- Shares of **Grayscale CoinDesk Crypto 5 ETF (GDLC)** began trading on **NYSE Arca** on **September 19, 2025**, under the ticker symbol **GDLC**, following the Manager's approval of a redemption program on **September 18, 2025**.  **[1729997_0001193125-25-209074_gdlc-20250918.htm:6]** 
- Historically, GDLC shares traded on OTCQX at substantial premiums and discounts to the Net Asset Value (NAV) per Share, with a maximum discount of **63%** and an average discount of **35%** between July 1, 2022, and June 30, 2025. The new listing and redemption program are expected to help reduce these discrepancies.  **[1729997_0001193125-25-209074_gdlc-ex99_1.htm:2]** 
- The Fund currently only accepts **Cash Orders** for creations and redemptions, which may lead to operational inefficiencies and could cause shares to trade at significant premiums or discounts to NAV if the arbitrage mechanism is impaired.  **[1729997_0001193125-25-209074_gdlc-ex99_1.htm:4]** **[1729997_0001193125-25-209074_gdlc-ex99_1.htm:5]** 
- Effective **September 19, 2025**, **BNY Mellon** was engaged as the new transfer agent for the Fund, replacing Continental Stock Transfer & Trust Company, which will now serve as Co-Transfer Agent.  **[1729997_0001193125-25-209074_gdlc-20250918.htm:4]** **[1729997_0001193125-25-209074_gdlc-20250918.htm:5]**