GRAYSCALE DIGITAL LG CAP 

GDLC converted from Grayscale Digital Large Cap Fund LLC and begins trading with $865 million in assets. It offers passive exposure to the five largest and most liquid digital assets by market-cap. Largest is defined by circulating supply, and most liquid is defined by 90-day daily valued traded. In addition to market-cap, asset selection is based on liquidity, custodian availability, platform listings, and other criteria, with Bitcoin and Ether as core components. The index excludes stablecoins, memecoins, privacy/gas tokens, wrapped tokens, staked or pegged assets. Reconstitutions are conducted quarterly. GDLC is regulated under Cayman Islands law. It is not subject to the same regulations and protections as 40Act ETFs. Initially launching as a private fund in 2018, it began trading OTC in 2019. Prior to June 5, 2025, the mutual fund tracked the CoinDesk Large Cap Select Index (DLCS) and experienced large premiums and discounts. The NAV for the fund is calculated each day at 4:00pm EST by digital asset trading platforms. US investors are required to file a 8621 form each year at tax time regarding PFIC.