The digital asset market saw a pullback this quarter after large caps led the resurgence in the first half of 2019. Grayscale® Bitcoin Trust and Grayscale® Digital Large Cap Fund were performance leaders in Q319, with declines limited to 29.4% and 32.7%, respectively. Privacy-focused products Grayscale® Zcash Trust and Grayscale® Horizen Trust were laggards, each down more than 65%. All ten investment vehicles included in the Grayscale family of products generated negative performance net of fees this quarter, while year-to-date performance for Grayscale products is split between positive and negative territory.

Below are the top and bottom performers in the Grayscale family of products this past quarter:

Several investment vehicles in the Grayscale family of products have been available for less than two years. Products such as these will develop clearer performance and risk profiles over time (i.e., 5-10 years). Consequently, short-term performance and risk should be gauged within the context of long-term trends. In addition to showing trailing three-month, twelve-month, and year-to- date (“YTD”) performance and risk metrics, we also provide cumulative and annualized figures “since inception”* for each product.

Download the full Performance & Risk Monitor (September 2019) below.

* Inception dates are as follows: Grayscale® Bitcoin Trust – September 25, 2013; Grayscale® Ethereum Classic Trust – April 24, 2017; Grayscale® Zcash Trust – October 24, 2017; Grayscale® Ethereum Trust – December 14, 2017; Grayscale® Digital Large Cap Fund – February 1, 2018; Grayscale® Bitcoin Cash Trust, Grayscale® XRP Trust, Grayscale® Litecoin Trust – March 1, 2018; Grayscale® Horizen Trust – August 6, 2018, Grayscale® Stellar Lumens Trust – December 6, 2018.