Grayscale ETF Enters and Terminates Agreements

TL;DR

Grayscale ETF just signed and broke a deal on the same day. WTF?

AI Summary

On October 3, 2025, Grayscale CoinDesk Crypto 5 ETF entered into a material definitive agreement and also terminated a material definitive agreement. The filing does not specify the nature of these agreements or the counterparty involved.

Why It Matters

This filing indicates significant, albeit unspecified, changes in the contractual relationships of the Grayscale CoinDesk Crypto 5 ETF, potentially impacting its operations or holdings.

Risk Assessment

Risk Level: medium — The filing indicates significant contractual changes for the ETF, but the lack of detail on the nature of these agreements introduces uncertainty.

Key Players & Entities

• Grayscale CoinDesk Crypto 5 ETF (company) — Registrant
• October 3, 2025 (date) — Date of earliest event reported
• Grayscale Investments Sponsors, LLC (company) — Sponsor

FAQ

Filing Documents

• gdlc-20251003.htm (8-K) — 55KB
• gdlc-ex10_1.htm (EX-10.1) — 425KB
• gdlc-ex10_2.htm (EX-10.2) — 176KB
• 0001193125-25-236063.txt ( ) — 870KB
• gdlc-20251003.xsd (EX-101.SCH) — 29KB
• gdlc-20251003_htm.xml (XML) — 5KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Prime Broker Agreement On October 3, 2025, Grayscale Investments Sponsors, LLC, the manager (the "Manager"), on behalf of itself and Grayscale CoinDesk Crypto 5 ETF (the "Fund"), and Coinbase, Inc., the prime broker of the Fund ("Coinbase" or the "Prime Broker"), on behalf of itself and as agent for Coinbase Custody Trust Company, LLC ("Coinbase Custody" or the "Custodian") and Coinbase Credit, Inc. ("Coinbase Credit" and, collectively with Coinbase and Coinbase Custody, the "Coinbase Entities"), entered into the Coinbase Prime Broker Agreement, which includes the Coinbase Custody Custodial Services Agreement attached thereto as Exhibit A (the "CSA"), the Coinbase Settlement and Transfer Agreement attached thereto as Exhibit B (the "STA") and all other exhibits, addenda and supplements attached thereto (collectively with the CSA and STA, the "Prime Broker Agreement") governing the Fund's and the Manager's use of the custodial and prime broker services provided by the Custodian and the Prime Broker. The Prime Broker Agreement establishes the rights and responsibilities of the Custodian, the Prime Broker, the Manager and the Fund with respect to the Fund's digital assets which are held in accounts maintained and operated by the Custodian, as a fiduciary with respect to the Fund's assets, and the Prime Broker (together with the Custodian, the "Custodial Entities") on behalf of the Fund. Coinbase Custody was party to the Previous Prime Broker Agreement (as defined in Item 1.02 below), and continues to serve as a custodian of the Fund. From and after October 3, 2025, all references to the "Prime Broker Agreement" in the Fund's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as amended from time to time by the Fund's filings with the SEC (the "Annual Report"), and descriptions related thereto are hereby deemed to refer to the Prime Broker Agreement as defined herein, rather than to the Previo

02. Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. Previous Prime Broker Agreement In connection with the entry into the Prime Broker Agreement, the Manager and the Custodian agreed to terminate, as of October 3, 2025, the prime broker agreement, dated June 25, 2025, between the Fund, the Manager and the Prime Broker (the "Previous Prime Broker Agreement"). Previous Fund Administration and Accounting Agreement In connection with the entry into the Fund Administration and Accounting Agreement, the Manager and the Custodian agreed to terminate, as of October 9, 2025, the fund administration and accounting agreement, dated February 26, 2024, between the Fund and BNY (the "Previous Fund Administration and Accounting Agreement").

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Prime Broker Agreement 10.2 Fund Administration and Accounting Agreement 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Grayscale Investments Sponsors, LLC, as Manager of Grayscale CoinDesk Crypto 5 ETF Date: October 9, 2025 By: /s/ Edward McGee Name: Edward McGee Title: Chief Financial Officer * * The Registrant is a fund and the identified person signing this report is signing in their capacity as an authorized officer of Grayscale Investments Sponsors, LLC, the Manager of the Registrant.

View Full Filing

View this 8-K filing on SEC EDGAR