UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~October~~November 3118, 2025

Grayscale CoinDesk Crypto 5 ETF

(Exact name of Registrant as Specified in Its Charter)


Cayman Islands	001-42855	98-1406784
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

c/o Grayscale Investments Sponsors, LLC 290 Harbor Drive, 4th Floor
Stamford, Connecticut		06902
(Address of Principal Executive Offices)		(Zip Code)

     Registrant’s Telephone Number, Including Area Code: 212 668-1427

    

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Grayscale CoinDesk Crypto 5 ETF Shares	GDLC	NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

On ~~October~~November 3118, 2025, ~~Grayscale~~CoinDesk ~~Investments Sponsors~~Indices, ~~LLC,~~Inc. ~~the manager~~ (the “~~Manager”)~~Index ~~of Grayscale CoinDesk Crypto 5 ETF (the “Fund~~Provider”), ~~completed~~announced ~~its~~a ~~quarterly~~change ~~review~~to of the ~~Fund’s~~Digital ~~portfolio~~Asset ~~and~~Trading ~~initiated~~Platforms ~~the~~used ~~process~~to ofcalculate ~~rebalancing~~ the ~~Fund in accordance with the CoinDesk 5~~ Index ~~Methodology~~Price (the “~~CD5~~Constituent ~~Methodology”),~~Trading ~~as described in the Fund’s Annual report on Form 10-K, filed with the Securities and Exchange Commission on September 5, 2025 (the “Annual Report~~Platforms”). Infor ~~accordance~~certain ~~with the CD5 Methodology, the digital assets held by the~~ Fund ~~(the “Fund~~ Components”) ~~consist~~ of ~~the~~Grayscale ~~digital assets (the “Index Components”) included in the~~ CoinDesk Crypto 5 ~~Index~~ETF (the “~~Index~~Fund”)~~, subject to the Manager’s discretion to exclude individual digital assets in certain cases, as further described in the Annual Report~~. The Index is rebalanced quarterly, during a period beginning 30 days before the last business day of each January, April, July and October. On October 31, 2025, CoinDesk Indices, Inc. (the “Index Provider”) completed the quarterly rebalancing of the Index and determined that Bitcoin, Ethereum (“Ether”), XRP, Solana (“SOL”), and Cardano (“ADA”) met the inclusion criteria of the CoinDesk 5 Index. Accordingly, the Manager adjusted the Fund’s portfolio by purchasing and selling the existing Fund Components in proportion to their respective weightings. As of November 3, 2025, following the rebalancing, the Fund Components consisted of 75.75% Bitcoin, 15.42% Ether, 4.90% XRP, 3.22% SOL, and 0.71% ADA, and each of the Fund’s Shares represented 0.0004 Bitcoin, 0.0022 Ether, 1.0833 XRP, 0.0099 SOL, and 0.6593 ADA. Additional information regarding the Fund’s quarterly rebalancing is available in the Fund’s periodic reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q.

~~SIGNATURES~~The Fund values each Fund Component it holds for operational purposes by reference to an Index Price. The “Index Price” of each Fund Component is the U.S. dollar value of each Fund Component derived from the Constituent Trading Platforms that are reflected in each Fund Component’s CoinDesk CCIXber Reference Rate, calculated at 4:00 p.m., New York time, on each business day.

~~Pursuant~~Prior to the ~~requirements~~changes ofannounced ~~the~~on ~~Securities~~November ~~Exchange~~18, ~~Act of 1934~~2025, the ~~registrant~~Constituent ~~has~~Trading ~~duly~~Platforms ~~caused~~used ~~this~~to ~~report~~calculate tothe beIndex ~~signed~~Price onfor ~~its~~each ~~behalf~~respective byFund ~~the~~Component ~~undersigned~~were ~~thereunto~~as ~~duly~~follows: ~~authorized.~~

•

			Grayscale Investments Sponsors, LLC, as Manager of Grayscale CoinDesk Crypto 5 ETF
Date:	November 5, 2025	By:	/s/ Edward McGee
			Edward McGeeChief Financial Officer*

Bitcoin:

*Bitcoin-U.S. ~~The~~Dollar ~~Registrant~~(“USD”) isTrading aPairs: ~~fund~~Bitfinex, ~~and~~Bitstamp ~~the~~by ~~identified~~Robinhood ~~person~~(“Bitstamp”), ~~signing~~Bullish, ~~this~~Crypto.com, ~~report~~Gemini, ~~is signing in their capacity as an authorized officer of Grayscale Investments Sponsors~~itBit, ~~LLC~~Kraken, ~~the~~LMAX ~~Manager~~Digital, ofand ~~the Registrant~~OKX.

Bitcoin-U.S. Dollar Coin (“USDC”) Trading Pairs: Bitstamp, Bullish, Bybit, Kraken, and OKX.

•

Ether:

Ether-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, itBit, Kraken, LMAX Digital, and OKX.

Ether-USDC Trading Pairs: Bitstamp, Bullish, Bybit, Kraken, and OKX.

•

XRP:

XRP-USD Trading Pairs: Bitfinex, Bitstamp, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.

XRP-USDC Trading Pairs: Bullish, Bybit, Kraken, OKX, and Bitstamp.

•

SOL:

SOL-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, itBit, Kraken, LMAX Digital, and OKX.

SOL-USDC Trading Pairs: Bullish, Bybit, Kraken, OKX, and Bitstamp.

•

ADA:

ADA-USD Trading Pairs: Bitfinex, Bitstamp, Crypto.com, Kraken, and OKX.

ADA-USDC Trading Pairs: Bybit, Kraken, and OKX.

Effective November 18, 2025, the Index Provider removed itBit (BTC-USD, ETH-USD, and SOL-USD trading pairs) as a Constituent Trading Platform used to calculate the Index Price for Bitcoin, Ether, and SOL due to the trading platform failing to meet the Index Provider’s conditions for inclusion in the Bitcoin, Ether, and SOL Index Prices. As of the date of this current report, the Constituent Trading Platforms used to calculate the Index Price for each respective Fund Component were as follows:

•

Bitcoin:

Bitcoin-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.

Bitcoin-USDC Trading Pairs: Bitstamp, Bullish, Bybit, Kraken, and OKX.

•

Ether:

Ether-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.

Ether-USDC Trading Pairs: Bitstamp, Bullish, Bybit, Kraken, and OKX.

•

XRP:

XRP-USD Trading Pairs: Bitfinex, Bitstamp, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.

XRP-USDC Trading Pairs: Bullish, Bybit, Kraken, OKX, and Bitstamp.

•

SOL:

SOL-USD Trading Pairs: Bitfinex, Bitstamp, Bullish, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.

SOL-USDC Trading Pairs: Bullish, Bybit, Kraken, OKX, and Bitstamp.

•

ADA:

ADA-USD Trading Pairs: Bitfinex, Bitstamp, Crypto.com, Kraken, and OKX.

ADA-USDC Trading Pairs: Bybit, Kraken, and OKX.

The Index Provider may change the trading venues that are used to calculate an Index Price, or otherwise change the way in which an Index Price is calculated, at any time. For example, the Index Provider has scheduled monthly reviews, in which it may add or remove Constituent Trading Platforms that satisfy or fail the criteria described in “Item 1. Business—Overview of the Digital Asset Industry and Market—The Index Prices” in the Fund’s Annual Report on Form 10-K for the year ended June 30, 2025, as filed with the Securities and Exchange Commission on September 5, 2025.

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:	November 21, 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.

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