8-K: Grayscale Crypto 5 ETF Adds OKX for ADA Index Pricing

Grayscale CoinDesk Crypto 5 ETF's index provider, CoinDesk Indices, Inc., has added OKX as a constituent trading platform for calculating the ADA-USD index price, effective September 16, 2025.

Summary

• CoinDesk Indices, Inc., the Index Provider for Grayscale CoinDesk Crypto 5 ETF, announced a change to the Digital Asset Trading Platforms (Constituent Trading Platforms) used to calculate the Index Price for certain Fund Components.
• The Fund values each Fund Component it holds by referencing an Index Price, which is the U.S. dollar value derived from Constituent Trading Platforms reflected in each Fund Component's CoinDesk CCIXber Reference Rate, calculated daily at 4:00 p.m., New York time.
• Effective September 16, 2025, OKX (ADA-USD trading pair) was added as a Constituent Trading Platform for calculating the Index Price for ADA.
• This addition was made because OKX met the Index Provider's conditions for inclusion in the ADA Index Price.
• The Index Provider may change the trading venues or calculation methods for an Index Price at any time, with scheduled quarterly reviews to add or remove Constituent Trading Platforms.

Sentiment

Score: 7

Explanation: The filing indicates a routine operational update by the Index Provider to enhance the accuracy and representativeness of the ADA Index Price by adding a qualified trading platform. This is a positive step for the integrity of the fund's tracking but does not represent a significant strategic or financial event for the ETF itself.

Positives

• The inclusion of OKX for ADA-USD trading pairs enhances the accuracy and representativeness of the ADA Index Price by incorporating another platform that meets the Index Provider's criteria.
• This operational adjustment demonstrates the Index Provider's commitment to maintaining robust and current methodologies for index calculation in a dynamic digital asset market.

Risks

• The Index Provider retains the right to change the trading venues or calculation methods for an Index Price at any time, which could introduce variability in index calculation.
• Scheduled quarterly reviews may lead to additions or removals of Constituent Trading Platforms, potentially impacting the stability or composition of the index over time.

Future Outlook

The Index Provider has scheduled quarterly reviews during which it may add or remove Constituent Trading Platforms that satisfy or fail its established criteria for inclusion.

Industry Context

The addition of OKX as a constituent trading platform for ADA reflects the continuous evolution of the digital asset trading landscape. Index providers must adapt their methodologies to ensure indices accurately capture market dynamics, liquidity, and trading volumes across various exchanges, which is crucial for the integrity of cryptocurrency-tracking investment products.

Stakeholder Impact

• Shareholders: Benefit from improved accuracy and representativeness of the Fund's underlying index, potentially leading to better tracking performance and reduced tracking error.

Next Steps

• The Index Provider will conduct scheduled quarterly reviews to assess and potentially adjust Constituent Trading Platforms based on their inclusion criteria.

Key Dates

Recommendation

This filing details a routine operational adjustment by the Index Provider to update the constituent trading platforms for the ADA component of the Grayscale CoinDesk Crypto 5 ETF. While it enhances the accuracy of the index, it does not present new financial performance data, strategic shifts, or significant risk factors that would warrant a change in investment recommendation. The core investment thesis for the ETF remains unchanged.

Keywords

Grayscale, CoinDesk, Crypto 5 ETF, GDLC, ADA, OKX, Index Price, Digital Assets, Cryptocurrency, ETF, Trading Platforms