Grayscale Digital Large Cap Fund Announces Ticker Symbol Change to “GDLC”

New York, April 14, 2020 (GLOBE NEWSWIRE) -- Grayscale Investments®, the world’s largest digital currency asset manager and manager of Grayscale® Digital Large Cap Fund, today announced that the ticker symbol for the Fund on the OTCQX® Best Market has changed from “GDLCF” to “GDLC”.

Commencing today, at market open, the Fund’s publicly traded shares will begin trading under their new ticker symbol: GDLC. No action is needed from current shareholders in relation to the ticker symbol change.  

Grayscale Digital Large Cap Fund is an open-ended fund managed by Grayscale that enables investors to gain exposure to the price movement of a diversified basket of large-cap digital currencies through an investment vehicle, avoiding the challenges of buying, storing, and safekeeping digital currencies directly. 

SECONDARY MARKET for the PRIVATE PLACEMENT
The Fund has offered a private placement to accredited investors since February 2018. As of March 31, 2020, there were 4,960,300 Shares outstanding of the Fund. Shares created through its private placement become eligible to sell into the public market after a statutory one-year holding period under Rule 144 of the Securities Act.*

All investors with access to U.S. securities are able to buy and sell freely-tradable GDLC shares through their investment accounts in the same manner as they would other unregistered securities. 

FUND CONSTRUCTION
Grayscale Digital Large Cap Fund provides exposure to a diverse selection of digital currencies that meet Grayscale’s fund construction criteria through a market capitalization-weighted portfolio that targets coverage of the upper 70% of the digital currency market and is re-evaluated each quarter.** The weightings of each Fund Component change daily and are published around 4:00pm NY-time.***

Grayscale Digital Large Cap Fund is not registered with the Securities and Exchange Commission and is not subject to disclosure and certain other requirements mandated by U.S. securities laws.

GRAYSCALE PRODUCT FAMILY
Grayscale's investment products are available to institutional and individual accredited investors through their respective periodic and ongoing private placements. In addition to its diversified offering, Grayscale’s single-asset investment products provide exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC). As of March 31, 2020, Grayscale managed approximately $2.2 billion in assets.

Grayscale Digital Large Cap Fund (OTCQX: GDLC) is Grayscale’s fourth publicly-traded investment product. Grayscale® Bitcoin Trust (OTCQX: GBTC), Grayscale® Ethereum Trust (OTCQX: ETHE), and Grayscale® Ethereum Classic Trust (OTCQX: ETCG) are also publicly-traded and available to all investors with access to U.S. securities. Real time visibility into the daily performance and composition of the Fund is available via the TradeBlock Grayscale Digital Large Cap Index (DLCX): https://tradeblock.com/markets/dlcx.  

*Because Grayscale Digital Large Cap Fund does not currently operate a redemption program, there can be no assurances that the value of the private placement Shares will approximate the value of the underlying assets held by GDLC when traded on a secondary market, like OTCQX. As such, the Shares of the public quotation may trade at a substantial premium over, or substantial discount to, the value of the assets held by the Fund.

**As of March 31, 2020, the Fund Components were a basket of 81.0% Bitcoin (BTC), 9.6% Ethereum (ETH), 5.0% XRP, 2.8% Bitcoin Cash (BCH), and 1.6% Litecoin (LTC) and each share represented 0.00048311 Bitcoin (BTC), 0.00279292 Ethereum (ETH), 1.11913858 XRP, 0.00048611 Bitcoin Cash (BCH), and 0.00157860 (LTC). The Fund will not generate any income and regularly distributes Fund Components to pay for its ongoing expenses. Therefore, the amount of Fund Components represented by each share gradually decreases over time.

***The composition of the Fund is evaluated on a quarterly basis to remove existing Fund Components or to include new Fund Components in its portfolio, in accordance with the Fund's construction criteria established by Grayscale.  

This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Grayscale Investments® 
Grayscale Investments is the world’s largest digital currency asset manager, with more than $2.2B in assets under management as of March 31, 2020. Through its family of 10 investment products, Grayscale provides access and exposure to the digital currency asset class in the form of a traditional security without the challenges of buying, storing, and safekeeping digital currencies directly. With a proven track record and unrivaled experience, Grayscale’s products operate within existing regulatory frameworks, creating secure and compliant exposure for investors. For more information, please visit www.grayscale.co and follow @GrayscaleInvest.