GDLC

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Key Facts

• Grayscale CoinDesk Crypto 5 ETF added Anchorage Digital Bank N.A. as an additional custodian via the Sixth Amendment to the Master Custody Service Agreement dated September 29, 2026.
• Coinbase Custody Trust Company remains the fund's primary custodian; the existing arrangement is unaffected.
• The Manager has not yet determined how much of the fund's Fund Components will be moved to Anchorage Digital.
• The custody agreement includes insurance requirements including commercial crime insurance or fidelity bond with limits of not less than $100 million in the aggregate.
• The amendment also provides for a temporary rebate of a portion of custody fees, with specific terms redacted as confidential.
• Anchorage Digital is a national trust bank chartered by the Office of the Comptroller of the Currency.
• The hardware security module used by Anchorage Digital to safeguard private keys is located in the United States.
• The fund's existing custody arrangement with Coinbase Custody Trust Company, LLC remains unaffected.
• The Manager intends to utilize Anchorage Digital services to custody a portion of the Fund's Fund Components.
• The Manager shall, in its sole discretion, determine the amounts held at either custodian as permitted by the Limited Liability Company Agreement.
• At the current time, the Manager has not determined the total amount of the Fund's Fund Components it will move to Anchorage Digital.
• The addition of Anchorage Digital reflects the Manager's ongoing risk management approach as part of the Fund's growing size.
• References to the Custodian in this prospectus refer to Coinbase Custody Trust Company, LLC, Anchorage Digital and/or other custodians, collectively or in their individual capacities, as the context may require.
• With respect to the Fund's Fund Components held by Anchorage Digital, upon Manager instruction, Anchorage Digital will withdraw from the Fund's account maintained with Anchorage Digital the amount of Fund Components necessary to pay the Fund's Managers Fee and any Additional Fund Expenses.
• Fees paid to the Additional Custodian are a Manager-paid Expense.
• Under the Anchorage Digital Custodian Agreement, Anchorage Digital receives the Fund's Fund Components for storage by generating private keys and their corresponding public keys, and retains custody of those private keys at all times.
• The hardware security module Anchorage Digital uses to safeguard such private keys is located in the United States.
• In the event of a fork of a Digital Asset Network, the Anchorage Digital Custody Agreement provides that Anchorage Digital may temporarily suspend services, and may, in its sole discretion, determine whether or not to support (or cease supporting) either branch of the forked protocol entirely, provided that Anchorage Digital shall use commercially reasonable efforts to avoid ceasing to support both branches of such forked protocol.
• The Additional Custodian is required under the Anchorage Digital Custodian Agreement to maintain certain insurance coverage, which the Manager believes is industry standard, including commercial crime insurance or a fidelity bond with limits of not less than $100 million in the aggregate, covering theft of money or other property under the Additional Custodians case, custody or control, including digital assets held in cold storage.
• Shareholders cannot be assured that the Additional Custodian will maintain adequate insurance or that such coverage will cover losses with respect to the Fund's Fund Components.
• The foregoing description of the Anchorage Digital Custodian Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Anchorage Digital Custodian Agreement and the Anchorage Digital Amendment, which are filed with this Current Report on Form 8-K as Exhibits 10.1 and 10.2, respectively.

Financial Impact

No financial impact disclosed; custody fees and insurance details are redacted as confidential.

Risk Factors

• Custody concentration risk reduced by adding a second custodian, but the primary custodian remains Coinbase.
• Operational risk from a new custodian integration and potential operational disruptions during transition.
• Insurance coverage may not cover losses with respect to the Fund's Fund Components.

Investment Themes

Documents Analyzed

This report is based on 6 SEC documents filed with EDGAR.

US Market Status