8-K: Grayscale Crypto 5 ETF Updates Index Trading Platforms

Grayscale CoinDesk Crypto 5 ETF announced changes to the digital asset trading platforms used to calculate its Fund Component Index Prices, adding Binance, Gate, and HashKey while removing Bitfinex.

Summary

• CoinDesk Indices, Inc., the Index Provider for Grayscale CoinDesk Crypto 5 ETF, announced changes to the Digital Asset Trading Platforms (Constituent Trading Platforms) used to calculate the Index Price for certain Fund Components, effective January 20, 2026.
• The Fund values each Fund Component by reference to an Index Price, which is the U.S. dollar value derived from the Constituent Trading Platforms reflected in each Fund Component's CoinDesk Benchmark Rate, calculated daily at 4:00 p.m., New York time.
• Binance was added for Bitcoin-USD, Bitcoin-USDC, Ether-USDC, SOL-USDC, XRP-USDC, and ADA-USDC trading pairs.
• Gate was added for Bitcoin-USDC, Ether-USDC, SOL-USDC, XRP-USDC, and ADA-USDC trading pairs.
• HashKey was added for Bitcoin-USD, Ether-USD, SOL-USD, and XRP-USD trading pairs.
• Bitfinex was removed for Bitcoin-USD, Ether-USD, SOL-USD, XRP-USD, and ADA-USD trading pairs.
• Additions were due to the platforms meeting the Index Provider's conditions for inclusion, while Bitfinex was removed for failing to meet these conditions during a scheduled monthly review.

Sentiment

Score: 5

Explanation: The filing details a routine operational adjustment to the index calculation methodology, which is neither inherently positive nor negative for the fund's performance, but rather a standard procedure to maintain index integrity.

Positives

• The addition of new trading platforms (Binance, Gate, HashKey) may enhance the robustness and representativeness of the Index Price calculation by diversifying the sources of pricing data.
• The removal of Bitfinex for failing to meet inclusion criteria demonstrates the Index Provider's commitment to maintaining the integrity and quality of the index by regularly reviewing and adjusting constituent platforms.

Negatives

• The removal of Bitfinex indicates that at least one previously included platform failed to meet the Index Provider's standards, which could reflect on the dynamic and sometimes volatile nature of digital asset trading venues.

Risks

• The Index Provider may change the trading venues used to calculate an Index Price, or otherwise change the way in which an Index Price is calculated, at any time.
• Constituent Trading Platforms may fail to meet the Index Provider's conditions for inclusion, leading to their removal and potential shifts in how the Fund's components are valued.

Future Outlook

The Index Provider has scheduled monthly reviews and may add or remove Constituent Trading Platforms that satisfy or fail its criteria, or otherwise change the way an Index Price is calculated, at any time.

Industry Context

This announcement reflects the ongoing evolution and maturation of the digital asset market, where index providers must continuously monitor and adjust their methodologies to ensure accurate and representative pricing. The dynamic nature of trading platforms, including their compliance and operational standards, necessitates regular reviews to maintain the integrity of financial products like ETFs that track these assets.

Stakeholder Impact

• Shareholders: The changes aim to maintain the accuracy and reliability of the Fund's index tracking by ensuring that the underlying pricing sources meet the Index Provider's standards. This could lead to minor, ongoing adjustments in how the Fund's components are valued, but is intended to benefit long-term index integrity.

Next Steps

• The Index Provider will continue its scheduled monthly reviews to assess and potentially adjust the Constituent Trading Platforms based on their inclusion criteria.

Key Dates

Keywords

Grayscale, CoinDesk, Crypto 5 ETF, GDLC, Digital Asset, Index Price, Trading Platforms, Bitcoin, Ether, XRP, SOL, ADA, Binance, Gate, HashKey, Bitfinex, SEC, 8-K