Grayscale Digital Large Cap Fund (GDLC) 10-Q 5 Nov 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Period End Date	Sep. 30, 2021
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--06-30
Entity Registrant Name	Grayscale® Digital Large Cap Fund LLC
Entity Central Index Key	0001729997
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		15,867,400
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	000-56284
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1406784
Entity Address, Address Line One	290 Harbor Drive, 4th Floor
City Area Code	212
Local Phone Number	668-1427
Entity Address, City or Town	Stamford
Entity Address, Postal Zip Code	06902
Entity Address, State or Province	CT
Title of 12(g) Security	Grayscale Digital Large Cap Fund LLC Shares

STATEMENTS OF ASSETS AND LIABIL

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Assets:
Investments in digital assets, at fair value (cost $124,211 and $112,405 as of September 30, 2021 and June 30, 2021, respectively)	$ 467,356,000	$ 367,308,000
Total assets	467,356,000	367,308,000
Liabilities:
Manager's Fee payable, related party	0	0
Net assets	467,356,000	367,308,000
Net Assets consists of:
Paid-in-capital	114,568,000	113,633,000
Accumulated net investment loss	(11,006,000)	(8,173,000)
Accumulated net realized gain on investments in digital assets	20,649,000	6,945,000
Accumulated net change in unrealized appreciation on investments in digital assets	343,145,000	254,903,000
Net assets	$ 467,356,000	$ 367,308,000
Shares issued and outstanding, no par value (unlimited Shares authorized)	15,867,400	15,837,800
Net asset value per Share	$ 29.45	$ 23.19

STATEMENTS OF ASSETS AND LIAB_2

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Statement Of Financial Position [Abstract]
Cost of investment in digital assets, at fair value	$ 124,211	$ 112,405

SCHEDULES OF INVESTMENTS (UNAUD

SCHEDULES OF INVESTMENTS (UNAUDITED) $ in Thousands	Sep. 30, 2021USD ($)BitcoinEthereumBitcoinCashLitecoinChainlinkCardano	Jun. 30, 2021USD ($)BitcoinEthereumBitcoinCashLitecoinChainlink
Schedule Of Investments [Line Items]
Cost	$ 124,211	$ 112,405
Fair Value	$ 467,356	$ 367,308
% of Net Assets	100.00%	100.00%
Investment in Bitcoin
Schedule Of Investments [Line Items]
Cost	$ 80,170	$ 82,598
Fair Value	$ 308,326	$ 255,175
% of Net Assets	65.97%	69.47%
Quantity of Bitcoin | Bitcoin	7,083.20275573	7,340.02142854
Investment in Ethereum
Schedule Of Investments [Line Items]
Cost	$ 18,992	$ 20,499
Fair Value	$ 124,128	$ 101,625
% of Net Assets	26.56%	27.67%
Quantity of Ethereum | Ethereum	41,481.29718516	45,287.78133655
Investment in Bitcoin Cash
Schedule Of Investments [Line Items]
Cost	$ 2,643	$ 2,676
Fair Value	$ 3,620	$ 3,845
% of Net Assets	0.77%	1.05%
Quantity of Bitcoin Cash | BitcoinCash	7,278.77879099	7,379.46217362
Investment in Litecoin
Schedule Of Investments [Line Items]
Cost	$ 1,909	$ 1,967
Fair Value	$ 3,843	$ 3,707
% of Net Assets	0.82%	1.01%
Quantity of Litecoin | Litecoin	25,349.20617734	26,184.80079374
Investment in Chainlink
Schedule Of Investments [Line Items]
Cost	$ 4,902	$ 4,665
Fair Value	$ 3,904	$ 2,956
% of Net Assets	0.84%	0.80%
Quantity of Chainlink | Chainlink	166,049.79955868	153,327.61595468
Investment in Cardano
Schedule Of Investments [Line Items]
Cost	$ 15,595
Fair Value	$ 23,535
% of Net Assets	5.04%
Quantity of Cardano | Cardano	11,206,826.81832950

STATEMENTS OF OPERATIONS (UNAUD

STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Investment income:
Investment income	$ 0	$ 0
Expenses:
Manager's Fee, related party	2,833,000	375,000
Net investment loss	(2,833,000)	(375,000)
Net realized and unrealized gain on investments in digital assets:
Net realized gain on investments in digital assets	13,704,000	47,000
Net change in unrealized appreciation on investments in digital assets	88,242,000	7,860,000
Net realized and unrealized gain on investments in digital assets	101,946,000	7,907,000
Net increase in net assets resulting from operations	$ 99,113,000	$ 7,532,000

STATEMENTS OF CHANGES IN NET AS

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($)	Jul. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Increase in net assets from operations:
Net investment loss		$ (2,833,000)	$ (375,000)
Net realized gain on investments in digital assets	$ 11,651,902	13,704,000	47,000
Net change in unrealized appreciation on investments in digital assets		88,242,000	7,860,000
Net increase in net assets resulting from operations		99,113,000	7,532,000
Increase in net assets from capital share transactions:
Shares issued		935,000	45,934,000
Net increase in net assets resulting from capital share transactions		935,000	45,934,000
Total increase in net assets from operations and capital share transactions		100,048,000	53,466,000
Net assets:
Beginning of period	$ 367,308,000	367,308,000	32,374,000	$ 32,374,000
End of period		$ 467,356,000	$ 85,840,000	$ 367,308,000
Change in Shares outstanding:
Shares outstanding at beginning of period	15,837,800	15,837,800	6,029,000	6,029,000
Shares issued		29,600	7,141,200
Net increase in Shares		29,600	7,141,200
Shares outstanding at end of period		15,867,400	13,170,200	15,837,800

Organization

Organization	3 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization The Grayscale Digital Large Cap Fund LLC (the “Fund”) was constituted as a Cayman Islands limited liability company on January 25, 2018 (the inception of the Fund) and commenced operations on February 1, 2018. In general, the Fund will hold digital assets. A digital asset will be eligible for inclusion in the Fund’s portfolio if it satisfies market capitalization, liquidity and coverage criteria as determined by the Manager (as defined below). Digital assets will be held in the Fund’s portfolio on a market capitalization-weighted basis. At the inception of the Fund, the digital assets included in the Fund’s portfolio were: Bitcoin (“BTC”), Ethereum (“ETH”), XRP, Bitcoin Cash (“BCH”) and Litecoin (“LTC”). As of September 30, 2021, the digital assets included in the Fund’s portfolio were: Bitcoin (“BTC”), Ethereum (“ETH”), Bitcoin Cash (“BCH”), Litecoin (“LTC”) Chainlink (“LINK”), and Cardano (“ADA”) (collectively, the “Fund Components”). On a quarterly basis beginning on the first business day of January, April, July and October of each year, the Manager performs an analysis and may rebalance the Fund’s portfolio based on these results in accordance with policies and procedures as set forth in the Fund’s Limited Liability Company Agreement (the “LLC Agreement”). The Fund is authorized under the LLC Agreement to create and issue an unlimited number of equal, fractional, undivided interests in the profits, losses, distributions, capital and assets of, and ownership of, the Fund (“Shares”) (in minimum baskets of 100 Shares, referred to as “Baskets”) in connection with creations. The redemption of Shares is not currently contemplated and the Fund does not currently operate a redemption program. Subject to receipt of regulatory approval and approval by the Manager in its sole discretion, the Fund may in the future operate a redemption program. The Fund currently has no intention of seeking regulatory approval to operate an ongoing redemption program. The Fund’s investment objective is to hold the top digital assets by market capitalization and for the value of the Shares to reflect the value of such Fund Components at any given time, less the Fund’s expenses and other liabilities. From time to time, the Fund may hold cash in U.S. dollars and positions in digital assets as a result of a fork, airdrop or similar event through which the Fund becomes entitled to another digital asset or other property by virtue of its ownership of one or more of the digital assets it then holds (each such new asset, a “Forked Asset”). Grayscale Investments LLC (“Grayscale” or the “Manager”) acts as the Manager of the Fund and is a wholly owned subsidiary of Digital Currency Group, Inc. (“DCG”). The Manager is responsible for the day-to-day administration of the Fund pursuant to the provisions of the LLC Agreement. Grayscale is responsible for preparing and providing annual and quarterly reports on behalf of the Fund to investors and is also responsible for selecting and monitoring the Fund’s service providers. As partial consideration for the Manager’s services, the Fund pays Grayscale a Manager’s Fee as discussed in Note 7. The Manager also acts as the sponsor and manager of other investment products including Grayscale Basic Attention Token Trust (BAT), Grayscale Bitcoin Trust (BTC) (OTCQX: GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX: BCHG), Grayscale Chainlink Trust (LINK), Grayscale Decentraland Trust (MANA), Grayscale Ethereum Trust (ETH) (OTCQX: ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG), Grayscale Filecoin Trust (FIL), Grayscale Horizen Trust (ZEN) (OTCQX: HZEN), Grayscale Litecoin Trust (LTC) (OTCQX: LTCN), Grayscale Livepeer Trust (LPT), Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM), Grayscale Zcash Trust (ZEC) (OTCQX: ZCSH), and Grayscale Decentralized Finance Fund LLC (DeFi), each of which is an affiliate of the Fund. The following investment products sponsored or managed by the Manager are also SEC reporting companies with their shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): Grayscale Bitcoin Trust (BTC), Grayscale Bitcoin Cash Trust (BCH), Grayscale Ethereum Trust (ETH), Grayscale Ethereum Classic Trust (ETC), and Grayscale Litecoin Trust (LTC). Authorized Participants of the Fund are the only entities who may place orders to create or, if permitted, redeem Baskets. Genesis Global Trading, Inc. (“Genesis” or the “Authorized Participant”), a registered broker dealer and wholly owned subsidiary of DCG, is the only Authorized Participant and is party to a participant agreement with the Manager and the Fund. Additional Authorized Participants may be added at any time, subject to the discretion of the Manager. The custodian of the Fund is Coinbase Custody Trust Company, LLC (the “Custodian”), a third-party service provider. The Custodian is responsible for safeguarding the Fund Components and Forked Assets held by the Fund, and holding the private key(s) that provide access to the Fund’s digital wallets and vaults. The transfer agent for the Fund (the “Transfer Agent”) is Continental Stock Transfer & Trust Company. The responsibilities of the Transfer Agent are to maintain creations, redemptions, transfers, and distributions of the Fund’s Shares which are primarily held in book-entry form. On October 14, 2019, the Fund received notice that its Shares were qualified for public trading on the OTCQX U.S. Marketplace of the OTC Markets Group, Inc. (“OTCQX”). The Fund’s trading symbol on OTCQX is “GDLC” and the CUSIP number for its Shares is G40705108. The Fund’s previous trading symbol was “GDLCF” on OTCQX and was changed to “GDLC” on April 14, 2020. On July 21, 2020, the Fund registered with the Cayman Islands Monetary Authority (reference number: 1688783). The Fund is registered and regulated as a private fund under the Private Funds Act, 2020 of the Cayman Islands.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies In the opinion of management of the Manager of the Fund, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2021 and June 30, 2021 and results of operations for the three months ended September 30, 2021 and 2020 have been made. The results of operations for the periods presented are not necessarily indicative of the results of operations expected for the full year. These unaudited financial statements should be read in conjunction with the audited financial statements for the year ended June 30, 2021 included in the Company’s Annual Report on Form 10-K. The following is a summary of significant accounting policies followed by the Fund: The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Fund qualifies as an investment company for accounting purposes pursuant to the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies The Fund conducts its transactions in Fund Components, including receiving Fund Components for the creation of Shares and delivering Fund Components for the redemption of Shares and for the payment of the Manager’s Fee. At this time, the Fund is not accepting redemption requests from shareholders. Since its inception, the Fund has not held cash or cash equivalents. Principal Market and Fair Value Determination To determine which market is the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Fund’s net asset value (“NAV”), the Fund follows ASC 820-10, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for each Fund Component in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that each Fund Component is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Fund only receives Fund Components from the Authorized Participant and does not itself transact on any Digital Asset Markets. Therefore, the Fund looks to the Authorized Participant when assessing entity-specific and market-based volume and level of activity for Digital Asset Markets. The Authorized Participant transacts in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets, each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”). The Authorized Participant, as a related party of the Manager, provides information about the Digital Asset Markets on which it transacts to the Fund. In determining which of the eligible Digital Asset Markets is the Fund’s principal market, the Fund reviews these criteria in the following order: First, the Fund reviews a list of each Digital Asset Markets and excludes any Digital Asset Markets that are non-accessible to the Fund and the Authorized Participant. The Fund or the Authorized Participant does not have access to Digital Asset Exchange Markets that do not have a BitLicense and has access only to non-Digital Asset Exchange Markets that the Authorized Participant reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market. Second, the Fund sorts the remaining Digital Asset Markets from high to low by entity-specific and market-based volume and level of activity of each Fund Component traded on each Digital Asset Market in the trailing twelve months. Third, the Fund then reviews intra-day pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. Fourth, the Fund then selects a Digital Asset Market as its principal market based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Fund, Exchange Markets have the greatest volume and level of activity for the Fund Components. The Fund therefore looks to accessible Exchange Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market for each Fund Component. As a result of the analysis, an Exchange Market has been selected as the Fund’s principal market for each Fund Component. The Fund determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Fund has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Fund’s determination of its principal market. The cost basis of the investment in each Fund Component recorded by the Fund for financial reporting purposes is the fair value of the Fund Component at the time of transfer. The cost basis recorded by the Fund may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors. Investment Transactions and Revenue Recognition The Fund considers investment transactions to be the receipt of Fund Components for Share creations and the delivery of Fund Components for Share redemptions, the payment of expenses in Fund Components or the sale of Fund Components when the Manager rebalances the Fund’s portfolio. At this time, the Fund is not accepting redemption requests from shareholders. The Fund records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Manager’s Fee and selling Fund Component(s) when the Manager rebalances the Fund’s portfolio. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the ‘exit price’) in an orderly transaction between market participants at the measurement date. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: • Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. • Level 2—Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Fund. Fair Value Measurement Using (Amounts in thousands) Amount at Fair Value Level 1 Level 2 Level 3 September 30, 2021 Assets Investments in digital assets $ 467,356 $ - $ 467,356 $ - June 30, 2021 Assets Investments in digital assets $ 367,308 $ - $ 367,308 $ -

Fair Value of Investments in Di

Fair Value of Investments in Digital Assets	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Investments in Digital Assets	3. Fair Value of Investments in Digital Assets The Fund Components are held by the Custodian on behalf of the Fund and are carried at fair value. 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 Exchange Market considered to be its principal market, as determined by the Fund: Fund Component Principal Market September 30, 2021 June 30, 2021 BTC Coinbase Pro $ 43,529.16 $ 34,764.81 ETH Coinbase Pro $ 2,992.38 $ 2,243.98 BCH Coinbase Pro $ 497.46 $ 520.99 LTC Coinbase Pro $ 151.61 $ 141.61 LINK 1 Coinbase Pro $ 23.51 $ 19.28 ADA 2 Coinbase Pro $ 2.10 N/A 1 Effective April 2, 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 Chainlink (LINK) in accordance with the Fund Construction Criteria See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing. 2 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 Cardano (ADA) in accordance with the Fund Construction Criteria See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing. The following represents the changes in quantity of each Fund Component and their respective fair values: (Amounts in thousands, except BTC amounts) Quantity Fair Value BTC balance at July 1, 2020 2,890.95335771 $ 26,406 BTC contributed 4,668.87490748 61,878 BTC distributed from portfolio rebalancing (49.26609880 ) (4,018 ) BTC distributed for Manager's Fee, related party (170.54073785 ) (5,373 ) Net change in unrealized appreciation on investment in BTC - 168,230 Net realized gain on investment in BTC - 8,052 BTC balance at June 30, 2021 7,340.02142854 255,175 BTC contributed 13.24337963 613 BTC distributed from portfolio rebalancing (225.33929087 ) (7,560 ) BTC distributed for Manager's Fee, related party (44.72276157 ) (1,876 ) Net change in unrealized appreciation on investment in BTC - 55,580 Net realized gain on investment in BTC - 6,394 BTC balance at September 30, 2021 7,083.20275573 $ 308,326 (Amounts in thousands, except ETH amounts) Quantity Fair Value ETH balance at July 1, 2020 16,713.06457809 $ 3,760 ETH contributed 27,048.35623477 11,956 ETH contributed from portfolio rebalancing 2,541.65341845 2,993 ETH distributed for Manager's Fee, related party (1,015.29289476 ) (1,362 ) Net change in unrealized appreciation on investment in ETH - 83,519 Net realized gain on investment in ETH - 759 ETH balance at June 30, 2021 45,287.78133655 101,625 ETH contributed 77.55708625 252 ETH distributed from portfolio rebalancing (3,622.13172739 ) (7,683 ) ETH distributed for Manager's Fee, related party (261.90951025 ) (745 ) Net change in unrealized appreciation on investment in ETH - 24,009 Net realized gain on investment in ETH - 6,670 ETH balance at September 30, 2021 41,481.29718516 $ 124,128 (Amounts in thousands, except XRP amounts) Quantity Fair Value XRP balance at July 1, 2020 6,697,006.68459600 $ 1,177 XRP contributed 10,327,653.14534000 2,668 XRP distributed from portfolio rebalancing (16,838,197.64668600 ) (3,875 ) XRP distributed for Manager's Fee, related party (186,462.18325000 ) (60 ) Net change in unrealized appreciation on investment in XRP - 1,740 Net realized loss on investment in XRP - (1,650 ) XRP balance at June 30, 2021 - - (Amounts in thousands, except BCH amounts) Quantity Fair Value BCH balance at July 1, 2020 2,908.94301800 $ 643 BCH contributed 4,696.88194985 1,185 BCH distributed from portfolio rebalancing (55.03257309 ) (31 ) BCH distributed for Manager's Fee, related party (171.33022114 ) (81 ) Net change in unrealized appreciation on investment in BCH - 2,102 Net realized gain on investment in BCH - 27 BCH balance at June 30, 2021 7,379.46217362 3,845 BCH contributed 13.60904594 8 BCH distributed from portfolio rebalancing (68.33481591 ) (33 ) BCH distributed for Manager's Fee, related party (45.95761266 ) (26 ) Net change in unrealized depreciation on investment in BCH - (191 ) Net realized gain on investment in BCH - 17 BCH balance at September 30, 2021 7,278.77879099 $ 3,620 (Amounts in thousands, except LTC amounts) Quantity Fair Value LTC balance at July 1, 2020 9,446.46857963 $ 388 LTC contributed 15,310.38020958 908 LTC contributed from portfolio rebalancing 2,010.23222215 309 LTC distributed for Manager's Fee, related party (582.28021762 ) (81 ) Net change in unrealized appreciation on investment in LTC - 2,142 Net realized gain on investment in LTC - 41 LTC balance at June 30, 2021 26,184.80079374 3,707 LTC contributed 47.39510812 8 LTC distributed from portfolio rebalancing (722.93691458 ) (97 ) LTC distributed for Manager's Fee, related party (160.05280994 ) (24 ) Net change in unrealized appreciation on investment in LTC - 193 Net realized gain on investment in LTC - 56 LTC balance at September 30, 2021 25,349.20617734 $ 3,843 (Amounts in thousands, except LINK amounts) Quantity Fair Value LINK balance at July 1, 2020 - $ - LINK contributed 253.44138473 9 LINK contributed from portfolio rebalancing 154,021.49829970 4,622 LINK distributed for Manager's Fee, related party (947.32372975 ) (30 ) Net change in unrealized depreciation on investment in LINK - (1,709 ) Net realized gain on investment in LINK - 64 LINK balance at June 30, 2021 153,327.61595468 2,956 LINK contributed 310.46132900 8 LINK contributed from portfolio rebalancing 13,460.14709855 244 LINK distributed for Manager's Fee, related party (1,048.42482355 ) (25 ) Net change in unrealized appreciation on investment in LINK - 711 Net realized gain on investment in LINK - 10 LINK balance at September 30, 2021 166,049.79955868 $ 3,904 (Amounts in thousands, except ADA amounts) Quantity Fair Value ADA balance at July 1, 2021 - $ - ADA contributed 20,953.27038208 46 ADA contributed from portfolio rebalancing 11,256,632.53387140 15,129 ADA distributed for Manager's Fee, related party (70,758.98592400 ) (137 ) Net change in unrealized appreciation on investment in ADA - 7,940 Net realized gain on investment in ADA - 557 ADA balance at September 30, 2021 11,206,826.81832950 $ 23,535

Portfolio Rebalancing

Portfolio Rebalancing	3 Months Ended
	Sep. 30, 2021
Portfolio Rebalancing Disclosure [Abstract]
Portfolio Rebalancing	4. Portfolio Rebalancing A digital asset will generally be eligible for inclusion in the Fund’s portfolio if it satisfies market capitalization, liquidity and coverage criteria as determined by the Manager. Fund Components will be held in the Fund’s portfolio on a market capitalization-weighted basis. Specifically, the Fund seeks to hold Fund Components that have market capitalizations that collectively comprise at least 70% of the market capitalization of the entire digital asset market (the “Target Coverage Ratio”). Market capitalization refers to a digital asset’s market value, as determined by multiplying the number of tokens of such digital asset in circulation by the market price of a token of such digital asset. Because the Fund will create Shares in exchange for Fund Components on a daily basis, the market capitalization of each Fund Component will be calculated, and the percentage of the total U.S. dollar value of the aggregate Fund Components at any time that is represented by tokens of such Fund Components (its “Weighting”) will therefore fluctuate, daily in accordance with changes in the market price of such Fund Components. On a quarterly basis beginning on the first business day of January, April, July and October of each year, the Manager performs an analysis and may rebalance the Fund’s portfolio based on these results. In order to rebalance the Fund’s portfolio, the Manager will (i) determine whether any Fund Components meet certain removal criteria and should therefore be removed from as Fund Components, (ii) determine whether any new digital assets meet certain inclusion criteria and should therefore be included as Fund Components, (iii) determine whether the Target Coverage Ratio is met and (iv) determine how much cash and Forked Assets the Fund holds. If a Fund Component is no longer eligible for inclusion in the Fund’s portfolio because it meets the Removal Criteria, the Manager will adjust the Fund’s portfolio by selling such Fund Component and using the cash proceeds to purchase additional tokens of the remaining Fund Components and, if applicable, any new Fund Component in proportion to their respective Weightings. If a digital asset not then included in the Fund’s portfolio is newly eligible for inclusion in the Fund’s portfolio because it meets the Inclusion Criteria or because its inclusion is necessary in order for the Fund’s portfolio to meet the Target Coverage Ratio, the Manager will adjust the Fund’s portfolio by selling tokens of the then-current Fund Components in proportion to their respective Weightings and using the cash proceeds to purchase tokens of the newly eligible digital assets. Each period during which the Manager is purchasing and selling digital assets in connection with a rebalancing is referred to as a “Rebalancing Period.” The Manager expects each Rebalancing Period to last between one and five business days. On December 30, 2020, the Authorized Participant of the Fund, announced that effective January 15, 2021, at 5:00 p.m. ET, it would temporarily suspend trading for XRP. As a result, during the Fund’s quarterly review, the Fund removed XRP from the Fund’s portfolio and sold the XRP holdings to purchase additional tokens of the remaining Fund Components in proportion to their respective weightings. On January 4, 2021, the Fund recognized a realized loss of $1,754,085 in connection with the sale of 16,838,197.646686 XRP to purchase 41.70190288 BTC, 2,160.57566673 ETH, 3.81770515 BCH and 2,004.91717874 LTC. On April 6, 2021, the Manager of the Fund, announced the updated Fund Component weightings for the Fund in connection with its quarterly review. Effective April 2, 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 Chainlink (LINK) in accordance with the Fund’s construction criteria. On April 2, 2021, the Fund recognized a realized gain of $4,398,884 in connection with the sale of 90.96800168 BTC and 58.85027824 BCH to purchase 381.07775172 ETH, 5.31504341 LTC and 154,021.49829970 LINK. On July 2, 2021, the Manager of the Fund, announced the updated Fund Component weightings for the Fund in connection with its quarterly review. 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 Cardano (ADA) in accordance with the Fund’s construction criteria. On July 1, 2021, the Fund recognized a realized gain of $11,651,902 in connection with the sale of 225.33929087 BTC, 3,622.13172739 ETH, 68.33481591 BCH and 722.93691458 LTC to purchase 11,256,632.53387140 ADA and 13,460.14709855 LINK.

Creations and Redemptions of Sh

Creations and Redemptions of Shares	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Creations and Redemptions of Shares	5. Creations and Redemptions of Shares At September 30, 2021 and June 30, 2021, there were an unlimited number of Shares authorized by the Fund. The Fund creates (and, should the Fund commence a redemption program, redeems) Shares from time to time, but only in one or more Baskets. The creation and redemption of Baskets on behalf of investors are made by the Authorized Participant in exchange for the delivery of tokens of each Fund Component to the Fund, or the distribution of tokens of each Fund Component by the Fund, plus cash representing the Forked Asset portion, if any, and the U.S. Dollar portion, if any. The number of tokens of each Fund Component required for each creation Basket or redemption Basket is determined by dividing (x) the total number of tokens of such Fund Component held by the Fund at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the number of tokens of each Fund Component payable as the Manager’s Fee and the number of tokens of such Fund Component payable as a portion of Additional Fund Expenses (as defined in Note 7), by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 100. Each Share represented approximately 0.0004 of one BTC, 0.0026 of one ETH, 0.0005 of one BCH, 0.0016 of one LTC, 0.0105 of one LINK and 0.7063 of one ADA at September 30, 2021. Each Share represented approximately 0.0005 of one BTC, 0.0029 of one ETH, 0.0005 of one BCH, 0.0017 of one LTC and 0.0097 of one LINK at June 30, 2021. The cost basis of investments in each Fund Component recorded by the Fund is the fair value of each Fund Component, as determined by the Fund, at 4:00 p.m., New York time, on the date of transfer to the Fund by the Authorized Participant based on the creation Baskets. The cost basis recorded by the Fund may differ from proceeds collected by the Authorized Participant from the sale of each Share to investors. The Authorized Participant may realize significant profits buying, selling, creating, and, if permitted, redeeming Shares as a result of changes in the value of Shares or each Fund Component. In addition, the Authorized Participant may realize significant profits through the sale of digital assets during a Rebalancing Period. At this time, the Fund is not operating a redemption program and is not accepting redemption requests. Subject to receipt of regulatory approval and approval by the Manager in its sole discretion, the Fund may in the future operate a redemption program. The Fund currently has no intention of seeking regulatory approval to operate an ongoing redemption program. Further, the Fund is registered and regulated as a private fund under the Private Funds Act, 2020 of the Cayman Islands. The Cayman Islands Monetary Authority has supervisory and enforcement powers to ensure the Fund’s compliance with the Private Funds Act. Before the Fund is able to effect open redemptions as an open-ended Fund, it will be required to meet the requirements of, and register with, the Cayman Islands Monetary Authority and be regulated as a mutual fund und er the Mutual Funds Act, 2020 of the Cayman Islands

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The Government of the Cayman Islands does not, and will not, under existing Cayman law, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax upon the Fund or the shareholders. Interest, dividends and gains payable to the Fund and all distributions by the Fund to shareholders will be received free of any Cayman Islands income or withholding taxes. The Fund has elected to be treated as a corporation for U.S. federal income tax purposes. The Manager believes that the Fund will not be treated as engaged in a trade or business in the United States and thus will not derive income that is treated as “effectively connected” with the conduct of a trade or business in the United States (“effectively connected income”) under the U.S. Internal Revenue Code of 1966, as amended (the “Code”) and corresponding tax regulations (e.g., including under Sections 861 through 865). There can, however, be no complete assurance in this regard. If the Fund were treated as engaged in a trade or business in the United States, it would be subject to U.S. federal income tax, at the rates applicable to U.S. corporations (currently, at the rate of 21%), on its net effectively connected income. Any such income might also be subject to U.S. state and local income taxes. In addition, the Fund would be subject to a 30% U.S. branch profits tax in respect of its “dividend equivalent amount,” as defined in Section 884 of the Code, attributable to its effectively connected income (generally, the after-tax amount of certain effectively connected income that is not treated as reinvested in the trade or business). If the Fund were treated as engaged in a trade or business in the United States during any taxable year, it would be required to file a U.S. federal income tax return for that year, regardless of whether it recognized any effectively connected income. If the Fund did not file U.S. federal income tax returns and were later determined to have engaged in a U.S. trade or business, it would generally not be entitled to offset its effectively connected income and gains against its effectively connected losses and deductions (and, therefore, would be taxable on its gross, rather than net, effectively connected income). If the Fund recognizes any effectively connected income, the imposition of U.S. taxes on such income may have a substantial adverse effect on the return to shareholders. Due to the new and evolving nature of digital assets and a general absence of clearly controlling authority with respect to digital assets, many significant aspects of the U.S. federal income tax treatment of digital assets (including with respect to the amount, timing, and character of income recognition) are uncertain. The Manager believes that, in general, gains and losses recognized by the Fund from the sale or other disposition of digital assets will be treated as capital gains or losses. However, it is possible that the IRS will not agree with the Fund’s U.S. federal tax treatment of digital assets. In accordance with GAAP, the Fund has defined the threshold for recognizing the benefits of tax positions in the financial statements as “more-likely than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely than-not” threshold, based on the largest benefit that is more than 50% likely to be realized. Tax positions not deemed to meet the “more-likely than-not” threshold are recorded as a tax benefit or expense in the current period. As of and during the periods ended September 30, 2021 and June 30, 2021 , the Fund did not have a liability for any unrecognized tax amounts. However, the Manager’s conclusions concerning its determination of “more likely than not” tax positions may be subject to review and adjustment at a later date based on factors including , but not limited to, further implementation guidance, and ongoing analyses of and changes to tax laws, regulations and interpretations thereof. The Manager of the Fund has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state and local income taxes existed as of September 30, 2021 or June 30, 2021.

Related Parties

Related Parties	3 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Parties	7. Related Parties The Fund considers the following entities, their directors and employees to be related parties of the Fund: DCG, Genesis, Grayscale, and TradeBlock, Inc. As of September 30, 2021 and June 30, 2021, 1,378,444 and 1,544,850 Shares of the Fund were held by related parties of the Fund, respectively. The Manager’s parent, an affiliate of the Fund, holds a minority interest in Coinbase, Inc., the parent company of the Custodian, that represents less than 1.0% of Coinbase, Inc.’s ownership. In accordance with the LLC Agreement governing the Fund, the Fund pays a fee to the Manager, calculated as 2.5% of the aggregate value of the Fund’s digital asset holdings, less its liabilities (which include any accrued but unpaid expenses up to, but excluding, the date of calculation), as calculated and published by the Manager or its delegates (the “Manager’s Fee”). The Manager’s Fee accrues daily in U.S. dollars and is payable in Fund Components then held by the Fund in proportion to their respective Fund Component’s Weighting. The U.S. dollar amount of the Manager’s Fee will be converted into Fund Components on a daily basis by multiplying such U.S. dollar amount by the Weighing for each Fund Component and dividing the resulting product for each Fund Component by the U.S. dollar value for such Fund Component on such day. For purposes of these financial statements, the U.S. dollar value of Fund Components is determined by reference to the Digital Asset Exchange Market that the Fund considers its principal market as of 4:00 p.m., New York time, on each valuation date. Effective January 1, 2021, the Manager’s Fee was lowered from 3.0% to 2.5%. No Forked Assets have been distributed in payment of the Manager’s Fee during the three months ended September 30, 2021 and 2020. As partial consideration for receipt of the Manager’s Fee, the Manager shall assume and pay all fees and other expenses incurred by the Fund in the ordinary course of its affairs, excluding taxes, but including marketing fee, the administrator fee, if any; custodian fees; transfer agent fees; trustee fees; the fees and expenses related to the listing, quotation or trading of the Shares on any Secondary Market (including customary legal, marketing and audit fees and expenses) in an amount up to $600,000 in any given fiscal year; ordinary course legal fees and expenses; audit fees; regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act and fees relating to registration and any other regulatory requirements in the Cayman Islands; printing and mailing costs; costs of maintaining the Fund’s website and applicable license fees (together, the “Manager-paid Expenses”), provided that any expense that qualifies as an Additional Fund Expense will be deemed to be an Additional Fund Expense and not a Manager-paid Expense. The Fund may incur certain extraordinary, non-recurring expenses that are not Manager-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Manager (or any other service provider) on behalf of the Fund to protect the Fund or the interests of shareholders (including in connection with any Forked Assets), any indemnification of the Custodian or other agents, service providers or counterparties of the Fund, the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including legal, marketing and audit fees and expenses) to the extent exceeding $600,000 in any given fiscal year and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively, “Additional Fund Expenses”). In such circumstances, the Manager or its delegate (i) will instruct the Custodian to withdraw from the digital asset accounts Fund Components in proportion to their respective Weightings at such time and in such quantity as may be necessary to permit payment of such Additional Fund Expenses and (ii) may either (x) cause the Fund (or its delegate) to convert such Fund Components into U.S. dollars or other fiat currencies at the price per single unit of such asset (determined net of any associated fees) at which the Fund is able to sell such asset or (y) cause the Fund (or its delegate) to deliver such Fund Components, and/or Forked Assets in kind in satisfaction of such Additional Fund Expenses. For three months ended September 30, 2021 and 2020, the Fund incurred Manager’s Fees of $2,833,215 and $374,990, respectively. As of September 30, 2021 and June 30, 2021, there were no accrued and unpaid Manager’s Fees. In addition, the Manager may pay Additional Fund Expenses on behalf of the Fund, which are reimbursable by the Fund to the Manager. For the three months ended September 30, 2021 and 2020, the Manager did not pay any Additional Fund Expenses on behalf of the Fund.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Sep. 30, 2021
Risks And Uncertainties [Abstract]
Risks and Uncertainties	8. Risks and Uncertainties The Fund is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in digital assets. Investing in digital assets is currently highly speculative and volatile. The net asset value of the Fund relates primarily to the value of the Fund Components, and fluctuations in the price of such Fund Components could materially and adversely affect an investment in the Shares of the Fund. The price of the Fund Components have a very limited history. During such history, the market price of such Fund Components have been volatile, and subject to influence by many factors including the levels of liquidity. If the Digital Asset Markets continue to experience significant price fluctuations, the Fund may experience losses. Several factors may affect the market price of the Fund Components, including, but not limited to, global supply and demand of such Fund Components, theft of such Fund Components from global exchanges or vaults, competition from other forms of digital assets or payments services, global or regional political, economic or financial conditions, and other unforeseen market events and situations. The digital asset networks relevant to the Fund Components are decentralized to an extent, meaning no single entity owns or operates them. Some digital asset networks, such as the BTC, BCH, ETH, LTC, ADA and LINK networks, are collectively maintained by a decentralized user base. The Fund Components are commingled, and the Fund’s shareholders have no specific rights to any specific Fund Component. In the event of the insolvency of the Fund, its assets may be inadequate to satisfy a claim by its shareholders. There is currently no clearing house for the Fund Components, nor is there a central or major depository for the custody of such Fund Components. There is a risk that some or all of the Fund Components could be lost or stolen. There can be no assurance that the Custodian will maintain adequate insurance or that such coverage will cover losses with respect to the Fund Components. Further, transactions in the Fund Components are irrevocable. Stolen or incorrectly transferred Fund Components may be irretrievable. As a result, any incorrectly executed Fund Component transactions could adversely affect an investment in the Shares. The Securities and Exchange Commission (the “SEC”) has stated that certain digital assets may be considered “securities” under the federal securities laws. The test for determining whether a particular digital asset is a “security” is complex and the outcome is difficult to predict. Public statements by senior officials at the SEC, including a June 2018 speech by the director of the SEC’s division of Corporation Finance, indicate that the SEC does not intend to take the position that Bitcoin or Ethereum are currently securities. Such statements are not official policy statements by the SEC and reflect only the speaker’s views, which are not binding on the SEC or any other agency or court and cannot be generalized to any other digital asset. Further, Ripple Labs, Inc. (“Ripple”), the company that retains a key role in stewarding the development of XRP, is currently a defendant in a federal class-action lawsuit filed by certain XRP holders that alleges that XRP is a security issued by Ripple. In addition, in 2020 the SEC filed a complaint against the promoters of XRP alleging that they raised more than $1.3 billion through XRP sales that should have been registered under the federal securities laws, but were not. If a Fund Component is determined to be a “security” under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for such Fund Component. For example, it may become more difficult for such Fund Component to be traded, cleared and custodied as compared to other digital assets that are not considered to be securities, which could in turn negatively affect the liquidity and general acceptance of such Fund Component and cause users to migrate to other digital assets. As such, any determination that a Fund Component is a security under federal or state securities laws may adversely affect the value of such Fund Component and, as a result, an investment in the Shares. To the extent that a Fund Component is determined to be a security, the Fund and the Manager may also be subject to additional regulatory requirements, including under the Investment Company Act of 1940, and the Manager may be required to register as an investment adviser under the Investment Advisers Act of 1940. If the Manager determines not to comply with such additional regulatory and registration requirements, the Manager will terminate the Fund. Any such termination could result in the liquidation of the Fund’s digital assets at a time that is disadvantageous to shareholders. As with any computer network, digital asset networks are vulnerable to various kinds of attacks. For example, each digital asset network of the Fund Components, for which it is relevant, is vulnerable to a “51% attack” where, if a malicious actor were to gain control of more than 50% of a network’s hash rate, it would be able to gain full control of the network and the ability to manipulate the relevant blockchains on which the respective Fund Components settle. In May 2019, the Bitcoin Cash network experienced a 51% attack when two mining pools combined their hash rates to reverse a block of transactions that rewarded tokens to an unknown actor who had taken advantage of an unrelated vulnerability in the Bitcoin Cash network. The Fund did not suffer any direct losses as a result of the attack. Although this particular attack could be interpreted as reversing a separate attack on the Bitcoin Cash network, the Bitcoin Cash network may be vulnerable to future 51% attacks that could result in a loss of confidence in the Bitcoin Cash network. To the extent a private key required to access a Fund Component address is lost, destroyed or otherwise compromised and no backup of the private key is accessible, the Fund may be unable to access the relevant Fund Component controlled by the private key and the private key will not be capable of being restored by the network of such Fund Component. The processes by which the Fund Component transactions are settled are dependent on the peer-to-peer network of such Fund Component, and as such, the Fund is subject to operational risk. A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of the Fund Component. The Fund relies on third party service providers to perform certain functions essential to its operations. Any disruptions to the Fund’s or the Fund’s service providers’ business operations resulting from business restrictions, quarantines or restrictions on the ability of personnel to perform their jobs as a result of the COVID-19 pandemic could have an adverse impact on the Fund’s ability to access critical services and would be disruptive to the operation of the Fund.

Financial Highlights Per Share

Financial Highlights Per Share Performance	3 Months Ended
	Sep. 30, 2021
Investment Company Financial Highlights [Abstract]
Financial Highlights Per Share Performance	9. Financial Highlights Per Share Performance Three Months Ended September 30, 2021 2020 Per Share Data: Net asset value, beginning of period $ 23.19 $ 5.37 Net increase in net assets from investment operations: Net investment loss (0.18 ) (0.05 ) Net realized and unrealized gain 6.44 1.20 Net increase in net assets resulting from operations 6.26 1.15 Net asset value, end of period $ 29.45 $ 6.52 Total return 158.08 % 116.40 % Ratios to average net assets: Net investment loss -2.50 % -3.00 % Expenses -2.50 % -3.00 % Ratios of net investment loss and expenses to average net assets have been annualized. An individual shareholder’s return, ratios, and per Share performance may vary from those presented above based on the timing of Share transactions. Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and assuming redemption on the last day of the period and has been annualized.

Indemnifications

Indemnifications	3 Months Ended
	Sep. 30, 2021
Indemnifications Disclosure [Abstract]
Indemnifications	10. Indemnifications In the normal course of business, the Fund enters into certain contracts that provide a variety of indemnities, including contracts with the Manager and affiliates of the Manager, DCG and its officers, directors, employees, subsidiaries and affiliates, and the Custodian as well as others relating to services provided to the Fund. The Fund’s maximum exposure under these and its other indemnities is unknown. However, no liabilities have arisen under these indemnities in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Manager does not consider it necessary to record a liability in this regard.

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On October 1, 2021, the Manager of the Fund announced the updated Fund Component weightings for the Fund in connection with its quarterly review. The Manager adjusted the Fund’s portfolio by selling certain existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Solana (SOL) and Uniswap (UNI) in accordance with the Fund's construction criteria. As of the end of the day on October 1, 2021, the Fund Components were a basket of 62.19% BTC, 26.08% ETH, 0.73% BCH, 0.77% LTC, 0.82% LINK, 5.11% ADA, 3.24% SOL and 1.06% UNI and each Share represented 0.0004 BTC, 0.0026 ETH, 0.0004 BCH, 0.0015 LTC, 0.0102 LINK, 0.7310 ADA, 0.0067 SOL and 0.0134 UNI. 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 November 1, 2021 the fair value of each Fund Component, determined in accordance with the Fund’s accounting policy, was $61,504.85 per BTC, $4,367.75 per ETH, $588.94 per BCH, $194.52 per LTC $31.35 per LINK, $1.95 per ADA, $204.23 per SOL, and $26.05 per UNI. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Principal Market and Fair Value Determination	Principal Market and Fair Value Determination To determine which market is the Fund’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Fund’s net asset value (“NAV”), the Fund follows ASC 820-10, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for each Fund Component in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that each Fund Component is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Fund only receives Fund Components from the Authorized Participant and does not itself transact on any Digital Asset Markets. Therefore, the Fund looks to the Authorized Participant when assessing entity-specific and market-based volume and level of activity for Digital Asset Markets. The Authorized Participant transacts in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets, each as defined in the FASB ASC Master Glossary (collectively, “Digital Asset Markets”). The Authorized Participant, as a related party of the Manager, provides information about the Digital Asset Markets on which it transacts to the Fund. In determining which of the eligible Digital Asset Markets is the Fund’s principal market, the Fund reviews these criteria in the following order: First, the Fund reviews a list of each Digital Asset Markets and excludes any Digital Asset Markets that are non-accessible to the Fund and the Authorized Participant. The Fund or the Authorized Participant does not have access to Digital Asset Exchange Markets that do not have a BitLicense and has access only to non-Digital Asset Exchange Markets that the Authorized Participant reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market. Second, the Fund sorts the remaining Digital Asset Markets from high to low by entity-specific and market-based volume and level of activity of each Fund Component traded on each Digital Asset Market in the trailing twelve months. Third, the Fund then reviews intra-day pricing fluctuations and the degree of variances in price on Digital Asset Markets to identify any material notable variances that may impact the volume or price information of a particular Digital Asset Market. Fourth, the Fund then selects a Digital Asset Market as its principal market based on the highest market-based volume, level of activity and price stability in comparison to the other Digital Asset Markets on the list. Based on information reasonably available to the Fund, Exchange Markets have the greatest volume and level of activity for the Fund Components. The Fund therefore looks to accessible Exchange Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market for each Fund Component. As a result of the analysis, an Exchange Market has been selected as the Fund’s principal market for each Fund Component. The Fund determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Fund has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Fund’s determination of its principal market. The cost basis of the investment in each Fund Component recorded by the Fund for financial reporting purposes is the fair value of the Fund Component at the time of transfer. The cost basis recorded by the Fund may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.
Investment Transactions and Revenue Recognition	Investment Transactions and Revenue Recognition The Fund considers investment transactions to be the receipt of Fund Components for Share creations and the delivery of Fund Components for Share redemptions, the payment of expenses in Fund Components or the sale of Fund Components when the Manager rebalances the Fund’s portfolio. At this time, the Fund is not accepting redemption requests from shareholders. The Fund records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments. Realized gains and losses are calculated using the specific identification method. Realized gains and losses are recognized in connection with transactions including settling obligations for the Manager’s Fee and selling Fund Component(s) when the Manager rebalances the Fund’s portfolio.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the ‘exit price’) in an orderly transaction between market participants at the measurement date. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: • Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. • Level 2—Valuations based on quoted prices in markets that are not active or for which significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Fund. Fair Value Measurement Using (Amounts in thousands) Amount at Fair Value Level 1 Level 2 Level 3 September 30, 2021 Assets Investments in digital assets $ 467,356 $ - $ 467,356 $ - June 30, 2021 Assets Investments in digital assets $ 367,308 $ - $ 367,308 $ -

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Fair Value Estimates	Fair Value Measurement Using (Amounts in thousands) Amount at Fair Value Level 1 Level 2 Level 3 September 30, 2021 Assets Investments in digital assets $ 467,356 $ - $ 467,356 $ - June 30, 2021 Assets Investments in digital assets $ 367,308 $ - $ 367,308 $ -

Fair Value of Investments in _2

Fair Value of Investments in Digital Assets (Tables)	3 Months Ended
	Sep. 30, 2021
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 Exchange Market considered to be its principal market, as determined by the Fund: Fund Component Principal Market September 30, 2021 June 30, 2021 BTC Coinbase Pro $ 43,529.16 $ 34,764.81 ETH Coinbase Pro $ 2,992.38 $ 2,243.98 BCH Coinbase Pro $ 497.46 $ 520.99 LTC Coinbase Pro $ 151.61 $ 141.61 LINK 1 Coinbase Pro $ 23.51 $ 19.28 ADA 2 Coinbase Pro $ 2.10 N/A 1 Effective April 2, 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 Chainlink (LINK) in accordance with the Fund Construction Criteria See Note 4. Portfolio Rebalancing for a description of the portfolio rebalancing. 2 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 Cardano (ADA) in accordance with the Fund Construction Criteria 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 BTC amounts) Quantity Fair Value BTC balance at July 1, 2020 2,890.95335771 $ 26,406 BTC contributed 4,668.87490748 61,878 BTC distributed from portfolio rebalancing (49.26609880 ) (4,018 ) BTC distributed for Manager's Fee, related party (170.54073785 ) (5,373 ) Net change in unrealized appreciation on investment in BTC - 168,230 Net realized gain on investment in BTC - 8,052 BTC balance at June 30, 2021 7,340.02142854 255,175 BTC contributed 13.24337963 613 BTC distributed from portfolio rebalancing (225.33929087 ) (7,560 ) BTC distributed for Manager's Fee, related party (44.72276157 ) (1,876 ) Net change in unrealized appreciation on investment in BTC - 55,580 Net realized gain on investment in BTC - 6,394 BTC balance at September 30, 2021 7,083.20275573 $ 308,326 (Amounts in thousands, except ETH amounts) Quantity Fair Value ETH balance at July 1, 2020 16,713.06457809 $ 3,760 ETH contributed 27,048.35623477 11,956 ETH contributed from portfolio rebalancing 2,541.65341845 2,993 ETH distributed for Manager's Fee, related party (1,015.29289476 ) (1,362 ) Net change in unrealized appreciation on investment in ETH - 83,519 Net realized gain on investment in ETH - 759 ETH balance at June 30, 2021 45,287.78133655 101,625 ETH contributed 77.55708625 252 ETH distributed from portfolio rebalancing (3,622.13172739 ) (7,683 ) ETH distributed for Manager's Fee, related party (261.90951025 ) (745 ) Net change in unrealized appreciation on investment in ETH - 24,009 Net realized gain on investment in ETH - 6,670 ETH balance at September 30, 2021 41,481.29718516 $ 124,128 (Amounts in thousands, except XRP amounts) Quantity Fair Value XRP balance at July 1, 2020 6,697,006.68459600 $ 1,177 XRP contributed 10,327,653.14534000 2,668 XRP distributed from portfolio rebalancing (16,838,197.64668600 ) (3,875 ) XRP distributed for Manager's Fee, related party (186,462.18325000 ) (60 ) Net change in unrealized appreciation on investment in XRP - 1,740 Net realized loss on investment in XRP - (1,650 ) XRP balance at June 30, 2021 - - (Amounts in thousands, except BCH amounts) Quantity Fair Value BCH balance at July 1, 2020 2,908.94301800 $ 643 BCH contributed 4,696.88194985 1,185 BCH distributed from portfolio rebalancing (55.03257309 ) (31 ) BCH distributed for Manager's Fee, related party (171.33022114 ) (81 ) Net change in unrealized appreciation on investment in BCH - 2,102 Net realized gain on investment in BCH - 27 BCH balance at June 30, 2021 7,379.46217362 3,845 BCH contributed 13.60904594 8 BCH distributed from portfolio rebalancing (68.33481591 ) (33 ) BCH distributed for Manager's Fee, related party (45.95761266 ) (26 ) Net change in unrealized depreciation on investment in BCH - (191 ) Net realized gain on investment in BCH - 17 BCH balance at September 30, 2021 7,278.77879099 $ 3,620 (Amounts in thousands, except LTC amounts) Quantity Fair Value LTC balance at July 1, 2020 9,446.46857963 $ 388 LTC contributed 15,310.38020958 908 LTC contributed from portfolio rebalancing 2,010.23222215 309 LTC distributed for Manager's Fee, related party (582.28021762 ) (81 ) Net change in unrealized appreciation on investment in LTC - 2,142 Net realized gain on investment in LTC - 41 LTC balance at June 30, 2021 26,184.80079374 3,707 LTC contributed 47.39510812 8 LTC distributed from portfolio rebalancing (722.93691458 ) (97 ) LTC distributed for Manager's Fee, related party (160.05280994 ) (24 ) Net change in unrealized appreciation on investment in LTC - 193 Net realized gain on investment in LTC - 56 LTC balance at September 30, 2021 25,349.20617734 $ 3,843 (Amounts in thousands, except LINK amounts) Quantity Fair Value LINK balance at July 1, 2020 - $ - LINK contributed 253.44138473 9 LINK contributed from portfolio rebalancing 154,021.49829970 4,622 LINK distributed for Manager's Fee, related party (947.32372975 ) (30 ) Net change in unrealized depreciation on investment in LINK - (1,709 ) Net realized gain on investment in LINK - 64 LINK balance at June 30, 2021 153,327.61595468 2,956 LINK contributed 310.46132900 8 LINK contributed from portfolio rebalancing 13,460.14709855 244 LINK distributed for Manager's Fee, related party (1,048.42482355 ) (25 ) Net change in unrealized appreciation on investment in LINK - 711 Net realized gain on investment in LINK - 10 LINK balance at September 30, 2021 166,049.79955868 $ 3,904 (Amounts in thousands, except ADA amounts) Quantity Fair Value ADA balance at July 1, 2021 - $ - ADA contributed 20,953.27038208 46 ADA contributed from portfolio rebalancing 11,256,632.53387140 15,129 ADA distributed for Manager's Fee, related party (70,758.98592400 ) (137 ) Net change in unrealized appreciation on investment in ADA - 7,940 Net realized gain on investment in ADA - 557 ADA balance at September 30, 2021 11,206,826.81832950 $ 23,535

Financial Highlights Per Shar_2

Financial Highlights Per Share Performance (Tables)	3 Months Ended
	Sep. 30, 2021
Investment Company Financial Highlights [Abstract]
Summary of Per Share Data	Three Months Ended September 30, 2021 2020 Per Share Data: Net asset value, beginning of period $ 23.19 $ 5.37 Net increase in net assets from investment operations: Net investment loss (0.18 ) (0.05 ) Net realized and unrealized gain 6.44 1.20 Net increase in net assets resulting from operations 6.26 1.15 Net asset value, end of period $ 29.45 $ 6.52 Total return 158.08 % 116.40 % Ratios to average net assets: Net investment loss -2.50 % -3.00 % Expenses -2.50 % -3.00 %

Organization - Additional Infor

Organization - Additional Information - (Details)	Sep. 30, 2021shares
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Common units issued, minimum basket	100

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Fair Value Estimates (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Assets
Investments in digital assets	$ 467,356	$ 367,308
Level 2
Assets
Investments in digital assets	$ 467,356	$ 367,308

Fair Value of Investments in _3

Fair Value of Investments in Digital Assets - Summary of Fair Value of Each Fund Component (Details) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
BTC
Summary Of Investment Holdings [Line Items]
Fair value of investments per share	$ 43,529.16	$ 34,764.81
ETH
Summary Of Investment Holdings [Line Items]
Fair value of investments per share	2,992.38	2,243.98
BCH
Summary Of Investment Holdings [Line Items]
Fair value of investments per share	497.46	520.99
LTC
Summary Of Investment Holdings [Line Items]
Fair value of investments per share	151.61	141.61
LINK
Summary Of Investment Holdings [Line Items]
Fair value of investments per share	23.51	$ 19.28
ADA
Summary Of Investment Holdings [Line Items]
Fair value of investments per share	$ 2.10

Fair Value of Investments in _4

Fair Value of Investments in Digital Assets - Changes in Quantity of Each Fund Component and Their Respective Fair Values (Details)	Jul. 01, 2021USD ($)Quantity	Apr. 02, 2021USD ($)	Jan. 04, 2021USD ($)	Sep. 30, 2021USD ($)Quantity	Sep. 30, 2020USD ($)Quantity	Jun. 30, 2021USD ($)Quantity
Summary Of Investment Holdings [Line Items]
Balance at Fair Value	$ 367,308,000			$ 367,308,000
Net realized gain (loss) on investment	$ 11,651,902	$ 4,398,884	$ (1,754,085)	13,704,000	$ 47,000
Balance at Fair Value				$ 467,356,000		$ 367,308,000
BTC
Summary Of Investment Holdings [Line Items]
Quantity, Balance | Quantity	7,340.02142854			7,340.02142854	2,890.95335771	2,890.95335771
Quantity contributed | Quantity				13.24337963		4,668.87490748
Quantity distributed from portfolio rebalancing | Quantity				(225.33929087)		(49.26609880)
Quantity distributed for Manager's Fee, related party | Quantity				(44.72276157)		(170.54073785)
Quantity, Balance | Quantity				7,083.20275573		7,340.02142854
Balance at Fair Value	$ 255,175,000			$ 255,175,000	$ 26,406,000	$ 26,406,000
Fair Value, contributed				613,000		61,878,000
Fair value, distributed from portfolio rebalancing				(7,560,000)		(4,018,000)
Fair Value, distributed for Manager's Fee, related party				(1,876,000)		(5,373,000)
Net change in unrealized appreciation on investment				55,580,000		168,230,000
Net realized gain (loss) on investment				6,394,000		8,052,000
Balance at Fair Value				$ 308,326,000		$ 255,175,000
ETH
Summary Of Investment Holdings [Line Items]
Quantity, Balance | Quantity	45,287.78133655			45,287.78133655	16,713.06457809	16,713.06457809
Quantity contributed | Quantity				77.55708625		27,048.35623477
Quantity distributed from portfolio rebalancing | Quantity				(3,622.13172739)		2,541.65341845
Quantity distributed for Manager's Fee, related party | Quantity				(261.90951025)		(1,015.29289476)
Quantity, Balance | Quantity				41,481.29718516		45,287.78133655
Balance at Fair Value	$ 101,625,000			$ 101,625,000	$ 3,760,000	$ 3,760,000
Fair Value, contributed				252,000		11,956,000
Fair value, distributed from portfolio rebalancing				(7,683,000)		2,993,000
Fair Value, distributed for Manager's Fee, related party				(745,000)		(1,362,000)
Net change in unrealized appreciation on investment				24,009,000		83,519,000
Net realized gain (loss) on investment				6,670,000		759,000
Balance at Fair Value				$ 124,128,000		$ 101,625,000
XRP
Summary Of Investment Holdings [Line Items]
Quantity, Balance | Quantity					6,697,006.68459600	6,697,006.68459600
Quantity contributed | Quantity						10,327,653.14534000
Quantity distributed from portfolio rebalancing | Quantity						(16,838,197.64668600)
Quantity distributed for Manager's Fee, related party | Quantity						(186,462.18325000)
Balance at Fair Value					$ 1,177,000	$ 1,177,000
Fair Value, contributed						2,668,000
Fair value, distributed from portfolio rebalancing						(3,875,000)
Fair Value, distributed for Manager's Fee, related party						(60,000)
Net change in unrealized appreciation on investment						1,740,000
Net realized gain (loss) on investment						$ (1,650,000)
BCH
Summary Of Investment Holdings [Line Items]
Quantity, Balance | Quantity	7,379.46217362			7,379.46217362	2,908.94301800	2,908.94301800
Quantity contributed | Quantity				13.60904594		4,696.88194985
Quantity distributed from portfolio rebalancing | Quantity				(68.33481591)		(55.03257309)
Quantity distributed for Manager's Fee, related party | Quantity				(45.95761266)		(171.33022114)
Quantity, Balance | Quantity				7,278.77879099		7,379.46217362
Balance at Fair Value	$ 3,845,000			$ 3,845,000	$ 643,000	$ 643,000
Fair Value, contributed				8,000		1,185,000
Fair value, distributed from portfolio rebalancing				(33,000)		(31,000)
Fair Value, distributed for Manager's Fee, related party				(26,000)		(81,000)
Net change in unrealized appreciation on investment				(191,000)		2,102,000
Net realized gain (loss) on investment				17,000		27,000
Balance at Fair Value				$ 3,620,000		$ 3,845,000
LTC
Summary Of Investment Holdings [Line Items]
Quantity, Balance | Quantity	26,184.80079374			26,184.80079374	9,446.46857963	9,446.46857963
Quantity contributed | Quantity				47.39510812		15,310.38020958
Quantity distributed from portfolio rebalancing | Quantity				(722.93691458)		2,010.23222215
Quantity distributed for Manager's Fee, related party | Quantity				(160.05280994)		(582.28021762)
Quantity, Balance | Quantity				25,349.20617734		26,184.80079374
Balance at Fair Value	$ 3,707,000			$ 3,707,000	$ 388,000	$ 388,000
Fair Value, contributed				8,000		908,000
Fair value, distributed from portfolio rebalancing				(97,000)		309,000
Fair Value, distributed for Manager's Fee, related party				(24,000)		(81,000)
Net change in unrealized appreciation on investment				193,000		2,142,000
Net realized gain (loss) on investment				56,000		41,000
Balance at Fair Value				$ 3,843,000		$ 3,707,000
LINK
Summary Of Investment Holdings [Line Items]
Quantity, Balance | Quantity	153,327.61595468			153,327.61595468
Quantity contributed | Quantity				310.46132900		253.44138473
Quantity distributed from portfolio rebalancing | Quantity				13,460.14709855		154,021.49829970
Quantity distributed for Manager's Fee, related party | Quantity				(1,048.42482355)		(947.32372975)
Quantity, Balance | Quantity				166,049.79955868		153,327.61595468
Balance at Fair Value	$ 2,956,000			$ 2,956,000
Fair Value, contributed				8,000		$ 9,000
Fair value, distributed from portfolio rebalancing				244,000		4,622,000
Fair Value, distributed for Manager's Fee, related party				(25,000)		(30,000)
Net change in unrealized appreciation on investment				711,000		(1,709,000)
Net realized gain (loss) on investment				10,000		64,000
Balance at Fair Value				$ 3,904,000		$ 2,956,000
ADA
Summary Of Investment Holdings [Line Items]
Quantity contributed | Quantity				20,953.27038208
Quantity distributed from portfolio rebalancing | Quantity				11,256,632.53387140
Quantity distributed for Manager's Fee, related party | Quantity				(70,758.98592400)
Quantity, Balance | Quantity				11,206,826.81832950
Fair Value, contributed				$ 46,000
Fair value, distributed from portfolio rebalancing				15,129,000
Fair Value, distributed for Manager's Fee, related party				(137,000)
Net change in unrealized appreciation on investment				7,940,000
Net realized gain (loss) on investment				557,000
Balance at Fair Value				$ 23,535,000

Portfolio Rebalancing - Additio

Portfolio Rebalancing - Additional Information (Details)

Jul. 01, 2021USD ($)

Jul. 01, 2021Bitcoin

Jul. 01, 2021Ethereum

Jul. 01, 2021BitcoinCash

Jul. 01, 2021Litecoin

Jul. 01, 2021Chainlink

Jul. 01, 2021Cardano

Apr. 02, 2021USD ($)

Apr. 02, 2021Bitcoin

Apr. 02, 2021Ethereum

Apr. 02, 2021BitcoinCash

Apr. 02, 2021Litecoin

Apr. 02, 2021Chainlink

Jan. 04, 2021USD ($)

Jan. 04, 2021Bitcoin

Jan. 04, 2021Ethereum

Jan. 04, 2021BitcoinCash

Jan. 04, 2021Litecoin

Jan. 04, 2021XRP

Sep. 30, 2021USD ($)

Sep. 30, 2020USD ($)

Portfolio Rebalancing [Line Items]

Minimum percentage of market capitalization in digital asset market

70.00%

Net realized gain on investments in digital assets

$ 11,651,902

$ 4,398,884

$ (1,754,085)

$ 13,704,000

$ 47,000

Sale of portfolio quantity

225.33929087

3,622.13172739

68.33481591

722.93691458

90.96800168

58.85027824

16,838,197.646686

Purchase of portfolio quantity

13,460.14709855

11,256,632.53387140

381.07775172

5.31504341

154,021.49829970

41.70190288

2,160.57566673

3.81770515

2,004.91717874

Minimum

Portfolio Rebalancing [Line Items]

Portfolio Rebalancing Period

1 day

Maximum

Portfolio Rebalancing [Line Items]

Portfolio Rebalancing Period

5 days

Creations and Redemptions of _2

Creations and Redemptions of Shares - Additional Information (Details) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
BTC
Creations And Redemptions Of Shares [Line Items]
Fund portfolio share represented	$ 0.0004	$ 0.0005
ETH
Creations And Redemptions Of Shares [Line Items]
Fund portfolio share represented	0.0026	0.0029
BCH
Creations And Redemptions Of Shares [Line Items]
Fund portfolio share represented	0.0005	0.0005
LTC
Creations And Redemptions Of Shares [Line Items]
Fund portfolio share represented	0.0016	0.0017
LINK
Creations And Redemptions Of Shares [Line Items]
Fund portfolio share represented	0.0105	$ 0.0097
ADA
Creations And Redemptions Of Shares [Line Items]
Fund portfolio share represented	$ 0.7063

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%

Related Parties - Additional In

Related Parties - Additional Information (Details)	Jan. 01, 2021	Sep. 30, 2021USD ($)ForkedAssetshares	Sep. 30, 2020USD ($)ForkedAsset	Dec. 31, 2020	Jun. 30, 2021USD ($)shares
Related Party Transaction [Line Items]
Shares of the fund, held by related parties | shares		1,378,444			1,544,850
Percentage of manager's fee	2.50%			3.00%
Number of forked assets distributed in payment of manager's fee | ForkedAsset		0	0
Accrued and unpaid manager's fees		$ 0			$ 0
Additional trust expenses paid by manager		$ 0	$ 0
Manager's Parent | Coinbase Inc | Maximum
Related Party Transaction [Line Items]
Percentage of minority interest owned		1.00%
Manager
Related Party Transaction [Line Items]
Related party manager fee percentage		2.50%
Manager | Maximum
Related Party Transaction [Line Items]
Related party transaction in a fiscal year		$ 600,000
Non Sponsor Paid Expenses | Minimum
Related Party Transaction [Line Items]
Related party transaction in a fiscal year		600,000
Sponsor
Related Party Transaction [Line Items]
Manager's fees incurred		$ 2,833,215	$ 374,990

Risks and Uncertainties - Addit

Risks and Uncertainties - Additional Information (Details) $ in Billions	12 Months Ended
	Dec. 31, 2020USD ($)
Risks And Uncertainties [Abstract]
Complaint filed against promoters for XRP sales, amount	$ 1.3

Financial Highlights Per Shar_3

Financial Highlights Per Share Performance - Summary of Per Share Data (Details) - $ / shares	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Per Share Data:
Net asset value, beginning of period	$ 23.19	$ 5.37
Net increase in net assets from investment operations:
Net investment loss	(0.18)	(0.05)
Net realized and unrealized gain	6.44	1.20
Net increase in net assets resulting from operations	6.26	1.15
Net asset value, end of period	$ 29.45	$ 6.52
Total return	158.08%	116.40%
Ratios to average net assets:
Net investment loss	(2.50%)	(3.00%)
Expenses	(2.50%)	(3.00%)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - $ / shares	Oct. 01, 2021	Sep. 30, 2021	Jun. 30, 2021	Nov. 01, 2021
BTC
Subsequent Event [Line Items]
Fund portfolio share represented		$ 0.0004	$ 0.0005
Fair value of investments per share		43,529.16	34,764.81
BTC | Subsequent Event
Subsequent Event [Line Items]
Percentage of fund components basket	62.19%
Fund portfolio share represented	$ 0.0004
Fair value of investments per share				$ 61,504.85
ETH
Subsequent Event [Line Items]
Fund portfolio share represented		0.0026	0.0029
Fair value of investments per share		2,992.38	2,243.98
ETH | Subsequent Event
Subsequent Event [Line Items]
Percentage of fund components basket	26.08%
Fund portfolio share represented	$ 0.0026
Fair value of investments per share				4,367.75
BCH
Subsequent Event [Line Items]
Fund portfolio share represented		0.0005	0.0005
Fair value of investments per share		497.46	520.99
BCH | Subsequent Event
Subsequent Event [Line Items]
Percentage of fund components basket	0.73%
Fund portfolio share represented	$ 0.0004
Fair value of investments per share				588.94
LTC
Subsequent Event [Line Items]
Fund portfolio share represented		0.0016	0.0017
Fair value of investments per share		151.61	141.61
LTC | Subsequent Event
Subsequent Event [Line Items]
Percentage of fund components basket	0.77%
Fund portfolio share represented	$ 0.0015
Fair value of investments per share				194.52
LINK
Subsequent Event [Line Items]
Fund portfolio share represented		0.0105	0.0097
Fair value of investments per share		23.51	$ 19.28
LINK | Subsequent Event
Subsequent Event [Line Items]
Percentage of fund components basket	0.82%
Fund portfolio share represented	$ 0.0102
Fair value of investments per share				31.35
ADA
Subsequent Event [Line Items]
Fund portfolio share represented		0.7063
Fair value of investments per share		$ 2.10
ADA | Subsequent Event
Subsequent Event [Line Items]
Percentage of fund components basket	5.11%
Fund portfolio share represented	$ 0.7310
Fair value of investments per share				1.95
SOL | Subsequent Event
Subsequent Event [Line Items]
Percentage of fund components basket	3.24%
Fund portfolio share represented	$ 0.0067
Fair value of investments per share				204.23
UNI | Subsequent Event
Subsequent Event [Line Items]
Percentage of fund components basket	1.06%
Fund portfolio share represented	$ 0.0134
Fair value of investments per share				$ 26.05