Grayscale CoinDesk Crypto 5 ETF

What they do

The Fund holds the digital assets that make up the CoinDesk 5 Index as rebalanced from time to time, subject to the Manager's rules-based discretion to exclude individual assets. It issues Shares only in blocks of 10,000 Shares (Baskets) to Authorized Participants, typically in exchange for digital assets, and redeems Shares by distributing digital assets or proceeds from their disposition. The Manager is Grayscale Investments Sponsors, LLC, a consolidated subsidiary of Digital Currency Group; the Fund has no officers, directors or employees. Custody and prime brokerage are provided by Coinbase entities, administration by BNY Mellon, and transfer agency by BNY Mellon and Continental Stock Transfer & Trust.

Revenue drivers

• Digital asset holdings (Fund Components) — The Fund's value and returns come from its holdings of the CoinDesk 5 Index digital assets, with total assets of $309.0M as of June 30, 2026.
• Share creation and redemption (Baskets) — The Fund creates 10,000-Share Baskets for Authorized Participants, historically only in exchange for Fund Components; since September 18, 2025 it has also operated an ongoing redemption program.
• Index methodology and rebalancing — Holdings and weightings follow the CoinDesk 5 Index; effective June 5, 2025 the Fund Components are those of the CD5, and Index Prices have been used for operational valuation since July 1, 2025.

Recent performance

The latest reported balance sheet shows total assets of $309.0M as of June 30, 2026, with total liabilities of $0.00. The filing excerpt for the 10-Q covering the quarter ended March 31, 2026 states that as of that date the Fund holds Fund Components and, from time to time, issues Creation Baskets in exchange for deposits of Fund Components. The 10-Q also notes that the Manager authorized the commencement of a redemption program on September 18, 2025, and that Shares began trading on NYSE Arca on September 19, 2025 following effectiveness of the Form S-3. No revenue or net income figures for the quarter were provided in the excerpts.

Strategy

The Fund is passive and does not have a business strategy beyond holding the Fund Components that make up the CoinDesk 5 Index. It has stated it will not use leverage, derivatives or similar arrangements. Since September 18, 2025, alongside uplisting to NYSE Arca, the Fund has operated an ongoing redemption program, and Authorized Participants may currently submit only Cash Orders. The Fund's stated objective is for the value of the Shares, based on NAV per Share, to reflect the value of the digital assets held plus any cash less expenses and liabilities.

Risks

• Premium/discount to NAV — The filing states that if Shares trade at a substantial premium or discount, investors buying on NYSE Arca will pay substantially more or less than NAV per Share.
• Digital asset price volatility — The Fund's total assets of $309.0M are entirely exposed to the market prices of the CoinDesk 5 Index digital assets, as valued by Index Prices.
• Cash-only creation and redemption — Authorized Participants may currently submit only Cash Orders, so creation and redemption activity depends on cash transactions rather than direct in-kind digital asset transfers.
• Reliance on service providers — The Fund relies on Grayscale Investments Sponsors, LLC as Manager, Coinbase entities for prime brokerage and custody, and BNY Mellon and Continental for administration and transfer agency.

Outlook

The filing excerpts do not contain forward-looking guidance beyond describing the Fund's passive objective. Management notes that the Fund's investment objective is for the value of the Shares to reflect the value of the Fund Components, less expenses and other liabilities. The Fund began trading on NYSE Arca on September 19, 2025 and commenced its redemption program on September 18, 2025.