three months ended September 30, 2023, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $1,584. Net assets decreased to $240,229 at September 30, 2023, a 12% decrease for the three-month period. The decrease in net assets primarily resulted from the price depreciation of Fund Components during the period, and by the withdrawal of approximately 39 Bitcoin, 244 Ether, 808 SOL, 70,811 ADA and 18,862 MATIC to pay the foregoing Manager’s Fee.
Previous report
Effective January 4, 2024, the Manager removed MATIC from the Fund’s portfolio and used the cash proceeds to purchase AVAX and XRP and adjusted the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.
Previous report
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.
Previous report
Effective April 3, 2024, the Manager adjusted the Fund’s portfolio by selling ADA and used the cash proceeds to purchase the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology.
Previous report
Effective October 5, 2022, the Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase MATIC in accordance with the DLCS Methodology.
Reworded paragraphs (16)
Previous wording
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”) Topic 820-10, Fair Value Measurement, which outlines 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.
Current wording
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”) 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.
Previous wording
Financial Highlights for the Three Months ended September 30, 2024 and 2023
Current wording
Financial Highlights for the Three and Six Months Ended December 31, 2024 and 2023
Previous wording
As of September 30, 2024, the Fund had a net closing balance with a value of $506,268,281, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of September 30, 2024, the Fund had a total market value of $506,602,839, based on the principal market prices of the Fund Components.
Current wording
As of December 31, 2024, the Fund had a net closing balance with a value of $740,237,525, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of December 31, 2024, the Fund had a total market value of $738,200,454, based on the principal market prices of the Fund Components.
Previous wording
As of September 30, 2023, the Fund had a net closing balance with a value of $240,130,856, based on the Digital Asset Reference Rates in effect under the DLCS Methodology (non-GAAP methodology). As of September 30, 2023, the Fund had a total market value of $240,228,669, based on the principal market prices of the Fund Components.
Current 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.
Previous wording
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 September 30, 2024. 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.”
Current wording
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 to December 31, 2024. 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” in the Fund’s Annual Report on Form 10-K.
Previous wording
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.
Current wording
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” in the Fund’s Annual Report for further details.
Previous wording
The following table illustrates the movements in the Digital Asset Reference Rate for Bitcoin from October 1, 2019 to September 30, 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 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 October 1, 2019 to September 30, 2024, the Digital Asset Reference Rate has ranged from $4,941.00 to $73,128.99, with the straight average being $32,501.16 through September 30, 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 reference rate individually or as a group.
Current wording
The following table illustrates the movements in the Digital Asset Reference Rate for Bitcoin from January 1, 2020 to December 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 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 January 1, 2020 to December 31, 2024, the Digital Asset Reference Rate has ranged from $4,941.00 to $106,559.08, with the straight average being $36,300.52 through December 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 reference rate individually or as a group.
Previous 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 October 1, 2019 to September 30, 2024. During such period, the price of Bitcoin has ranged from $4,950.39 to $73,517.19, with the straight average being $32,497.95 through September 30, 2024:
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 January 1, 2020 to December 31, 2024. During such period, the price of Bitcoin has ranged from $4,950.39 to $106,726.24, with the straight average being $36,295.60 through December 31, 2024:
Previous wording
The following table illustrates the movements in the Digital Asset Reference Rate for Ether from October 1, 2019 to September 30, 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 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 October 1, 2019 to September 30, 2024, the Digital Asset Reference Rate has ranged from $109.83 to $4,776.32, with the straight average being $1,833.47 through September 30, 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 reference rate individually or as a group.
Current wording
The following table illustrates the movements in the Digital Asset Reference Rate for Ether from January 1, 2020 to December 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 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 January 1, 2020 to December 31, 2024, the Digital Asset Reference Rate has ranged from $109.83 to $4,776.32, with the straight average being $1,980.93 through December 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 reference rate individually or as a group.
Previous 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 October 1, 2019 to September 30, 2024. During such period, the price of Ether has ranged from $110.29 to $4,776.95, with the straight average being $1,833.61 through September 30, 2024:
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 January 1, 2020 to December 31, 2024. During such period, the price of Ether has ranged from $110.29 to $4,776.95, with the straight average being $1,981.11 through December 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 September 30, 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 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 $254.78, with the straight average being $80.86 through September 30, 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 reference rate 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 December 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 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 $255.13, with the straight average being $89.65 through December 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 reference rate 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 September 30, 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 $80.85 through September 30, 2024:
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 December 31, 2024. Since the addition of the token to the Fund’s portfolio, the price of SOL has ranged from $8.29 to $255.75, with the straight average being $89.65 through December 31, 2024:
Previous wording
The following table illustrates the movements in the Digital Asset Reference Rate during the period from October 1, 2019 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to September 30, 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 $0.37 for the periods October 1, 2019 through January 3, 2021 and January 4, 2024 through September 30, 2024:
Current wording
The following table illustrates the movements in the Digital Asset Reference Rate during the period from January 1, 2020 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to December 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 $2.75, with the straight average being $0.50 for the periods January 1, 2020 through January 3, 2021 and January 4, 2024 through December 31, 2024:
Previous wording
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 October 1, 2019 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to September 30, 2024. The price of XRP has ranged from $0.14 to $0.73, with the straight average being $0.37 for the periods October 1, 2019 through January 3, 2021 and January 4, 2024 through September 30, 2024:
Current wording
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 January 1, 2020 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to December 31, 2024. The price of XRP has ranged from $0.14 to $2.72, with the straight average being $0.50 for the periods January 1, 2020 through January 3, 2021 and January 4, 2024 through December 31, 2024:
Previous wording
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 4, 2024 (when AVAX was subsequently re-added to the Fund) to September 30, 2024. Prior to July 1, 2022, the Digital Asset Reference Rate for AVAX was an Old Indicative Price for AVAX. Effective July 1, 2022, the Digital Asset Reference Rate for AVAX is an Indicative Price for AVAX. As a result, the Digital Asset Reference Rates for AVAX for periods subsequent to July 1, 2022 are not directly comparable to the Digital Asset Reference Rates for AVAX for periods prior to July 1, 2022. The Digital Asset Reference Rate for AVAX has ranged from $10.79 to $95.06, with the straight average being $29.86 from the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through September 30, 2024. The Manager has not observed a material difference between the Digital Asset Reference Rate for AVAX and average prices from the constituent Digital Asset Trading Platforms included in the relevant index individually or as a group.
Current wording
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 4, 2024 (when AVAX was subsequently re-added to the Fund) to December 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 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 $30.62 from the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through December 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 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 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 4, 2024 (when AVAX was subsequently re-added to the Fund) to September 30, 2024. The price of AVAX has ranged from $10.76 to $93.01, with the straight average being $29.78 from the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through September 30, 2024:
Current wording
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 4, 2024 (when AVAX was subsequently re-added to the Fund) to December 31, 2024. The price of AVAX has ranged from $10.76 to $93.01, with the straight average being $30.55 from the periods April 5, 2022 through January 4, 2023 and January 4, 2024 through December 31, 2024: