XML 32 R22.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Fair Value of Investments in Digital Assets (Tables)
 12 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Value of Each Fund Component The following table represents the fair value of each Fund Component using the price provided at 4:00 p.m., New York time, by the relevant Digital Asset Trading Platform Market considered to be its principal market, as determined by the Fund:

 

 

 

 

June 30,

 

Fund Component

 

Principal Market

 

2024

 

 

2023

 

 

2022

 

Bitcoin

 

Coinbase

 

$

61,929.29

 

 

$

30,361.94

 

 

$

18,895.01

 

Ether

 

Coinbase

 

$

3,423.00

 

 

$

1,925.83

 

 

$

1,019.72

 

SOL(1)

 

Coinbase

 

$

144.62

 

 

$

19.09

 

 

$

31.98

 

XRP(6)

 

Coinbase

 

$

0.47

 

 

N/A

 

 

N/A

 

AVAX(2)(3)(6)

 

Coinbase

 

$

28.47

 

 

N/A

 

 

$

16.24

 

ADA(4)(5)

 

Coinbase

 

N/A

 

 

$

0.29

 

 

$

0.44

 

MATIC(6)

 

Coinbase

 

N/A

 

 

$

0.66

 

 

N/A

 

DOT(2)(7)

 

Coinbase

 

N/A

 

 

N/A

 

 

$

6.81

 

LTC(7)

 

Coinbase

 

N/A

 

 

N/A

 

 

$

51.43

 

UNI(1)(7)

 

Coinbase

 

N/A

 

 

N/A

 

 

$

4.82

 

LINK(7)

 

Coinbase

 

N/A

 

 

N/A

 

 

$

6.04

 

BCH(7)

 

Coinbase

 

N/A

 

 

N/A

 

 

$

99.92

 

(1)
Effective October 1, 2021, the Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase SOL and UNI in accordance with the Fund Construction Criteria. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing.
(2)
Effective April 5, 2022, the Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase DOT and AVAX in accordance with the Fund Construction Criteria. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing.
(3)
Effective January 5, 2023, the Fund removed AVAX from the Fund’s portfolio and sold the AVAX holdings to purchase additional tokens of the remaining Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing.
(4)
Effective July 1, 2021, the Manager adjusted the Fund’s portfolio by selling the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase ADA in accordance with the Fund Construction Criteria See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing.
(5)
Effective April 2, 2024, the Manager removed ADA from the Fund’s portfolio and used the cash proceeds to purchase the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing.
(6)
Effective January 3, 2024, the Manager removed MATIC from the Fund’s portfolio and used the cash proceeds to purchase AVAX and XRP and adjusted the existing Fund Components in proportion to their respective weightings in accordance with the DLCS Methodology. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing
(7)
Effective July 7, 2022, following adoption of the DLCS Methodology, the Fund removed DOT, LTC, UNI, LINK and BCH from the Fund’s portfolio and sold the DOT, LTC, UNI, LINK and BCH holdings to purchase additional tokens of the remaining Fund Components in proportion to their respective weightings. See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing.
Changes in Quantity of Each Fund Component and Their Respective Fair Values

The following represents the changes in quantity of each Fund Component and their respective fair values:

(Amounts in thousands, except Bitcoin amounts)

 

Quantity

 

 

Fair Value

 

Bitcoin balance at June 30, 2021

 

 

7,340.02142854

 

 

$

255,175

 

Bitcoin contributed

 

 

13.24337963

 

 

 

612

 

Bitcoin distributed from portfolio rebalancing

 

 

(955.65065367

)

 

 

(40,252

)

Bitcoin distributed for Manager's Fee, related party

 

 

(166.17761410

)

 

 

(7,160

)

Net change in unrealized depreciation on investment in Bitcoin

 

 

-

 

 

 

(125,363

)

Net realized gain on investment in Bitcoin

 

 

-

 

 

 

34,731

 

Bitcoin balance at June 30, 2022

 

 

6,231.43654040

 

 

$

117,743

 

Bitcoin contributed

 

 

-

 

 

 

-

 

Bitcoin contributed from portfolio rebalancing

 

 

157.11106568

 

 

 

3,049

 

Bitcoin distributed for Manager's Fee, related party

 

 

(157.56894422

)

 

 

(3,549

)

Net change in unrealized appreciation on investment in Bitcoin

 

 

-

 

 

 

69,386

 

Net realized gain on investment in Bitcoin

 

 

-

 

 

 

2,556

 

Bitcoin balance at June 30, 2023

 

 

6,230.97866186

 

 

$

189,185

 

Bitcoin contributed

 

 

-

 

 

 

-

 

Bitcoin distributed from portfolio rebalancing

 

 

(87.42054382

)

 

 

(2,751

)

Bitcoin distributed for Manager's Fee, related party

 

 

(153.06326914

)

 

 

(6,964

)

Net change in unrealized appreciation on investment in Bitcoin

 

 

-

 

 

 

180,523

 

Net realized gain on investment in Bitcoin

 

 

-

 

 

 

10,994

 

Bitcoin balance at June 30, 2024

 

 

5,990.49484890

 

 

$

370,987

 

 

(Amounts in thousands, except Ether amounts)

 

Quantity

 

 

Fair Value

 

Ether balance at June 30, 2021

 

 

45,287.78133655

 

 

$

101,625

 

Ether contributed

 

 

77.55708625

 

 

 

252

 

Ether distributed from portfolio rebalancing

 

 

(4,990.48482039

)

 

 

(12,204

)

Ether distributed for Manager's Fee, related party

 

 

(1,015.08319570

)

 

 

(3,080

)

Net change in unrealized depreciation on investment in Ether

 

 

-

 

 

 

(59,012

)

Net realized gain on investment in Ether

 

 

-

 

 

 

12,555

 

Ether balance at June 30, 2022

 

 

39,359.77040671

 

 

$

40,136

 

Ether contributed

 

 

-

 

 

 

-

 

Ether contributed from portfolio rebalancing

 

 

1,087.50823575

 

 

 

1,095

 

Ether distributed for Manager's Fee, related party

 

 

(1,002.14597330

)

 

 

(1,568

)

Net change in unrealized appreciation on investment in Ether

 

 

-

 

 

 

34,695

 

Net realized gain on investment in Ether

 

 

-

 

 

 

1,606

 

Ether balance at June 30, 2023

 

 

39,445.13266916

 

 

$

75,964

 

Ether contributed

 

 

-

 

 

 

-

 

Ether distributed from portfolio rebalancing

 

 

(1,925.59571086

)

 

 

(3,779

)

Ether distributed for Manager's Fee, related party

 

 

(941.94243493

)

 

 

(2,337

)

Net change in unrealized appreciation on investment in Ether

 

 

-

 

 

 

50,085

 

Net realized gain on investment in Ether

 

 

-

 

 

 

5,272

 

Ether balance at June 30, 2024

 

 

36,577.59452337

 

 

$

125,205

 

 

(Amounts in thousands, except ADA amounts)

 

Quantity

 

 

Fair Value

 

ADA balance at June 30, 2021

 

 

-

 

 

$

-

 

ADA contributed

 

 

20,953.270382

 

 

 

46

 

ADA contributed from portfolio rebalancing

 

 

11,178,490.637538

 

 

 

15,389

 

ADA distributed for Manager's Fee, related party

 

 

(282,861.007666

)

 

 

(392

)

Net change in unrealized depreciation on investment in ADA

 

 

-

 

 

 

(10,650

)

Net realized gain on investment in ADA

 

 

-

 

 

 

410

 

ADA balance at June 30, 2022

 

 

10,916,582.900254

 

 

$

4,803

 

ADA contributed

 

 

-

 

 

 

-

 

ADA contributed from portfolio rebalancing

 

 

559,615.581934

 

 

 

231

 

ADA distributed for Manager's Fee, related party

 

 

(281,295.930913

)

 

 

(108

)

Net change in unrealized depreciation on investment in ADA

 

 

-

 

 

 

(1,401

)

Net realized loss on investment in ADA

 

 

-

 

 

 

(330

)

ADA balance at June 30, 2023

 

 

11,194,902.551275

 

 

$

3,195

 

ADA contributed

 

 

-

 

 

 

-

 

ADA distributed from portfolio rebalancing

 

 

(10,984,888.769029

)

 

 

(6,478

)

ADA distributed for Manager's Fee, related party

 

 

(210,013.782246

)

 

 

(89

)

Net change in unrealized appreciation on investment in ADA

 

 

-

 

 

 

12,051

 

Net realized loss on investment in ADA

 

 

-

 

 

 

(8,679

)

ADA balance at June 30, 2024

 

 

-

 

 

$

-

 

 

(Amounts in thousands, except SOL amounts)

 

Quantity

 

 

Fair Value

 

SOL balance at June 30, 2021

 

 

-

 

 

$

-

 

SOL contributed

 

 

-

 

 

 

-

 

SOL contributed from portfolio rebalancing

 

 

113,222.94565799

 

 

 

15,869

 

SOL distributed for Manager's Fee, related party

 

 

(2,006.81300105

)

 

 

(246

)

Net change in unrealized depreciation on investment in SOL

 

 

-

 

 

 

(11,864

)

Net realized loss on investment in SOL

 

 

-

 

 

 

(202

)

SOL balance at June 30, 2022

 

 

111,216.13265694

 

 

$

3,557

 

SOL contributed

 

 

-

 

 

 

-

 

SOL contributed from portfolio rebalancing

 

 

15,665.43529877

 

 

 

384

 

SOL distributed for Manager's Fee, related party

 

 

(2,965.67266480

)

 

 

(73

)

Net change in unrealized depreciation on investment in SOL

 

 

-

 

 

 

(1,186

)

Net realized loss on investment in SOL

 

 

-

 

 

 

(316

)

SOL balance at June 30, 2023

 

 

123,915.89529091

 

 

$

2,366

 

SOL contributed

 

 

-

 

 

 

-

 

SOL contributed from portfolio rebalancing

 

 

14,724.90144955

 

 

 

1,274

 

SOL distributed for Manager's Fee, related party

 

 

(3,292.00953097

)

 

 

(292

)

Net change in unrealized appreciation on investment in SOL

 

 

-

 

 

 

16,330

 

Net realized loss on investment in SOL

 

 

-

 

 

 

(104

)

SOL balance at June 30, 2024

 

 

135,348.78720949

 

 

$

19,574

 

 

(Amounts in thousands, except MATIC amounts)

 

Quantity

 

 

Fair Value

 

MATIC balance at June 30, 2022

 

 

-

 

 

$

-

 

MATIC contributed

 

 

-

 

 

 

-

 

MATIC contributed from portfolio rebalancing

 

 

2,979,195.20726440

 

 

 

2,524

 

MATIC distributed for Manager’s Fee, related party

 

 

(53,165.59406116

)

 

 

(51

)

Net change in unrealized depreciation on investment in MATIC

 

 

-

 

 

 

(565

)

Net realized gain on investment in MATIC

 

 

-

 

 

 

14

 

MATIC balance at June 30, 2023

 

 

2,926,029.61320324

 

 

$

1,922

 

MATIC contributed

 

 

-

 

 

 

-

 

MATIC distributed from portfolio rebalancing

 

 

(2,887,850.26244458

)

 

 

(2,486

)

MATIC distributed for Manager’s Fee, related party

 

 

(38,179.35075866

)

 

 

(26

)

Net change in unrealized appreciation on investment in MATIC

 

 

-

 

 

 

565

 

Net realized gain on investment in MATIC

 

 

-

 

 

 

25

 

MATIC balance at June 30, 2024

 

 

-

 

 

$

-

 

 

(Amounts in thousands, except DOT amounts)

 

Quantity

 

 

Fair Value

 

DOT balance at June 30, 2021

 

 

-

 

 

$

-

 

DOT contributed

 

 

-

 

 

 

-

 

DOT contributed from portfolio rebalancing

 

 

330,149.03708006

 

 

 

7,576

 

DOT distributed for Manager's Fee, related party

 

 

(1,961.54350143

)

 

 

(24

)

Net change in unrealized depreciation on investment in DOT

 

 

-

 

 

 

(5,103

)

Net realized loss on investment in DOT

 

 

-

 

 

 

(214

)

DOT balance at June 30, 2022

 

 

328,187.49357863

 

 

$

2,235

 

DOT contributed

 

 

-

 

 

 

-

 

DOT distributed from portfolio rebalancing

 

 

(328,052.64509826

)

 

 

(2,247

)

DOT distributed for Manager's Fee, related party

 

 

(134.84848037

)

 

 

(1

)

Net change in unrealized appreciation on investment in DOT

 

 

-

 

 

 

5,103

 

Net realized loss on investment in DOT

 

 

-

 

 

 

(5,090

)

DOT balance at June 30, 2023

 

 

-

 

 

$

-

 

 

(Amounts in thousands, except AVAX amounts)

 

Quantity

 

 

Fair Value

 

AVAX balance at June 30, 2021

 

 

-

 

 

$

-

 

AVAX contributed

 

 

-

 

 

 

-

 

AVAX contributed from portfolio rebalancing

 

 

89,505.76684675

 

 

 

8,665

 

AVAX distributed for Manager's Fee, related party

 

 

(531.78848214

)

 

 

(23

)

Net change in unrealized depreciation on investment in AVAX

 

 

-

 

 

 

(6,936

)

Net realized loss on investment in AVAX

 

 

-

 

 

 

(261

)

AVAX balance at June 30, 2022

 

 

88,973.97836461

 

 

$

1,445

 

AVAX contributed

 

 

-

 

 

 

-

 

AVAX distributed from portfolio rebalancing

 

 

(87,745.50702693

)

 

 

(974

)

AVAX distributed for Manager's Fee, related party

 

 

(1,228.47133768

)

 

 

(21

)

Net change in unrealized appreciation on investment in AVAX

 

 

-

 

 

 

6,936

 

Net realized loss on investment in AVAX

 

 

-

 

 

 

(7,386

)

AVAX balance at June 30, 2023

 

 

-

 

 

$

-

 

AVAX contributed

 

 

-

 

 

 

-

 

AVAX contributed from portfolio rebalancing

 

 

116,340.93500452

 

 

 

4,338

 

AVAX distributed for Manager's Fee, related party

 

 

(1,385.27021072

)

 

 

(53

)

Net change in unrealized depreciation on investment in AVAX

 

 

-

 

 

 

(1,014

)

Net realized gain on investment in AVAX

 

 

-

 

 

 

2

 

AVAX balance at June 30, 2024

 

 

114,955.66479380

 

 

$

3,273

 

 

(Amounts in thousands, except LTC amounts)

 

Quantity

 

 

Fair Value

 

LTC balance at June 30, 2021

 

 

26,184.80079374

 

 

$

3,707

 

LTC contributed

 

 

47.39510812

 

 

 

9

 

LTC distributed from portfolio rebalancing

 

 

(1,901.21497737

)

 

 

(281

)

LTC distributed for Manager's Fee, related party

 

 

(605.89374115

)

 

 

(83

)

Net change in unrealized depreciation on investment in LTC

 

 

-

 

 

 

(2,315

)

Net realized gain on investment in LTC

 

 

-

 

 

 

183

 

LTC balance at June 30, 2022

 

 

23,725.08718334

 

 

$

1,220

 

LTC contributed

 

 

-

 

 

 

-

 

LTC distributed from portfolio rebalancing

 

 

(23,715.33881688

)

 

 

(1,177

)

LTC distributed for Manager's Fee, related party

 

 

(9.74836646

)

 

 

(1

)

Net change in unrealized appreciation on investment in LTC

 

 

-

 

 

 

574

 

Net realized loss on investment in LTC

 

 

-

 

 

 

(616

)

LTC balance at June 30, 2023

 

 

-

 

 

$

-

 

 

(Amounts in thousands, except UNI amounts)

 

Quantity

 

 

Fair Value

 

UNI balance at June 30, 2021

 

 

-

 

 

$

-

 

UNI contributed

 

 

-

 

 

 

-

 

UNI contributed from portfolio rebalancing

 

 

236,778.41720026

 

 

 

5,483

 

UNI distributed for Manager's Fee, related party

 

 

(4,091.39411814

)

 

 

(54

)

Net change in unrealized depreciation on investment in UNI

 

 

-

 

 

 

(3,937

)

Net realized loss on investment in UNI

 

 

-

 

 

 

(370

)

UNI balance at June 30, 2022

 

 

232,687.02308212

 

 

$

1,122

 

UNI contributed

 

 

-

 

 

 

-

 

UNI distributed from portfolio rebalancing

 

 

(232,591.41465073

)

 

 

(1,236

)

UNI distributed for Manager's Fee, related party

 

 

(95.60843139

)

 

 

-

 

Net change in unrealized appreciation on investment in UNI

 

 

-

 

 

 

3,937

 

Net realized loss on investment in UNI

 

 

-

 

 

 

(3,823

)

UNI balance at June 30, 2023

 

 

-

 

 

$

-

 

 

(Amounts in thousands, except LINK amounts)

 

Quantity

 

 

Fair Value

 

LINK balance at June 30, 2021

 

 

153,327.61595468

 

 

$

2,956

 

LINK contributed

 

 

310.46132900

 

 

 

8

 

LINK contributed from portfolio rebalancing

 

 

9,391.16255779

 

 

 

143

 

LINK distributed for Manager's Fee, related party

 

 

(4,041.64897033

)

 

 

(78

)

Net change in unrealized depreciation on investment in LINK

 

 

-

 

 

 

(2,016

)

Net realized loss on investment in LINK

 

 

-

 

 

 

(53

)

LINK balance at June 30, 2022

 

 

158,987.59087114

 

 

$

960

 

LINK contributed

 

 

-

 

 

 

-

 

LINK distributed from portfolio rebalancing

 

 

(158,922.26469191

)

 

 

(989

)

LINK distributed for Manager's Fee, related party

 

 

(65.32617923

)

 

 

(1

)

Net change in unrealized appreciation on investment in LINK

 

 

-

 

 

 

3,726

 

Net realized loss on investment in LINK

 

 

-

 

 

 

(3,696

)

LINK balance at June 30, 2023

 

 

-

 

 

$

-

 

 

(Amounts in thousands, except BCH amounts)

 

Quantity

 

 

Fair Value

 

BCH balance at June 30, 2021

 

 

7,379.46217362

 

 

$

3,845

 

BCH contributed

 

 

13.60904594

 

 

 

8

 

BCH distributed from portfolio rebalancing

 

 

(906.97968581

)

 

 

(388

)

BCH distributed for Manager's Fee, related party

 

 

(171.88324722

)

 

 

(74

)

Net change in unrealized depreciation on investment in BCH

 

 

-

 

 

 

(2,830

)

Net realized gain on investment in BCH

 

 

-

 

 

 

70

 

BCH balance at June 30, 2022

 

 

6,314.20828653

 

 

$

631

 

BCH contributed

 

 

-

 

 

 

-

 

BCH distributed from portfolio rebalancing

 

 

(6,311.61385070

)

 

 

(660

)

BCH distributed for Manager's Fee, related party

 

 

(2.59443583

)

 

 

-

 

Net change in unrealized appreciation on investment in BCH

 

 

-

 

 

 

1,662

 

Net realized loss on investment in BCH

 

 

-

 

 

 

(1,633

)

BCH balance at June 30, 2023

 

 

-

 

 

$

-

 

 

(Amounts in thousands, except XRP amounts)

 

Quantity

 

 

Fair Value

 

XRP balance at June 30, 2023

 

 

-

 

 

$

-

 

XRP contributed

 

 

-

 

 

 

-

 

XRP contributed from portfolio rebalancing

 

 

16,922,626.498281

 

 

 

9,882

 

XRP distributed for Manager's Fee, related party

 

 

(203,318.578941

)

 

 

(111

)

Net change in unrealized depreciation on investment in XRP

 

 

-

 

 

 

(1,847

)

Net realized loss on investment in XRP

 

 

-

 

 

 

(7

)

XRP balance at June 30, 2024

 

 

16,719,307.919340

 

 

$

7,917