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OKX added to ADA pricing for Grayscale CoinDesk Crypto 5 ETF (GDLC)

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Grayscale CoinDesk Crypto 5 ETF filed an update describing a technical change to how it values one of its crypto holdings. The fund relies on an Index Price for each Fund Component, calculated in U.S. dollars from trading data on selected digital asset trading platforms at 4:00 p.m. New York time each business day.

Effective September 16, 2025, the Index Provider, CoinDesk Indices, Inc., added the OKX ADA-USD trading pair as a Constituent Trading Platform for ADA. This means ADA’s Index Price now reflects trading activity from Bitfinex, Bitstamp, Crypto.com, Kraken, and OKX for ADA-USD pairs, while ADA-USDC pairs remain based on Bybit, Kraken, and OKX. The filing also notes that the Index Provider can change venues or the calculation methodology over time, including during scheduled quarterly reviews.

Positive

  • None.

Negative

  • None.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Understanding 8-K Material Events →
false000172999700017299972025-09-162025-09-16

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 16, 2025

 

 

Grayscale CoinDesk Crypto 5 ETF

(Exact name of Registrant as Specified in Its Charter)

 

 

Cayman Islands

001-42855

98-1406784

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

c/o Grayscale Investments Sponsors, LLC

290 Harbor Drive, 4th Floor

 

Stamford, Connecticut

 

06902

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 212 668-1427

 

Grayscale Digital Large Cap Fund LLC

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Grayscale CoinDesk Crypto 5 ETF Shares

 

GDLC

 

NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 8.01. Other Events.

On September 16, 2025, CoinDesk Indices, Inc. (the “Index Provider”) announced a change to the Digital Asset Trading Platforms used to calculate the Index Price (the “Constituent Trading Platforms”) for certain Fund Components of Grayscale CoinDesk Crypto 5 ETF (the “Fund”).

The Fund values each Fund Component it holds for operational purposes by reference to an Index Price. The “Index Price” of each Fund Component is the U.S. dollar value of each Fund Component derived from the Constituent Trading Platforms that are reflected in each Fund Component’s CoinDesk CCIXber Reference Rate, calculated at 4:00 p.m., New York time, on each business day.

Prior to the changes announced on September 16, 2025, the Constituent Trading Platforms used to calculate the Index Price for each respective Fund Component were as follows:

•
Bitcoin:
o
Bitcoin-U.S. Dollar (“USD”) Trading Pairs: Bitfinex, Bitstamp by Robinhood (“Bitstamp”), Bullish, Crypto.com, Gemini, itBit, Kraken, LMAX Digital, and OKX.
o
Bitcoin-U.S. Dollar Coin (“USDC”) Trading Pairs: Bitstamp, Bullish, Bybit, Kraken, and OKX.
•
Ether:
o
Ether-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, itBit, Kraken, LMAX Digital, and OKX.
o
Ether-USDC Trading Pairs: Bitstamp, Bullish, Bybit, Kraken, and OKX.
•
XRP:
o
XRP-USD Trading Pairs: Bitfinex, Bitstamp, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.
o
XRP-USDC Trading Pairs: Bullish, Bybit, Kraken, and OKX.
•
SOL:
o
SOL-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, itBit, Kraken, LMAX Digital, and OKX.
o
SOL-USDC Trading Pairs: Bullish, Bybit, Kraken, and OKX.
•
ADA:
o
ADA-USD Trading Pairs: Bitfinex, Bitstamp, Crypto.com, and Kraken.
o
ADA-USDC Trading Pairs: Bybit, Kraken, and OKX.

Effective September 16, 2025, the Index Provider added OKX (ADA-USD trading pair) as a Constituent Trading Platform used to calculate the Index Price for ADA due to the trading platform meeting the Index Provider’s conditions for inclusion in the ADA Index Price. As of the date of this current report, the Constituent Trading Platforms used to calculate the Index Price for each respective Fund Component were as follows:

•
Bitcoin:
o
Bitcoin-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, itBit, Kraken, LMAX Digital, and OKX.
o
Bitcoin-USDC Trading Pairs: Bitstamp, Bullish, Bybit, Kraken, and OKX.
•
Ether:
o
Ether-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, itBit, Kraken, LMAX Digital, and OKX.
o
Ether-USDC Trading Pairs: Bitstamp, Bullish, Bybit, Kraken, and OKX.
•
XRP:
o
XRP-USD Trading Pairs: Bitfinex, Bitstamp, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.
o
XRP-USDC Trading Pairs: Bullish, Bybit, Kraken, and OKX.
•
SOL:
o
SOL-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, itBit, Kraken, LMAX Digital, and OKX.
o
SOL-USDC Trading Pairs: Bullish, Bybit, Kraken, and OKX.
•
ADA:
o
ADA-USD Trading Pairs: Bitfinex, Bitstamp, Crypto.com, Kraken, and OKX.
o
ADA-USDC Trading Pairs: Bybit, Kraken, and OKX.

The Index Provider may change the trading venues that are used to calculate an Index Price, or otherwise change the way in which an Index Price is calculated, at any time. For example, the Index Provider has scheduled quarterly reviews, in which it may add or remove Constituent Trading Platforms that satisfy or fail the criteria described in “Item 1. Business—Overview of the Digital Asset Industry and Market—The Index Prices” in the Fund’s Annual Report on Form 10-K for the year ended June 30, 2025, as filed with the Securities and Exchange Commission on September 5, 2025.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Grayscale Investments Sponsors, LLC, as Manager of Grayscale CoinDesk Crypto 5 ETF

 

 

 

 

Date:

September 19, 2025

By:

/s/ Edward McGee

 

 

 

Name: Edward McGee
Title: Chief Financial Officer*

* The Registrant is a fund and the identified person signing this report is signing in their capacity as an authorized officer of Grayscale Investments Sponsors, LLC, the Manager of the Registrant.

 

 

Source: View Original Filing on SEC EDGAR

FAQ

What change did Grayscale CoinDesk Crypto 5 ETF (GDLC) disclose in this 8-K?

The fund reported that, effective September 16, 2025, its Index Provider added the OKX ADA-USD trading pair as a Constituent Trading Platform used to calculate the Index Price for ADA.

How does Grayscale CoinDesk Crypto 5 ETF (GDLC) determine the value of its crypto holdings?

The fund values each Fund Component by an Index Price, which is the U.S. dollar value of that asset derived from trading data on designated Constituent Trading Platforms and based on each asset’s CoinDesk CCIXber Reference Rate calculated at 4:00 p.m., New York time on each business day.

Which trading platforms are now used for ADA pricing in the Grayscale CoinDesk Crypto 5 ETF?

For ADA-USD trading pairs, the Index Price uses Bitfinex, Bitstamp, Crypto.com, Kraken, and OKX. For ADA-USDC trading pairs, it uses Bybit, Kraken, and OKX.

Did the trading platforms for Bitcoin, Ether, XRP, or SOL change in this GDLC filing?

The filing restates the Constituent Trading Platforms for Bitcoin, Ether, XRP, and SOL but highlights a change only for ADA, where OKX was added to the ADA-USD trading pair set.

Can the Index Provider for Grayscale CoinDesk Crypto 5 ETF change trading venues in the future?

Yes. The filing states that CoinDesk Indices, Inc. may change the trading venues used to calculate an Index Price or otherwise change how the Index Price is calculated at any time, including during scheduled quarterly reviews.

Who signed the Grayscale CoinDesk Crypto 5 ETF 8-K reporting this index change?

The report was signed on September 19, 2025 by Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC, in its capacity as Manager of the fund.