Grayscale Digital Large Cap Fund is an open-ended investment vehicle structured as a Cayman Islands limited liability company that seeks to track the CD5 Index by holding a diversified portfolio of digital assets—primarily Bitcoin, Ether, and other cryptocurrencies—in proportion to their market capitalization. The Fund allows investors to gain cryptocurrency exposure through fractional ownership shares, which are purchased through Authorized Participants in private placements and trade on OTCQX, and derives revenue through daily management fees charged as a percentage of Net Asset Value, paid in Fund Components. The Fund calculates its NAV daily using volume-weighted average prices from multiple digital asset trading platforms, though share prices often trade at substantial premiums or discounts to NAV due to limited arbitrage mechanisms and the inherent volatility and regulatory uncertainty of cryptocurrency markets.