A strategic large cap fund
for diversified exposure

Overview
Market Performance
Resources

Digital Large Cap Fund provides diversified exposure to the top liquid digital assets by market cap.

Digital Large Cap Fund enables investors to gain exposure to the price movement of a diversified mix of large cap digital assets through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping digital assets.

Investment Objective Shares are intended to reflect the value of the Fund’s market cap-weighted portfolio of large cap digital assets, less fees and expenses.*
Fund Components Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC)‡
Fund Weighting Market cap-weighted
Rebalance Frequency Quarterly, beginning on the first business day of January, April, July, and October of each year
Digital Asset Reference Rates TradeBlock XBX, ETX, XRX, BCX, and LTX Index 24-hour VWAPs
CUSIP G40705108
ISIN US3896391055
Bloomberg DLCFUND**
Inception Date 2/1/2018
Manager's Fee 3%
AUM $8.5M‡
Shares Outstanding 1,339,800‡
Independent Auditor: Friedman LLP
Legal Counsel: Davis Polk & Wardwell LLP
Cayman Counsel: Maples and Calder
Transfer Agent: Continental Stock Transfer & Trust

*Digital Large Cap Fund does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the digital assets held by the Fund and the shares may trade at a substantial premium over or discount to the value of the Fund's digital assets. The Fund may, but will not be required to, seek regulatory approval to operate a redemption program.

** Valuation represents the Digital Asset Holdings of the Fund.
‡ As of March 31, 2018

Diversified exposure to large cap digital assets

Digital Large Cap Fund allows investors to more effectively implement strategic and tactical asset allocations that incorporate digital assets by using the Fund's shares. The Fund seeks to hold large cap digital assets that collectively comprise 70% of the entire digital asset market.

Robust security and storage

The private keys for the Fund’s assets are maintained with Ledger SAS and protected by intense multi-factor security procedures. As Manager of the Fund, Grayscale employs physical, cryptographic, and jurisdictional security layers to protect the Fund's digital assets.

Supported by a network of trusted service providers

Davis Polk & Wardwell LLP serves as legal counsel to the Manager of the Fund. Maples and Calder serves as Cayman counsel. Financial statements for the Fund are audited annually by Friedman LLP.

Eligible for tax-advantaged accounts

Shares of the Fund are eligible to be held in certain IRA, Roth IRA, and other brokerage and investor accounts.

Digital Large Cap Fund’s shares are among the first securities that provide diversified exposure to the top liquid digital assets by market cap.

*Past performance is not necessarily indicative of future results.
Digital Asset Holdings/Share
2018-04-20 7.78
2018-04-19 7.37
2018-04-18 7.08
2018-04-17 7.05
2018-04-16 7.09
2018-04-13 6.96
2018-04-12 6.35
2018-04-11 5.87
2018-04-10 5.74
2018-04-09 5.86
2018-04-06 5.60
2018-04-05 5.68
2018-04-04 5.97
2018-04-03 6.10
2018-04-02 5.83
2018-03-29 6.37
2018-03-28 6.76
2018-03-27 6.88
2018-03-26 7.12
2018-03-23 7.45
2018-03-22 7.70
2018-03-21 7.95
2018-03-20 7.64
2018-03-19 7.37
2018-03-16 7.67
2018-03-15 7.47
2018-03-14 8.11
2018-03-13 8.51
2018-03-12 8.80
2018-03-09 8.31
2018-03-08 9.02
2018-03-07 9.43
2018-03-06 10.23
2018-03-05 10.70
2018-03-02 10.29
2018-03-01 10.11
2018-02-28 10.18
2018-02-27 10.14
2018-02-26 9.76
2018-02-23 9.71
2018-02-22 9.80
2018-02-21 10.48
2018-02-20 11.18
2018-02-16 10.36
2018-02-15 10.20
2018-02-14 9.50
2018-02-13 9.09
2018-02-12 9.07
2018-02-09 8.61
2018-02-08 8.32
2018-02-07 8.13
2018-02-06 6.96
2018-02-05 7.64
2018-02-02 8.86
2018-02-01 10.00
Digital Asset Holdings per Share*
At close as of 4/20/2018
$7.78
Day Change 5.56%
Digital Large Cap Fund Composition
As of 3/31/2018
Bitcoin (BTC)
61.0%
Ethereum (ETH)
19.4%
Ripple (XRP)
10.1%
Bitcoin Cash (BCH)
6.3%
Litecoin (LTC)
3.2%
Returns‡ 1 Day 1 Month 3 Months YTD 12 Months Since Inception
Digital Asset Holdings* 5.56% 1.83% - - - -22.20%

Past performance is not necessarily indicative of future results.

* Digital Asset Holdings per Share is calculated daily at 4pm ET, based on the 24-hour VWAPs of TradeBlock’s XBX, ETX, XRX, BCX, and LTX Indices. For more information about how Digital Asset Holdings is calculated, please refer to the private placement memorandum.

† An accredited investor includes:

  • any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or
  • any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000 (excluding the value of the person’s primary residence and certain indebtedness secured by such person’s primary residence).

In addition, entities such as banks, partnerships, corporations, nonprofits and trusts may be accredited investors. Of the entities that would be considered accredited investors and depending on your circumstances, the following may be relevant to you:

  • any trust, with total assets in excess of $5 million, not formed for the specific purpose of acquiring shares, whose purchase is directed by a sophisticated person; or
  • any entity in which all of the equity owners are accredited investors.

For this purpose, a sophisticated person means a person who has sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of a prospective investment.

‡ At close as of 4/20/2018

Digital Large Cap Fund in the News

02.07.18

Grayscale launches new 'Digital Large Cap Fund' tied to 5 top cryptocurrencies

The company that launched Bitcoin Investment Trust (GBTC), the first publicly traded stock to offer exposure to the price of bitcoin, is at it again. Grayscale Investments has launched the Grayscale Digital Large Cap Fund, a fund that “provides exposure to the top liquid digital assets, through a market cap-weighted portfolio,” according to the company.

Yahoo! Finance
02.07.18

Grayscale Launches Fund for Top Crypto Assets

The creator of the Bitcoin Investment Trust is today launching its fourth fund aimed at giving accredited investors a way to explore cryptocurrencies. Unlike Grayscale's previous funds, which focus on bitcoin, ethereum classic and zcash, the offering, formally called the Digital Large Cap Fund, is designed to give investors exposure to the five largest cryptocurrencies based on market capitalization.

CoinDesk
02.07.18

Grayscale Investments Announces Launch of the Grayscale Digital Large Cap Fund

NEW YORK, Feb. 7, 2018 /PRNewswire/ -- Grayscale Investments, LLC ("Grayscale"), the sponsor of the Bitcoin Investment Trust (OTCQX: GBTC), the Ethereum Classic Investment Trust and the Zcash Investment Trust, announced today the launch of a new investment vehicle, the Grayscale Digital Large Cap Fund LLC (the "Fund"). The Fund intends to hold the top digital assets by market capitalization that meet Grayscale's fund construction criteria in a market capitalization-weighted portfolio. A trusted authority on digital currency investing, Grayscale has assets under management of $1.31 billion.

PR Newswire