ADDED
This Annual Report supplements and, where applicable, amends the Memorandum, as defined in the Fund s Second Amended and Restated Limited Liability Company Agreement, for general purposes.
Securities and Exchange Commission (the SEC ), through its Division of Trading and Markets acting pursuant to delegated authority, approved the application to list Grayscale Digital Large Cap Fund LLC (the Fund ) on NYSE Arca, Inc.
Shortly thereafter, the Commission issued a notice indicating that it would review the approval order, and imposed a stay on such order during its review.
Grayscale Investments Sponsors, LLC, the manager of the Fund, remains committed to pursuing the listing of the Fund on NYSE Arca and continues to work closely with key stakeholders to obtain approval of the application.
Further, on July 21, 2020, the Fund registered with the Cayman Islands Monetary Authority (the Authority ) under the Private Funds Act (reference number: 1688783) and is registered and regulated as a private fund under the Private Funds Act (As Revised) of the Cayman Islands (the Private Funds Act ).
The Authority has supervisory and enforcement powers to ensure the Fund s compliance with the Private Funds Act.
If such relief is granted and the Manager approves a redemption program, the Shares will be redeemable in accordance with the provisions of the Second Amended and Restated Limited Liability Company Agreement (as amended by Amendments No.
3 thereto, and as the same may be amended from time to time, the LLC Agreement ) and the relevant Participant Agreement.
Until December 31, 2024, Grayscale Investments, LLC was the manager (the Manager ) of the Fund.
As a result of the Reorganization (as defined herein) on January 1, 2025, Grayscale Investments Sponsors, LLC ( GSIS ) and Grayscale Operating, LLC ( GSO ), indirect wholly owned subsidiaries of Digital Currency Group, Inc.
REMOVED
All statements (other than statements of historical fact) included in this Annual Report that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Fund s operations, the plans of Grayscale Investments, LLC (the Manager ) and references to the Fund s future success and other similar matters are forward-looking statements.
federal or state agencies that may affect the value of the Shares or restrict the use of one or more digital assets, mining or validating activity, or the operation of their networks or the Digital Asset Markets in a manner that adversely affects the value of the Shares; changes in the policies of the U.S.
This Annual Report supplements, and where applicable amends, the Memorandum, as defined in the Fund s Second Amended and Restated Limited Liability Company Agreement, for general purposes.
Because the Fund does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Fund currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Further, the Fund is registered and regulated as a private fund under the Private Funds Act (As Revised) of the Cayman Islands (the Private Funds Act ).
The Cayman Islands Monetary Authority (the Authority ) has supervisory and enforcement powers to ensure the Fund s compliance with the Private Funds Act.
Even if such relief from the SEC is sought in the future, no assurance can be given as to the timing of such relief or that such relief will be granted.
If such relief is granted and the Manager approves a redemption program, the Shares will be redeemable in accordance with the provisions of the Second Amended and Restated Limited Liability Company Agreement (the LLC Agreement ) and the relevant Participant Agreement.
On July 21, 2020, the Fund registered with the Authority under the Private Funds Act (reference number: 1688783).
Investment Objective The Fund s investment objective is for the value of the Shares (based on NAV per Share) to reflect the value of the digital assets held by the Fund (the Fund Components ) as determined by reference to their respective Digital Asset Reference Rates and weightings within the Fund, less the Fund s expenses and other liabilities.