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Merchandise 1.01. Entry right into a Materials Definitive Settlement.
OnFebruary 1, 2022 ,Grayscale Investments, LLC , the sponsor (the "Sponsor") ofGrayscale Litecoin Belief (LTC) (the "Belief"), andCoinDesk Indices, Inc. , previously generally known asTradeBlock Inc. (the "Index Supplier"), entered into an Index License Settlement (the "Index License Settlement") governing the Sponsor's use of the CoinDesk Litecoin Value Index (LTX) (the "Index") to calculate the Index Value (as outlined beneath), amongst different issues. The foregoing description is a abstract, doesn't purport to be a whole description of the Index License Settlement, and is certified in its entirety by reference to the Index License Settlement, which is filed as Exhibit 10.1 hereto and is included by reference herein.
Merchandise 1.02. Termination of a Materials Definitive Settlement.
OnJanuary 31, 2022 , in reference to the entry into the Index License Settlement, the Sponsor and the Index Supplier agreed to terminate that sure Index License Settlement, datedFebruary 28, 2019 , between the Sponsor and the Index Supplier, that ruled the Sponsor's use of the Index to calculate the Previous Index Value (as outlined beneath).
Merchandise 8.01. Different Occasions.
Grayscale Litecoin Belief (LTC) (the "Belief") has traditionally valued its Litecoin ("LTC") for operational functions by reference to a volume-weighted common index value (the "Previous Index Value") of an LTC inU.S. {dollars} calculated by making use of a weighting algorithm to the value and buying and selling quantity knowledge for the instantly previous 24-hour interval as of4:00 p.m. ,New York time derived from the chosen digital asset exchanges which might be mirrored within the Index on such commerce date. The methodology used solely by Grayscale and calculated by the Index Supplier to calculate the Previous Index Value overlaid an extra averaging mechanism to the value produced, ensuing within the Previous Index Value reflecting an common value for the 24-hour interval. The Previous Index Value was offered to the Sponsor as soon as per day at4:00 p.m. ,New York time. EfficientFebruary 1, 2022 , the Belief will worth its LTC for operational functions by reference to the index value (the "Index Value") of an LTC inU.S. {dollars} calculated by making use of the identical methodology to the value and buying and selling quantity knowledge for the instantly previous 24-hour interval as of4:00 p.m. ,New York time derived from the chosen digital asset exchanges which might be mirrored within the Index on such commerce date with out the extra averaging mechanism being utilized to the Index Value. The methodology used to calculate the Index Value is per the publicly accessible LTC value that's printed by the Index Supplier repeatedly all through the day, and in consequence the Sponsor believes that utilizing the Index Value will present extra transparency to traders. There shall be no change to the Index used to find out the Index Value or the standards used to pick the digital asset exchanges included within the Index. The Index Value is calculated utilizing non-GAAP methodology and isn't used within the Belief's monetary statements.
Historic
For the interval from
distinction in value between the Previous Index Value and the Index Value and the
common distinction in
the Previous Index Value and the Index Value of was 0.31%.
The next chart illustrates the motion within the Index Value, the Previous Index Value, theBelief's Digital Asset Holdings per Share primarily based on the Previous Index Value and the Index Value and the Belief's web asset worth per share as calculated in accordance with GAAP fromMarch 1, 2018 toDecember 31, 2021 . For extra info on the willpower of theBelief's Digital Asset Holdings , see "Overview of Litecoin-LTC Worth-The Index and the Index Value" in Exhibit 99.1 to Modification No. 4 to the Belief's Registration Assertion on the Kind 10 filed with theSecurities and Trade Fee onFebruary 4, 2022 (the "Data Assertion"). -------------------------------------------------------------------------------- [[Image Removed: LOGO]] The next desk illustrates the actions within the Previous Index Value from the starting of the Belief's operations onMarch 1, 2018 toDecember 31, 2021 . Since the start of the Belief's operations, the Previous Index Value has ranged from$22.81 to$391.06 , with the straight common being$99.90 . The Sponsor has not noticed a cloth distinction between the Previous Index Value and common costs from the constituent Digital Asset Exchanges individually or as a gaggle. Excessive Low Final Previous Index Previous Index Finish of enterprise Interval Common Value Date Value Date interval dayMarch 1, 2018 (the primary Creation Basket of the Belief) to December 31, 2018$ 87.16 $ 212.04 3/5/2018
Twelve months ended
2019
$ 68.88 $ 138.93 6/12/2019
Twelve months ended
2020
$ 56.01 $ 132.00 12/27/2020
Twelve months ended
2021
$ 185.60 $ 391.06 5/11/2021$ 108.07 7/20/2021$ 148.49 $ 148.49 March 1, 2018 (the primary Creation Basket of the Belief) to December 31, 2021$ 99.90 $ 391.06 5/10/2021
The next desk illustrates the actions within the Index Value from the starting of the Belief's operations onMarch 1, 2018 toDecember 31, 2021 . Since the start of the Belief's operations, the Index Value has ranged from$22.48 to$371.71 , with the straight common being$100.04 . The Sponsor has not noticed a cloth distinction between the Index Value and common costs from the constituent Digital Asset Exchanges individually or as a gaggle. Excessive Low Final Index Index Finish of enterprise Interval Common Value Date Value Date interval dayMarch 1, 2018 (the primary Creation Basket of the Belief) to December 31, 2018$ 87.05 $ 213.58 3/1/2018$ 22.48 12/14/2018$ 29.87 $ 29.87 Twelve months ended December 31, 2019$ 69.24 $ 142.00 6/22/2019$ 29.96 1/13/2019$ 40.99 $ 40.99 Twelve months ended December 31, 2020$ 56.14 $ 133.63 12/26/2020$ 32.16 3/16/2020$ 124.33 $ 124.33 Twelve months ended December 31, 2021$ 185.76 $ 371.71 5/11/2021$ 108.80 7/20/2021$ 144.08 $ 144.08 March 1, 2018 (the primary Creation Basket of the Belief) to December 31, 2021$ 100.04 $ 371.71 5/11/2021 $
22.48
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Secondary Market Buying and selling
The next desk units out the vary of excessive and low closing costs for the Shares as reported by OTCQX, the Belief's web asset worth per share calculated in accordance with GAAP and theBelief's Digital Asset Holdings per Share utilizing each the Previous Index Value and the Index Value for every of the quarters sinceAugust 18, 2020 . Excessive Low Digital Digital Asset Asset Digital Holdings Holdings Asset per Share Digital per Share Holdings utilizing Previous Asset utilizing Previous NAV per per Index NAV per Holdings Index OTCQX Share (1) Share(2) Value(2) OTCQX Share(1) per Share(2) Value(2) Calendar 12 months 2020 Third quarter$ 72.00 $ 6.25 $ 6.26 $ 6.26 $ 23.00 $ 4.06 $ 4.05 $ 4.10 Fourth quarter$ 500.00 $ 12.45 $ 12.45 $ 12.30 $ 29.50 $ 4.19 $ 4.20 $ 4.24 Calendar 12 months 2021 First quarter$ 396.00 $ 22.23 $ 22.23 $ 22.14 $ 112.00 $ 11.83 $ 11.82 $ 11.72 Second quarter$ 445.99 $ 34.34 $ 34.32 $ 36.10 $ 82.72 $ 11.00 $ 11.02 $ 10.92 Third quarter$ 87.52 $ 20.46 $ 20.46 $ 20.56 $ 13.13 $ 10.00 $ 10.00 $ 9.93 Fourth quarter$ 24.35 $ 25.16 $ 25.12 $ 25.18 $ 8.96 $ 13.09 $ 13.09 $ 13.36
(1) The NAV is calculated utilizing the honest worth of LTC primarily based on the value offered
by the Digital Asset Market that the Belief considers its principal market,
which is Coinbase Professional.
(2)
as represented by the Index as of
date. See “Willpower of NAV” within the Belief’s Data Assertion. Prior
to
from the Previous Index Value. The Index Value is calculated utilizing non-GAAP
methodology and isn’t used within the Belief’s monetary statements.
The next chart units out the historic closing costs for the Shares as reported by OTCQX and theBelief's Digital Asset Holdings per Share primarily based on the Index Value and the Previous Index Value. LTCN Premium/(Low cost): LTCN Share Value vs.Digital Asset Holdings per Share ($) [[Image Removed: LOGO]] The next chart units out the historic premium and low cost for the Shares as reported by OTCQX and theBelief's Digital Asset Holdings per Share primarily based on the Index Value and the Previous Index Value.
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LTCN Premium/(Low cost): LTCN Share Value vs.Digital Asset Holdings per Share (%) [[Image Removed: LOGO]]
Willpower of the Index Value When Index Value is Unavailable
The Sponsor will proceed to make use of the identical cascading algorithm to find out
the suitable LTC reference fee within the occasion that the Index Value is
unavailable, that are set forth beneath for reference:
1. Index Value = The value set by the Index as of4:00 p.m. ,New York time, on the valuation date. If the Index turns into unavailable, or if the Sponsor determines in good religion that the Index doesn't replicate an correct value, then the Sponsor will, on a greatest efforts foundation, contact the Index Supplier to acquire the Index Value instantly from the Index Supplier. If after such contact the Index stays unavailable or the Sponsor continues to consider in good religion that the Index doesn't replicate an correct value, then the Sponsor will make use of the subsequent rule to find out the Index Value. There are not any predefined standards to make an excellent religion evaluation and it is going to be made by the Sponsor in its sole discretion. 2. Index Value = The value set by Coin Metrics Actual-Time Charge (the "Secondary Index") as of4:00 p.m. ,New York time, on the valuation date (the "Secondary Index Value"). The Secondary Index Value is a real-time reference fee value, calculated utilizing commerce knowledge from constituent markets chosen by Coin Metrics (the "Secondary Index Supplier"). The Secondary Index Value is calculated by making use of weighted-median strategies to such commerce knowledge the place half the burden is derived from the buying and selling quantity on every constituent market and half is derived from inverse value variance, the place a constituent market with excessive value variance because of outliers or market anomalies in comparison with different constituent markets is assigned a smaller weight. If the Secondary Index turns into unavailable, or if the Sponsor determines in good religion that the Secondary Index doesn't replicate an correct value, then the Sponsor will, on a greatest efforts foundation, contact the Secondary Index Supplier to acquire the Secondary Index Value instantly from the Secondary Index Supplier. If after such contact the Secondary Index stays unavailable or the Sponsor continues to consider in good religion that the Secondary Index doesn't replicate an correct value, then the Sponsor will make use of the subsequent rule to find out the Index Value. There are not any predefined standards to make an excellent religion evaluation and it is going to be made by the Sponsor in its sole discretion. 3. Index Value = The value set by the Belief's principal market (the "Tertiary Pricing Choice") as of4:00 p.m. ,New York time, on the valuation date. The Tertiary Pricing Choice is a spot value derived from the principal market's public knowledge feed that's believed to be constantly publishing pricing info as of4:00 p.m. ,New York time, and is offered to the Sponsor by way of an utility programming interface. If the Tertiary Pricing Choice turns into unavailable, or if the Sponsor determines in good religion that the Tertiary Pricing Choice doesn't replicate an correct value, then the Sponsor will, on a greatest efforts foundation, contact the Tertiary Pricing Supplier to acquire the Tertiary Pricing Choice instantly from the Tertiary Pricing Supplier. If after such contact the Tertiary Pricing Choice stays unavailable after such contact or the Sponsor continues to consider in good religion that the Tertiary Pricing Choice doesn't replicate an correct value, then the Sponsor will make use of the subsequent rule to find out the Index Value. There are not any predefined standards to make an excellent religion evaluation and it is going to be made by the Sponsor in its sole discretion. . . .
Merchandise 9.01. Monetary Statements and Reveals
(d) Reveals Exhibit No. Description 10.1† Index License Settlement, datedFebruary 1, 2022 , betweenGrayscale Investments, LLC , as sponsor ofGrayscale Litecoin Belief (LTC), andCoinDesk Indices, Inc. , previously generally known asTradeBlock, Inc. , as Index Supplier. 104 Cowl Web page Interactive Knowledge File (the quilt web page XBRL tags are embedded inside the inline XBRL doc)
† Parts of this exhibit (indicated by asterisks) have been omitted because the
Registrant has decided that (i) the omitted info will not be materials and
(ii) the omitted info would probably trigger aggressive hurt to the
Registrant if publicly disclosed.
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