Grayscale CoinDesk Crypto 5 ETF 8-K, filed Jun 23, 2023
Grayscale CoinDesk Crypto 5 ETF (GDLC)
About this 8-K
Grayscale CoinDesk Crypto 5 ETF filed this 8-K on June 23, 2023, reporting on events of June 16, 2023.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Item 8.01 Other Events.
On June 16, 2023, CoinDesk Indices, Inc. (the “Reference Rate Provider”) announced a change to the Constituent Exchanges used to calculate the Digital Asset Reference Rate for certain Fund Components of Grayscale Digital Large Cap Fund LLC (the “Fund”).
The Fund values each Fund Component it holds for operational purposes by reference to a “Digital Asset Reference Rate.” The Digital Asset Reference Rate for each Fund Component at any time is the Indicative Price for such Fund Component as of 4:00 p.m., New York time, on the most recent business day. The “Indicative Price” is a volume-weighted average price in U.S. dollars of a digital asset for the immediately preceding 60-minute period derived from data collected from Digital Asset Exchanges trading such Fund Component (each, a “Constituent Exchange”) selected by the Reference Rate Provider.
Prior to the changes announced on June 16, 2023, the Constituent Exchanges used to calculate the Indicative Price for each respective Fund Component were as follows:
Effective June 16, 2023, the Reference Rate Provider removed Binance.US as a Constituent Exchange used to calculate the Indicative Price for BTC, ETH, ADA, SOL and MATIC, due to Binance.US’s announcement that the exchange is suspending U.S. dollar (“USD”) deposits and withdrawals and plans to delist its USD trading pairs. As a result, the Reference Rate Provider added Kraken as a Constituent Exchange used to calculate the Indicative Price for BTC, LMAX Digital as a Constituent Exchange used to calculate the Indicative Price for both ETH and SOL, and Crypto.com as a Constituent Exchange used to calculate the Indicative Price for both ADA and MATIC. As of the date of this current report, the Constituent Exchanges used to calculate the Indicative Price for each respective Fund Component were as follows:
The Reference Rate Provider may change the trading venues that are used to calculate a Digital Asset Reference Rate, or otherwise change the way in which a Digital Asset Reference Rate is calculated, at any time. For example, the Reference Rate Provider has scheduled quarterly reviews, in which it may add or remove Constituent Exchanges that satisfy or fail the criteria described in “Item 1. Business—Overview of the Digital Asset Industry and Market—Fund Component Value—Digital Asset Reference Rates” in the Fund’s Annual Report on Form 10-K for the year ended June 30, 2022, as filed with the Securities and Exchange Commission on September 1, 2022.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Grayscale Investments, LLC as Manager of Grayscale Digital Large Cap Fund LLC |
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Date: |
June 23, 2023 |
By: |
/s/ Michael Sonnenshein |
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Michael Sonnenshein |