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GDLC on NYSE

Grayscale CoinDesk Crypto 5 ETF

Grayscale CoinDesk Crypto 5 ETF is a commodity contracts brokers and dealers company, listed on NYSE (GDLC).1 It is headquartered in Stamford, Connecticut.1

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Last updated Oct 21, 2026.

Overview

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  • TickerGDLC on NYSE1
  • IndustryCommodity Contracts Brokers & Dealers1
  • HeadquartersStamford, Connecticut1
  • Incorporated inCayman Islands2
  • Business address290 Harbor Drive, 4Th Floor, Stamford, Ct 069022
  • Filer category, Emerging growth company2
  • Legal formLimited Liability Company
  • Kind of organizationInvestment fund1

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Grayscale CoinDesk Crypto 5 ETF (the “Fund”) was constituted as a Cayman Islands limited liability company on January 25, 2018 (the inception of the Fund) and commenced operations on February 1, 2018. The Fund’s purpose is to hold the digital assets that make up the CoinDesk 5 Index (the “CD5” or the “Index”), as rebalanced from time to time, subject to the Manager’s discretion to exclude individual digital assets in certain rules-based circumstances.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Every line of the income statement as filed: the last 3 fiscal years (annual) or 8 quarters (quarterly), latest first.5

Period ending2026-06-302025-06-302024-06-30
Investment income$0$0$0
Manager's Fee, related party$7.1M$16.1M$9.9M
Net investment loss-$7.1M-$16.1M-$9.9M
Net realized gain on investments in digital assets sold for rebalancing$11.1M$9.3M$789.0K
Net realized gain on investments in digital assets sold to pay expenses$5.5M$13.0M$6.7M
Net realized gain on investments in digital assets sold for redemption of Shares$263.9M$0$0
Net change in unrealized appreciation/depreciation on investments in digital assets-$527.2M$244.1M$256.7M
Net realized and unrealized (loss) gain on investments-$246.7M$266.4M$264.2M
Net (decrease) increase in net assets resulting from operations-$253.8M$250.3M$254.3M

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Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorEdward McGee named Jan 3, 202513
  • Executive OfficerHugh Ross named Jan 3, 202513
  • Executive Officer, DirectorPeter Mintzberg named Jan 3, 202513
  • DirectorMark Shifke named Jan 3, 202513
  • DirectorMatthew Kummell named Jan 3, 202513

Former names

  • Grayscale Digital Large Cap Fund LLCFeb 7, 2018 to Sep 18, 20252

Timeline

  1. Oct 5, 20268-K Entered a material agreement14
  2. Aug 5, 20268-K Other events15
  3. Jul 2, 20268-K Executive or director change16
  4. May 22, 20268-K Other events17
  5. May 7, 20268-K Other events18
  6. Mar 20, 20268-K Other events19
  7. Feb 20, 20268-K Other events20
  8. Feb 4, 20268-K Other events21
  9. Jan 26, 20268-K Other events22
  10. Dec 3, 20258-K Other events23
  11. Nov 21, 20258-K Other events24
  12. Nov 5, 20258-K Other events25

Filings

262 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 65 major events, 4 private raises, 173 other. The latest 20:

  1. Oct 5, 2026424B3 EDGAR
  2. Oct 5, 20268-K EDGAR
  3. Sep 3, 202610-K EDGAR
  4. Aug 6, 2026144 EDGAR
  5. Aug 6, 2026144 EDGAR
  6. Aug 5, 2026144 EDGAR
  7. Aug 5, 20268-K EDGAR
  8. Aug 3, 2026144 EDGAR
  9. Jul 31, 2026144 EDGAR
  10. Jul 30, 2026144 EDGAR
  11. Jul 29, 2026144 EDGAR
  12. Jul 29, 2026144 EDGAR
  13. Jul 2, 20268-K EDGAR
  14. May 22, 20268-K EDGAR
  15. May 7, 2026144 EDGAR
  16. May 7, 20268-K EDGAR
  17. May 6, 2026144 EDGAR
  18. May 5, 2026144 EDGAR
  19. May 5, 202610-Q EDGAR
  20. May 4, 2026144 EDGAR

The 262 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$114.4M 2018–2018
Money received by yearMoney received by year, 2018–2018: $114.4M in all. Private raises (Form D) $114.4M.$0$50M$100M$150M2018 · Private raises (Form D): $114.4M2018
Figures by year
YearPrivate raises (Form D)Total
2018$114.4M$114.4M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Feb 1, 2018Raised $114.4 million in a private offering of securities13 Form D: 197 investors so far Form D

SEC filer profile

How Grayscale CoinDesk Crypto 5 ETF is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGrayscale CoinDesk Crypto 5 ETF1
  • CIK0001729997
  • Employer ID (EIN)98-14067843
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inCayman Islands3
  • Fiscal year endsJune 301
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address290 Harbor Drive, 4Th Floor, Stamford, CT 069021
  • Phone212-668-14271
  • Shares outstanding11,477,400 shares as of Aug 31, 20263
  • Public float$500.0M as of Dec 31, 20253
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceFeb 7, 20181
  • Filings277 in all: FWP (102), 8-K (66), 144 (49), 10-Q (15), D/A (8), 10-K (6), UPLOAD (6), 10-12G/A (5)1
    All 18 form types

    CORRESP (5), S-3/A (5), 424B3 (2), SEC STAFF LETTER (2), 10-12G (1), 8-A12B (1), CERT (1), D (1), EFFECT (1), S-3 (1)

  • Latest filingsAnnual report (10-K) Sep 3, 2026
    Quarterly report (10-Q) May 5, 2026
    Latest 8-K (8-K) Oct 5, 2026

Securities registered for trading

ClassSymbolExchange
GDLCNYSE Arca

From the cover page of the 10-K filed Sep 3, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Grayscale CoinDesk Crypto 5 ETF names in Item 1A of its 10-K filed Sep 3, 2026: 79 risks under these headings, as written.3

  • The risk factors below should be read in conjunction with the other information included in this Annual Report on Form 10-K, including the Fund’s financial statements and related notes thereto, and our other filings with the SEC.
  • The trading prices of many digital assets, including the Fund Components, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including declines in the trading prices of Fund Components, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.
  • Digital assets have a limited history and the value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies, including the dependence of Digital Asset Networks on the internet and other technologies, the role of users, developers, miners and validators and the potential for malicious activity.
  • Digital assets represent a relatively new and rapidly evolving industry, and the value of the Shares depends on the acceptance of digital assets.
  • Layer 2 solutions and smart contract functionality developed for use with certain Digital Asset Networks underlying the Fund Components may introduce additional technical and security risks that could adversely affect the value of the relevant Fund Components and the Shares.
  • Changes in the governance of a Digital Asset Network or protocol may not receive sufficient support from users, miners, or validators, which may negatively affect that Digital Asset Network’s or protocol’s ability to grow and respond to challenges.
  • Foundations or founding teams may disproportionately influence the development or governance of certain Digital Asset Networks and protocols, which could adversely affect the value of the relevant Fund Component and, consequently, the value of the Shares.
  • Digital Asset Networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
  • Digital assets may have concentrated ownership, and large sales or distributions by holders of a Fund Component could adversely affect the market price of the applicable Fund Component and the value of the Shares.
  • If the digital asset reward for mining or validating blocks and transaction fees for recording transactions on the Digital Asset Network underlying a Fund Component are not sufficiently high to incentivize miners or validators, or if certain jurisdictions continue to limit or otherwise regulate mining or validating activities, miners or validators may reduce or cease mining or validating activity or demand high transaction fees, which could negatively impact the value of the relevant Fund Component and the value of the Shares.
  • Disruptions or other problems in the supply chain for digital asset mining hardware could cause harm to Digital Asset Networks that rely on mining and adversely affect the value of the Shares.
  • If a malicious actor or botnet obtains control of more than an applicable threshold of the processing or validating power on a Digital Asset Network, or otherwise obtains control over the Digital Asset Network through its influence over core developers or otherwise, such actor or botnet could manipulate the Blockchain to adversely affect the value of the Shares or the ability of the Fund to operate.
The other 67 risks
  • A temporary or permanent “fork” or a “clone” could adversely affect the value of the Shares.
  • In the event of a hard fork of the network of a digital asset held by the Fund, the Manager will, if permitted by the terms of the LLC Agreement, use its discretion to determine which network should be considered the appropriate network for the Fund’s purposes, and in doing so may adversely affect the value of the Shares.
  • If the Digital Asset Networks underlying the Fund Components are used to facilitate illicit activities, businesses that facilitate transactions in the Fund Components may be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the prices of the relevant Fund Components and the value of the Shares.
  • The Fund could incur liability or operational disruption if Fund Components received by the Fund are associated with sanctioned persons or illicit activity.
  • Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.
  • Many Digital Asset Trading Platforms operate with limited regulatory oversight or transparency and may experience fraud, market manipulation, business failures, security failures or operational problems, which may adversely affect the value of the Fund Components and the value of the Shares.
  • Digital Asset Trading Platforms may be exposed to wash-trading and front-running.
  • Index Prices have a limited history and a failure of an Index Price could adversely affect the value of the Shares.
  • The Index Price used to calculate the value of a Fund Component may be volatile, and purchasing and selling activity in the Digital Asset Markets associated with Basket creations and redemptions may affect the relevant Index Price and Share trading prices, adversely affecting the value of the Shares.
  • Competition from the emergence or growth of other methods of investing in digital assets could have a negative impact on the price of the Fund Components and adversely affect the value of the Shares.
  • Exchange-traded products that invest in one or more of the Fund Components may reduce demand for the Shares and adversely affect their liquidity and trading price.
  • Competition from central bank digital currencies could adversely affect the value of the Fund Components and other digital assets.
  • Digital asset treasury companies may increase volatility and competitive pressures in the digital asset market, which could adversely affect the value of the Shares.
  • Prices of the Fund Components may be affected due to stablecoins, the activities of stablecoin issuers and their regulatory treatment.
  • Shareholders will not receive the benefits of any forks or airdrops.
  • The Fund is not permitted to engage in Staking, which could negatively affect the value of the Shares.
  • The Fund is an “emerging growth company” and the reduced disclosure requirements applicable to emerging growth companiesmay make the Shares less attractive to investors.
  • The Fund seeks to replicate the performance of the Index as closely as possible. However, the Fund may not achieve perfectcorrelation with the Index due to various factors.
  • The Fund relies on third-party service providers to perform certain functions essential to the affairs of the Fund and the replacement of such service providers could pose challenges to the safekeeping of the Fund’s digital assets and to the operations of the Fund.
  • The liquidity of the Shares may be affected if Authorized Participants cease to perform their obligations under the Participant Agreements or the Liquidity Engager is unable to engage Liquidity Providers.
  • The Shares may trade at a price that is at, above or below the Fund’s NAV per Share as a result of the non-concurrent trading hours between NYSE Arca and the Digital Asset Trading Platform Market.
  • Any suspension or other unavailability of the Fund’s redemption program may cause the Shares to trade at a discount to the NAV per Share.
  • Shareholders may suffer a loss on their investment if the Shares trade above or below the Fund’s NAV per Share.
  • The Fund is highly concentrated in Bitcoin and Ether, particularly Bitcoin, and declines in the value of either asset could disproportionately reduce the Fund’s NAV and the value of the Shares.
  • The amount of the Fund’s assets represented by each Share will decline over time as the Fund pays the Manager’s Fee and Additional Fund Expenses, and as a result, the value of the Shares may decrease over time.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of the digital assets held by the Fund.
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.
  • There is no guarantee that an active trading market for the Shares will continue to develop.
  • As the Manager and its management have limited history of operating investment vehicles like the Fund, their experience may be inadequate or unsuitable to manage the Fund.
  • The Fund tracks the CD5, which may lead the Fund’s portfolio to be underrepresented with respect to digital assets that are increasing in value and/or overrepresented with respect to digital assets that are declining in value.
  • Security threats to the Fund’s Vault Balance or Settlement Balance could result in the halting of Fund operations, including the creation and redemption of Baskets, and a loss of Fund assets or damage to the reputation of the Fund, each of which could result in a reduction in the value of the Shares.
  • Transactions in digital assets are irrevocable and stolen or incorrectly transferred digital assets may be irretrievable. As a result, any incorrectly executed digital asset transactions could adversely affect the value of the Shares.
  • The lack of full insurance and shareholders’ limited rights of legal recourse against the Fund, Manager, Transfer Agent and Custodial Entities expose the Fund and its shareholders to the risk of loss of the Fund’s digital assets for which no person or entity is liable.
  • The Fund may be required, or the Manager may deem it appropriate, to terminate and liquidate at a time that is disadvantageous to shareholders.
  • The LLC Agreement includes provisions that limit shareholders’ voting rights and restrict shareholders’ right to bring a derivative action.
  • The Manager is solely responsible for determining the value of the NAV and NAV per Share and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
  • Extraordinary expenses resulting from unanticipated events may become payable by the Fund, adversely affecting the value of the Shares.
  • The value of the Shares will be adversely affected if the Fund is required to indemnify the Manager, the Transfer Agent or the Custodian under the Fund Documents.
  • Intellectual property rights claims may adversely affect the Fund and the value of the Shares.
  • Pandemics, epidemics and other natural and man-made disasters could negatively impact the value of the Fund’s holdings and/or significantly disrupt its affairs.
  • The lack of ability to facilitate in-kind creations and redemptions of Shares could have adverse consequences for the Fund.
  • Coinbase Global serves as the digital asset custodian and prime execution agent for several competing exchange-traded digital asset products, which could adversely affect the Fund’s operations and ultimately the value of the Shares.
  • Certain of the Authorized Participants engaged by the Fund may serve in a similar capacity for competing exchange-traded digital asset products, which could adversely affect the arbitrage mechanism, the Fund’s operations, the performance of the Fund and ultimately the value of the Shares.
  • Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the Shares.
  • Changes in the securities-law treatment of Fund Components or transactions involving Fund Components under federal or state law could adversely affect the value of the Fund Components and the Shares and require the Fund to change its operations or terminate.
  • Changes in U.S. or foreign laws, regulations or regulatory actions may prohibit or restrict the use of one or more Fund Components or the operation of their Digital Asset Networks or the Digital Asset Markets, increase the Fund’s costs, impair its ability to operate or require its termination, any of which could adversely affect the value of the Shares.
  • DeFi protocols pose heightened regulatory risks that could reduce demand for and the value of certain Fund Components and adversely affect the value of the Shares.
  • Regulatory changes or other events in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets, validating or mining activity or the operation of their networks or the Digital Asset Trading Platform Market in a manner that adversely affects the value of the Shares.
  • If regulators or public utilities take actions that restrict or otherwise impact mining activities, there may be a significant decline in such activities, which could adversely affect PoW-based Digital Asset Networks and the value of the Shares.
  • If regulators subject an Authorized Participant, the Fund or the Manager to regulation as a money service business or money transmitter, this could result in extraordinary expenses to the Authorized Participant, the Fund or the Manager and also result in decreased liquidity for the Shares.
  • Statutory or regulatory changes or interpretations could obligate the Fund or the Manager to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Fund.
  • Although there is no certainty in this regard, the Fund may be a “passive foreign investment company” for U.S. federal income tax purposes.
  • The treatment of digital assets for U.S. federal income tax purposes is uncertain.
  • Future developments regarding the treatment of digital assets for U.S. federal income tax purposes could adversely affect the value of the Shares.
  • Future developments in the treatment of digital assets for tax purposes other than U.S. federal income tax purposes could adversely affect the value of the Shares.
  • It is possible that the Fund could be subject to U.S. federal income tax with respect to income generated in connection with certain of its activities.
  • The Fund may be subject to U.S. federal withholding tax on income derived from forks, airdrops and similar occurrences or from Staking or digital asset lending activities.
  • The Fund is a Cayman Islands limited liability company. The rights of the Fund’s shareholders may be different from the rights of shareholders governed by the laws of U.S. jurisdictions.
  • Mail sent to the Fund at its registered office may be delayed in reaching the Manager.
  • The Fund may be required to disclose information, including information relating to investors, to regulators.
  • The Fund is a Cayman Islands company and, because judicial precedent regarding the rights of shareholders is more limited under Cayman Islands law than that under U.S. law, the Fund’s shareholders may have less protection for their shareholder rights than they would under U.S. law.
  • Under the Cayman Islands Data Protection Act, the Fund shall act as a data controller in respect of personal data and its affiliates and/or delegates, such as the Manager and others, may act as data processors (or data controllers in their own right in some circumstances).
  • Potential conflicts of interest may arise among the Manager or its affiliates and the Fund. The Manager and its affiliates have no fiduciary duties to the Fund and its shareholders other than as provided in the LLC Agreement, which may permit them to favor their own interests to the detriment of the Fund and its shareholders.
  • DCG is a minority interest holder in Kraken, which operates one of the Digital Asset Trading Platforms included in the Index Price for certain of the digital assets held by the Fund.
  • Shareholders cannot be assured of the Manager’s continued services, the discontinuance of which may be detrimental to the Fund.
  • Although the Custodian is a fiduciary with respect to the Fund’s assets, if the Custodian resigns or is removed by the Manager or otherwise, without replacement, it would trigger early termination of the Fund.
  • Shareholders may be adversely affected by the lack of independent advisers representing investors in the Fund.

Legal proceedings

Grayscale Operating, LLC, the former Co-Manager of the Fund until May 3, 2025, was a party to certain legal proceedings during the period covered by this report. Although the Fund is not a party to these proceedings, the Fund may in the future be subject to legal proceedings or disputes.

On May 19, 2025, Genesis Capital and Genesis Asia Pacific Pte. Ltd. (“Genesis Asia”) filed a complaint in the United States Bankruptcy Court for the Southern District of New York (“SDNY Bankruptcy Court”) against Digital Currency Group, Inc. (“DCG”) and certain of its affiliates including GSO alleging that Genesis Capital made certain preferential transfers to GSI, the predecessor in interest to GSO prior to the merger of Grayscale Investments, LLC with and into Grayscale Operating, LLC, with Grayscale Operating, LLC continuing as the surviving company (the “Merger,”), during the preference period prior to Genesis Capital’s filing of a bankruptcy petition in SDNY Bankruptcy Court while GSI was allegedly an insider to Genesis Capital pursuant to 11 U.S.C. § 101(31). Genesis Capital seeks to avoid the alleged preferential transfers pursuant to 11 U.S.C. § 547(b), as well as recovery of property and disallowance of claims. Genesis Capital is seeking to avoid transfers to GSI, the predecessor in interest to GSO prior to the Merger, of 105 Bitcoin and 37,647.06 Ethereum Classic tokens. GSO believes this lawsuit is without merit and intends to vigorously defend against it.

As of the date of this Annual Report, the Manager does not expect the foregoing proceedings to have a material adverse effect on the Fund’s business, financial condition or results of operations.

The Manager and/or the Fund may be subject to additional legal proceedings and disputes in the future.

The opening of Item 3, Legal Proceedings.3

Sources

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