Grayscale CoinDesk Crypto 5 ETF
For the period ended Mar 31, 2026. Filed May 5, 2026.
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, 2026 · Filed May 5, 2026
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 2025-12-31; filed 2026-02-05.
0001193125-26-039358
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001193125-26-206337
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 75 previous paragraphs and 69 current paragraphs.
53 unchanged; 13 reworded; 3 added; 8 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 12 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 (3)
Current report
Net realized and unrealized loss on investments in digital assets for the three months ended March 31, 2025 was ($130,699), which includes a realized gain of $3,625 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $6,905 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation/depreciation on investments in digital assets of ($141,229). Net decrease in net assets resulting from operations was ($135,113) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $4,414. Net assets decreased to $603,087 at March 31, 2025, an 18% 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 36 Bitcoin, 219 Ether, 870 SOL, 104,025 XRP, 25 AVAX, and 62,622 ADA to pay the foregoing Manager’s Fee.
Current report
BNB
Current report
Effective February 2, 2026, 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 BNB in accordance with the Target Coverage Ratio Methodology.
Removed paragraphs (8)
Previous report
Historically, the Fund has not met its investment objective and, prior to their uplisting to NYSE Arca on September 19, 2025, the Shares quoted on OTCQX did not reflect the value of the digital assets held by the Fund, less the Fund’s expenses and other liabilities, but instead traded at both premiums and discounts to such value, which at times were substantial, although the Manager has observed that the Fund has begun to meet its investment objective more closely following the uplisting of the Shares to NYSE Arca.
Previous report
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.
Previous 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/depreciation 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 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.
Previous report
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.
Previous report
As of December 31, 2025, the Fund had a net closing balance with a value of $538,817,540, based on the Index Prices in effect under the CD5 Methodology (non-GAAP methodology). As of December 31, 2025, the Fund had a total market value of $538,856,356, based on the principal market prices of the Fund Components.
Previous report
As of December 31, 2024, the Fund had a net closing balance with a value of $740,237,525, based on the Index Prices in effect under the CD5 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 report
Cardano
Previous report
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.
Reworded paragraphs (13)
Previous wording
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 December 31, 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. On September 18, 2025, in connection with the approval of application under Rule 19b-4 of the Securities Exchange Act of 1934 and the effectiveness of the registration statement on Form S-3, as amended (File No. 333-286293), the Manager authorized the commencement of a redemption program. Shares of the Fund began trading on NYSE Arca on September 19, 2025, following the effectiveness of the Fund’s registration statement on Form S-3, as amended. The Fund issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) to certain Authorized Participants from time to time. Baskets are offered in exchange for Fund Components. Through its redemption program, the Fund redeems Shares from Authorized Participants on an ongoing basis. 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 Index Prices (or Digital Asset Reference Rates, prior to July 1, 2025) 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 is not managed like a business corporation or an active investment vehicle. The Fund will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
Current wording
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 March 31, 2026, the Fund holds Fund Components and, from time to time on a periodic basis, issues Creation Baskets in exchange for deposits of Fund Components. On September 18, 2025, in connection with the approval of application under Rule 19b-4 of the Securities Exchange Act of 1934 and the effectiveness of the registration statement on Form S-3, the Manager authorized the commencement of a redemption program. Shares of the Fund began trading on NYSE Arca on September 19, 2025, following the effectiveness of the Fund’s registration statement on Form S-3. The Fund issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) to certain Authorized Participants from time to time. Baskets are offered in exchange for Fund Components. Through its redemption program, the Fund redeems Shares from Authorized Participants on an ongoing basis. 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 Index Prices (or Digital Asset Reference Rates, prior to July 1, 2025) 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 is not managed like a business corporation or an active investment vehicle. The Fund will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.
Previous wording
Financial Highlights for the Three and Six Months Ended December 31, 2025 and 2024
Current wording
Financial Highlights for the Three and Nine Months Ended March 31, 2026 and 2025
Previous wording
Net realized and unrealized loss on investments in digital assets for the three months ended December 31, 2025 was ($182,167), which includes a realized gain of $656 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $733 as a result of the quarterly rebalance of digital assets, a realized gain of $100,362 on the sale of digital assets to meet redemptions, and net change in unrealized appreciation/depreciation on investments in digital assets of ($283,918). Net decrease in net assets resulting from operations was ($183,066) for the three months ended December 31, 2025, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $899. Net assets decreased to $538,856 at December 31, 2025, a 27% decrease for the three-month period. The decrease in net assets resulted from the price depreciation of Fund Components during the period, the redemption of approximately 946 Bitcoin, 5,734 Ether, 2,830,456 XRP, 25,821 SOL, and 1,727,064 ADA, with a value of $127,786 from the Fund, and the withdrawal of approximately 6 Bitcoin, 41 Ether, 20,281 XRP, 185 SOL, and 12,365 ADA to pay the foregoing Manager’s Fee, partially offset by the contribution of approximately 870 Bitcoin, 5,269 Ether, 2,614,755 XRP, 23,891 SOL, and 1,592,821 ADA, with a value of $109,073 to the Fund in connection with Share creations during the period.
Current wording
Net realized and unrealized loss on investments in digital assets for the three months ended March 31, 2026 was ($123,570), which includes a realized gain of $361 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $8,643 as a result of the quarterly rebalance of digital assets, a realized gain of $25,401 on the sale of digital assets to meet redemptions, and net change in unrealized appreciation/depreciation on investments in digital assets of ($157,975). Net decrease in net assets resulting from operations was ($124,208) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $638. Net assets decreased to $379,061 at March 31, 2026, a 30% decrease for the three-month period. The decrease in net assets resulted from the price depreciation of Fund Components during the period, the redemption of approximately 366 Bitcoin, 2,214 Ether, 1,105,239 XRP, 10,144 SOL, 526,807 ADA and 534 BNB, with a value of $41,016 from the Fund, and the withdrawal of approximately 6 Bitcoin, 38 Ether, 18,921 XRP, 175 SOL, 4,323 ADA, and 26 BNB to pay the foregoing Manager’s Fee, partially offset by the contribution of approximately 58 Bitcoin, 351 Ether, 177,049 XRP, 1,646 SOL, and 395 BNB, with a value of $5,429 to the Fund in connection with Share creations during the period.
Previous wording
Net realized and unrealized loss on investments in digital assets for the six months ended December 31, 2025 was ($69,086), which includes a realized gain of $4,888 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $2,381 as a result of the quarterly rebalance of digital assets, a realized gain of $229,029 on the sale of digital assets to meet redemptions, and net change in unrealized appreciation/depreciation on investments in digital assets of ($305,384). Net decrease in net assets resulting from operations was ($74,957) for the six months ended December 31, 2025, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $5,871. Net assets decreased to $538,856 at December 31, 2025, a 31% decrease for the six-month period. The decrease in net assets resulted from the price depreciation of Fund Components during the period, the redemption of approximately 1,933 Bitcoin, 11,721 Ether, 5,762,940 XRP, 52,510 SOL, and 3,520,725 ADA, with a value of $278,915 from the Fund, and the withdrawal of approximately 39 Bitcoin, 238 Ether, 116,101 XRP, 1,046 SOL, and 71,230 ADA to pay the foregoing Manager’s Fee, partially offset by the contribution of approximately 913 Bitcoin, 5,531 Ether, 2,743,178 XRP, 25,059 SOL, and 1,671,371 ADA, with a value of $115,506 to the Fund in connection with Share creations during the period.
Current wording
Net realized and unrealized loss on investments in digital assets for the nine months ended March 31, 2026 was ($192,656), which includes a realized gain of $5,249 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $11,024 as a result of the quarterly rebalance of digital assets, a realized gain of $254,430 on the sale of digital assets to meet redemptions, and net change in unrealized appreciation/depreciation on investments in digital assets of ($463,359). Net decrease in net assets resulting from operations was ($199,165) for the nine months ended March 31, 2026, which consisted of the net realized and unrealized loss on investments in digital assets, plus the Manager’s Fee of $6,509. Net assets decreased to $379,061 at March 31, 2026, a 51% decrease for the nine-month period. The decrease in net assets resulted from the price depreciation of Fund Components during the period, the redemption of approximately 2,299 Bitcoin, 13,935 Ether, 6,868,179 XRP, 62,654 SOL, 4,047,532 ADA and 534 BNB, with a value of $319,931 from the Fund, and the withdrawal of approximately 45 Bitcoin, 276 Ether, 135,022 XRP, 1,221 SOL, 75,554 ADA, and 26 BNB to pay the foregoing Manager’s Fee, partially offset by the contribution of approximately 971 Bitcoin, 5,882 Ether, 2,920,227 XRP, 26,705 SOL, 1,671,371 ADA and 395 BNB, with a value of $120,935 to the Fund in connection with Share creations during the period.
Previous wording
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/depreciation 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 wording
Net realized and unrealized gain on investments in digital assets for the nine months ended March 31, 2025 was $87,818, which includes a realized gain of $9,356 on the transfer of digital assets to pay the Manager’s Fee, a realized gain of $8,022 as a result of the quarterly rebalance of digital assets, and net change in unrealized appreciation/depreciation on investments in digital assets of $70,440. Net increase in net assets resulting from operations was $76,131 for the nine months ended March 31, 2025, which consisted of the net realized and unrealized gain on investments in digital assets, less the Manager’s Fee of $11,687. Net assets increased to $603,087 at March 31, 2025, a 14% increase for the nine-month period. The increase in net assets primarily resulted from the pricing trends in Fund Components during the nine months ended March 31, 2025, partially offset by the withdrawal of approximately 110 Bitcoin, 674 Ether, 2,630 SOL, 316,091 XRP, 1,537 AVAX, and 62,622 ADA to pay the foregoing Manager’s Fee.
Previous wording
For accounting purposes prior to September 19, 2025, the Fund reflected creations and the Fund Components receivable for proceeds with respect to such creations on the date of receipt of a notification of a creation but did not issue Shares until the requisite amount of Fund Components were received. On September 18, 2025, in connection with the approval of application under Rule 19b-4 of the Securities Exchange Act of 1934 and the effectiveness of the registration statement on Form S-3, as amended, the Manager authorized the commencement of a redemption program. Effective September 19, 2025, the date on which the Shares of the Fund began trading on NYSE Arca, the Fund reflects creations and redemptions and the Fund Components for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the business day following the receipt of a notification of a creation or redemption order by an Authorized Participant. Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the Fund Components for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the Fund Components are delivered or removed from the Fund for settlement.
Current wording
The Fund reflects creations and redemptions and the Fund Components for proceeds receivable or payable with respect to such creations and redemptions, respectively, on the trade date, which is the business day an accepted creation or redemption order is placed by an Authorized Participant. Creation and redemption orders are settled on T+1 or T+2, as established at the time of order placement, and therefore the Fund Components for proceeds receivable or payable with respect to such creations and redemptions, respectively, are recorded as a receivable or payable until the Fund Components are delivered or removed from the Fund for settlement.
Previous wording
The following table illustrates the movements in the Index Price during the period from January 1, 2021 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to December 31, 2025. The Manager has not observed a material difference between the Index Price and average prices from the Constituent Trading Platforms included in the relevant index individually or as a group.
Current wording
The following table illustrates the movements in the Index Price during the period from January 4, 2024 (when XRP was re-added to the Fund) to March 31, 2026. The Manager has not observed a material difference between the Index Price and average prices from the Constituent 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 XRP, as reported on the Fund’s principal market for XRP, during the period from January 1, 2021 to January 3, 2021 and during the period from January 4, 2024 (when XRP was subsequently re-added to the Fund) to December 31, 2025:
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 4, 2024 (when XRP was re-added to the Fund) to March 31, 2026:
Previous wording
The following table illustrates the movements in the Index Price during the period from 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 December 31, 2025. The Manager has not observed a material difference between the Index Price for ADA and average prices from the Constituent Trading Platforms included in the relevant index individually or as a group.
Current wording
The following table illustrates the movements in the Index Price during the period from February 2, 2026 to March 31, 2026. The Manager has not observed a material difference between the Index Price for BNB and average prices from the Constituent 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, during the periods from 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 December 31, 2025:
Current wording
The following table illustrates the movements in the Digital Asset Market price of BNB, as reported on the Fund’s principal market for BNB, during the periods from February 2, 2026 through March 31, 2026:
Previous wording
The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca from September 19, 2025 to December 31, 2025 and the Fund’s NAV per Share from September 19, 2025 to December 31, 2025.
Current wording
The following chart sets out the historical closing prices for the Shares as reported by NYSE Arca and the Fund’s NAV per Share from September 19, 2025 to March 31, 2026.
Previous wording
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTCQX and the Fund’s NAV per Share from November 22, 2019 to September 18, 2025.
Current wording
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by OTCQX divided by the Fund’s NAV per Share from November 22, 2019 to September 18, 2025.
Previous wording
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca and the Fund’s NAV per Share from September 19, 2025 to December 31, 2025.
Current wording
The following chart sets out the historical premium and discount for the Shares calculated as a percentage of the historical closing prices for the Shares as reported by NYSE Arca divided by the Fund’s NAV per Share from September 19, 2025 to March 31, 2026.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The Fund’s performance prior to September 19, 2025 is based on market-determined prices on the OTCQX marketplace and on the Fund’s performance without an ongoing share creation and redemption program. Prior to September 19, 2025, the Fund’s Shares traded at both premiums and discounts to the value of the Fund Components, less its expenses and other liabilities, which at times were substantial, in part due to the lack of an ongoing redemption program. Effective as of September 19, 2025, the Fund established an ongoing share creation and redemption program and the Shares of the Fund were listed to NYSE Arca. Hence, the Fund’s performance for periods prior to September 19, 2025 is not directly comparable to, and should not be used to make conclusions in conjunction with, the Fund’s performance for periods subsequent to September 19, 2025.