Grayscale Digital Large Cap Fund LLC reported its financial results for the three months ended September 30, 2024, revealing a net asset value of $506.6 million, a decrease from $527.0 million as of June 30, 2024. The fund's investments in digital assets at fair value also declined from $527.0 million to $506.6 million during the same period. The principal market net asset value per share fell to $31.93 from $33.21.
For the third quarter of 2024, the fund incurred a manager's fee of $3.1 million, significantly higher than the $1.6 million recorded in the same quarter of 2023. The net realized gain on investments in digital assets increased to $3.1 million from $1.7 million year-over-year. However, the fund experienced a net realized and unrealized loss of $17.2 million, an improvement from a loss of $30.8 million in the prior year. Consequently, the net decrease in net assets resulting from operations was $20.4 million, compared to a loss of $32.4 million in the same quarter of 2023.
The fund's portfolio composition as of September 30, 2024, included Bitcoin, Ether, Solana (SOL), XRP, and Avalanche (AVAX). The fair value of Bitcoin investments increased to $377.3 million from $371.0 million, while Ether investments decreased to $93.9 million from $125.2 million. The fund's holdings of SOL rose to $21.6 million from $19.6 million, and XRP increased to $10.4 million from $7.9 million.
The fund has not maintained a cash balance since inception and is currently not accepting redemption requests from shareholders. A regulatory application to list the fund's shares on NYSE Arca is pending approval. The fund's manager, Grayscale Investments, LLC, a subsidiary of Digital Currency Group, continues to assess the regulatory landscape, particularly regarding the classification of digital assets as securities, which could impact the fund's operations.
As of September 30, 2024, the fund's shares represented approximately 0.0004 Bitcoin, 0.0023 Ether, 0.0088 SOL, 1.0568 XRP, and 0.0075 AVAX. The fund's performance has been influenced by market volatility and regulatory developments, with significant fluctuations in the prices of its digital asset components.
About Grayscale Digital Large Cap Fund LLC
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