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Subsequent Events
12 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

12. Subsequent Events

Effective July 1, 2022, the Manager replaced the Target Coverage Ratio Methodology as the fund construction criteria and will no longer seek to hold Fund Components meeting the Target Coverage Ratio. Instead, the Fund Components will consist of the digital assets that make up the CoinDesk Large Cap Select Index (the “DLCS”), as rebalanced from time to time, subject to the Manager’s discretion to exclude individual digital assets in certain cases. The DLCS is designed and managed by CoinDesk Indices, Inc. (in this capacity, the “Index Provider”), a subsidiary of DCG and an affiliate of the Manager, which is also a subsidiary of DCG, and the Fund. The change in methodology resulted in the removal of Bitcoin Cash, Chainlink, Litecoin, Polkadot, and Uniswap in proportion to their respective weighing. As of the end of the day on July 7, 2022, the Fund Components were a basket of 68.88% BTC, 25.22% ETH, 2.71% ADA, 2.23% SOL, and 0.96% AVAX and each Share represented 0.0004 BTC, 0.0026 ETH, 0.7161 ADA, 0.0073 SOL, and 0.0060 AVAX. The Fund does not generate any income and regularly distributes Fund Components to pay for its ongoing expenses. Therefore, the amount of Fund Components represented by each Share gradually decreases over time.

As of the close of business on August 25, 2022, the fair value of each Fund Component, determined in accordance with the Fund’s accounting policy, was $21,603.31 per BTC, $1,707.26 per ETH, $0.47 per ADA, $35.80 per SOL, and $23.04 per AVAX.

There are no known events that have occurred that require disclosure other than that which has already been disclosed in these notes to the financial statements.