Grayscale Digital Large Cap Fund Becomes SEC Reporting Co.
Grayscale Investments®, the world’s largest digital currency asset manager and manager of Grayscale® Digital Large Cap Fund (OTCQX: GDLC) (the Fund), announced that the Registration Statement on Form 10 that it filed with the Securities and Exchange Commission (SEC) on behalf of the Fund has become effective. The Fund is Grayscale’s first diversified digital currency investment fund to become an SEC reporting company with its shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (Exchange Act).*
Grayscale also announced today that it has publicly filed three additional Registration Statements on Form 10 with the SEC on behalf of Grayscale® Bitcoin Cash Trust*, Grayscale® Ethereum Classic Trust*, and Grayscale® Litecoin Trust*.The company already has two SEC reporting products: Grayscale® Bitcoin Trust and Grayscale® Ethereum Trust.
MILESTONE: $GDLC has become an SEC reporting company and we just filed three additional Registration Statements on Form 10 with the SEC for each $BCHG, $ETCG, and $LTCN. Read more: https://t.co/QSCrKL40be pic.twitter.com/7PcMgPB8Od
— Grayscale (@Grayscale) July 12, 2021
“Grayscale aims to provide the investment community with a higher level of disclosure and reporting on top of the already stringent obligations to which our products adhere,” said Craig Salm, Vice President of Legal at Grayscale Investments. “We hold our products to a higher standard because this is what investors want and what we believe they deserve. Events such as the Fund becoming our third SEC reporting company, and the additional Form 10 filings, signal that there is continued investor interest in gaining exposure to the growing digital currency ecosystem within existing regulatory frameworks, and that regulators continue to engage with market participants in the asset class.”
This is another milestone reinforcing Grayscale’s commitment to move its digital currency investment products forward through the product development pipeline described in an April 2021 blog post about Grayscale’s roadmap to launching digital currency ETFs.
Grayscale Digital Large Cap Fund will now file its reports and financial statements as 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in addition to complying with all other obligations under the Exchange Act. Additionally, accredited investors who purchased shares in the Fund’s private placement will have an earlier liquidity opportunity, as the statutory holding period of private placement shares will be reduced from 12 months to 6 months under Rule 144 of the Securities Act of 1933, as amended (Securities Act).**
The Fund is an investment product that allows investors to more effectively implement strategic and tactical asset allocations that incorporate digital assets by using the Fund’s shares. As of the end of the day on July 9, 2021, the Fund Components were a basket of 67.49% Bitcoin (BTC), 25.35% Ethereum (ETH), 4.30% Cardano (ADA), 1.03% Bitcoin Cash (BCH), 0.96% Litecoin (LTC), and 0.87% Chainlink (LINK), and each share represented 0.00044894 Bitcoin (BTC), 0.00262915 Ethereum (ETH), 0.71030670 Cardano (ADA), 0.00046134 Bitcoin Cash (BCH), 0.00160667 Litecoin (LTC), and 0.01052450 Chainlink (LINK).
The new Form 10 filings are voluntary and are subject to SEC review. If any of the Registration Statements originally filed today become effective, it would designate the applicable product as an SEC reporting company and register its shares pursuant to Section 12(g) of the Exchange Act.*** This follows Grayscale® Bitcoin Trust and Grayscale® Ethereum Trust, which became the first two digital currency investment vehicles to become SEC reporting companies. This also comes as the Form 10 that Grayscale filed with the SEC on behalf of Grayscale® Digital Large Cap Fund becomes effective today.
If any of the Registration Statements originally filed today become effective, accredited investors who purchased shares in the applicable product’s private placement would have an earlier liquidity opportunity, as the holding period for the applicable private placement shares would be reduced from 12 months to 6 months under Rule 144 of the Securities Act.**
The products are investment products that allow investors to more effectively implement strategic and tactical asset allocations that incorporate digital assets by using the products’ shares. The Trusts currently publish quarterly and annual reports as well as audited financial statements pursuant to the OTC Markets Alternative Reporting Standard (ARS). Should any of the Registration Statements become effective, the applicable product would file these reports and financial statements as 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in addition to complying with all other obligations under the Exchange Act.
For more information, please refer to the Form 10 filing and Information Statement for Grayscale Bitcoin Cash Trust, the Form 10 filing and Information Statement for Grayscale Ethereum Classic Trust, and the Form 10 filing and Information Statement for Grayscale Litecoin Trust, as well as the FAQ page.
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