Grayscale The Postmodern Portfolio

Grayscale Research | March 2022
THE POSTMODERN
PORTFOLIO
Crypto Allocation Thesis
grayscale.com
THE POSTMODERN
PORTFOLIO
By David Grider, Head of Research, Matt Maximo, Research Associate &
Michael Zhao, Research Analyst
2 Crypto assets are increasingly becoming a key component of The Postmodern

Portfolio. This report looks at the investment thesis for crypto assets, and the role
3 they play within a portfolio, through the lens of Modern Portfolio Theory (MPT).
MPT has become a prevailing framework for constructing a portfolio of diversified
4
assets that are expected to optimize overall risk and return. Investors have
5 applied this approach over the years across changing market conditions, and are
now evolving their portfolios to include the newest alternative category: crypto
6 assets.
7 • An Emerging Asset Category: Crypto assets are becoming a key component

of The Postmodern Portfolio by offering allocators a new category that
extends the risk and return spectrum beyond traditional alternatives like real
estate or private equity (Figure 1). Crypto assets offer exposure to the next
wave of the web, Web 3.0 Cloud Economies (Figure 2), and are growing user
adoption at a rate that roughly matches the internet in 1999 (Figure 3). While
crypto assets have seen strong growth, they are even earlier in their market
valuation cycle than the internet was in the mid 1990s (Figure 4). Crypto
assets offer an investable universe of ~$2.7 trillion, or ~1.2% of global financial
assets, and have recently become large enough to be included within an
institutional portfolio (Figure 5).
• Macro Investment Environment: Institutions are now using crypto assets

as a new portfolio construction tool in a macro environment where money
supply growth and negative real rates have created a dynamic where
not taking risks is actually one of the biggest risks (Figure 6). There is no
alternative for many cash-flushed investors with traditional asset mandates,
which has driven stocks and bonds to historically elevated valuations (Figure
7). High valuations have exacerbated the problem of falling expected returns
©2022 Grayscale Investments, LLC
over the past three decades, which has required investors to take on greater
exposure to illiquid private market alternatives while taking on greater
portfolio volatility in order to maintain a 7.0% expected return (Figure 8).
• The Postmodern Portfolio Asset: The Postmodern Portfolio with crypto

assets, which have been the best performing asset class for eight of the
last 10 years, has offered a solution to the challenging macro environment
by serving as a risk-on asset and hedge against inflation (Figure 9). Crypto
PLEASE REVIEW IMPORTANT DISCLOSURES & OTHER INFORMATION AT THE END OF THIS PAPER. 2
assets have given previously constrained portfolio managers the ability to
allocate across a new vastly expanded risk and return spectrum (Figure 10
& 11). While crypto assets have delivered higher returns with higher volatility,
they have also offered handsomer rewards to investors with higher Sharpe
Ratios or risk-adjusted returns than all other asset classes over the past three
years (Figure 12). Crypto assets have had low correlations with global asset
classes and moderate correlations with other crypto assets, giving them an
attractive portfolio diversification benefit (Figure 13).
1 • Global 60/40+Crypto Portfolio: MPT is built on the principle that a properly

diversified portfolio of risky assets can offer a higher return for a given
2 degree of risk than those assets could otherwise offer individually. Combining
a Global 60/40 Stock & Bond portfolio1 with 1%, 3%, and 5% Crypto Basket
3
exposure over the last three years would have resulted in increasingly
4 higher returns, with modestly higher volatility and maximum drawdowns,
but with higher Sharpe Ratios2 than the Global 60/40 Portfolio alone (Figure
5 14). Increasing that portfolio’s exposure to the Crypto Basket would have
continued to improve the Sharpe Ratio until crypto surpassed a ~40%
6 portfolio weighting (Figure 15).
7
• Long Term Market Assumptions: Grayscale’s Long Term Crypto Market
Assumptions (LTCMAs) are based on the view that the asset category
can continue to disrupt the tech sector. Our LTCMAs call for crypto asset
expected returns (5Y: 24.6%, 7Y: 26.6%, 10Y: 24.1%, 15Y: 20.2%, 20Y: 18.0%,
25Y: 16.6%, 30Y: 15.5%) to outpace all global asset classes over nearly the
next three decades (Appendix 3). Our estimates imply crypto assets could
gain a greater share of global stock market value over the next 30 years (5Y:
5.0%, 7Y: 7.5%, 10Y:10.0%, 15Y: 12.5%, 20Y: 15.0%, 25Y: 17.5%, 30Y: 20.0%
share) by conservatively approximating the internet’s share growth from
1996 to 2021 (Figure 18). Our LTCMAs, which factor in global financial market
growth expectations, imply the total crypto market value could rise to ~$10
trillion over seven years, ~$35 trillion over 15 years, and ~$100 trillion over 25
years (Figure 17 & Appendix 3).
In our view, crypto assets are here to stay and have the ability to continue
positively impacting investment portfolios over the long term. Investors are
already turning towards crypto assets for enhancing portfolio characteristics
and are looking within the crypto category for an increasing range of diversified
assets and themes. As the investment environment evolves, investors must
evolve their portfolios, and crypto assets are becoming a key component of The
Postmodern Portfolio.
1. Portfolios are for illustrative purposes only and don’t reflect the inclusion of other alternatives asset categories.
2. Sharpe Ratio is a measure that indicates the average return minus the risk-free return divided by the standard deviation of return on
an investment.
Table of Contents
An Emerging Asset Category 05
1 Macro Investment Environment 10

2
The Postmodern Portfolio Asset 13
3
4
Global 60/40+Crypto Portfolio 17
5 Long Term Market Assumptions 19
6
A New Portfolio Evolution 22
7
Appendix 23
An Emerging Asset Category
Crypto assets are an emerging investment category that is quickly becoming a

key component of The Postmodern Portfolio. The growing crypto asset class gives
allocators a new alternative investment on the risk and return spectrum that can be
1 used to enhance portfolio performance (Figure 1).
2 FIGURE 1: ILLUSTRATIVE ASSET CLASS RISK & RETURN FRONTIER3
4 Others
Crypto
5 Ethereum
6 Bitcoin
Alternatives Venture Capital
Private Equity
Real Estate
EXCESS RETURN POTENTIAL
Small Cap
Equity
Mid Cap
Large Cap
Mezzanine Debt
Credit
Sub Debt
Senior Debt
Govt. Debt
US Treasuries
INVESTMENT RISK
3. Grayscale, John Street Capital inspired, Illustrative generalization based on data from Figure 10, Figure 11, and Appendix 3
Crypto assets blend the dynamics of investing in emerging markets, the
technology sector, and venture capital to provide exposure to the next wave
of the internet – Web 3.0 Cloud Economies (Figure 2). Crypto assets enable
investors and users to have direct ownership and control over internet
economies. Broadly speaking, the evolution of the web can be broken down into
three distinct periods that have led to crypto Web 3.0:
• Web 1.0: Connected the world online and allowed everyone to share
information, but the web was static and not owned by anyone.
1 • Web 2.0: Brought everyone onto platforms where users could have rich
interactions, but the technology companies owned the digital ecosystems
2 and the value created by users’ online activities.
• Web 3.0: Reorganizes the world onto crypto networks where global internet
3
communities now have the ability to own digital property and form a new
4 asset category of emerging market crypto cloud economies that users own
and control.
5
6 FIGURE 2: ILLUSTRATIVE EVOLUTION OF THE WEB4
Web 3.0
Own
Web 2.0
Write
Web 1.0
Read
4. Grayscale
As Web 3.0 cloud economies continue to develop, the crypto ecosystem has
attracted a rapidly growing user base that has been tracking the growth of the
internet. Crypto users have grown to 220 million as of 2021, putting Web 3.0
adoption at roughly where the internet adoption was during 1999 (Figure 3).
FIGURE 3: INTERNET & CRYPTO USER GROWTH5
Internet User Timeline

1
1995 1996 1997 1998 1999
3
Internet Users
4 Crypto Users
2017 2018 2019 2020 2021
Crypto User Timeline
Crypto assets are already capturing a shift in value from the legacy technology
sector. Over the past decade, crypto tokens have grown to more than $2.2 trillion
in market value, which, like user adoption, roughly tracks the technology sector’s
market cap in early 1999. However, while the crypto market has experienced
strong absolute growth, it is reassuring that investors are nowhere near “partying
like it’s 1999,” in relative terms.
During the late 1990s, many knew the internet would change everything, and
they were right, but the timing was wrong, which led to the tech stock dot-com
bubble which peaked at ~$5.2 trillion in the early 2000s. While the technology
sector dominates the global economy today, representing ~$16.8T in market
value or ~24% of the global stock market, it took years for prices to catch up to
their prior valuation peak.
5. Internet Users: 1995 to 1999, Crypto Users: 2017 to 2021, Worldbank, Cambridge, Crypto.com
On the other hand, crypto assets today are only ~3% of the global stock market
value vs. ~14% for the technology sector in Q1 1999 (Figure 4). When viewed
through this lens, crypto assets are even earlier in their market valuation cycle
than the internet was in the late 1990s.
FIGURE 4: TECHNOLOGY & CRYPTO SECTOR SHARE OF STOCK MARKET VALUE6
25% Technology Crypto

Sector
Technology Sector Assets
24%
1 Crypto Assets
2
20%
3
15%
4
5
10%
6
5% 3.0%
7
0%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
Underscoring where crypto assets are in their investment cycle, the market
has only recently become large enough to be included in institutional
portfolios alongside other mainstream assets. The investable crypto universe
today stands at a market size of ~$2.7 trillion, making the category now above
~1% of core global financial assets (Figure 5). For perspective:
• Crypto Tokens (i.e. Bitcoin, Ethereum, etc.) stand at a market value of

~$2.2 trillion, or ~80% of the crypto category, and are ~1% of core global
financial assets.
• Crypto Stocks (i.e. public miners, exchanges, etc.) stand at a market value
of ~$400 billion, or ~15% of the crypto category, and are ~0.5% of the
global public equity market.
• Private Equity (i.e. industry unicorn companies) stand at a market value
of ~$150 billion, or ~5% of the crypto category, and are ~3% of the total
private equity market.
6. Quarterly Data: 3/31/95 to 12/31/21, Global Stock Market Value (Bloomberg: MSCI ACWI; Indx Mkt Cap), Technology Sector
(Bloomberg: MSCI ACWI/Information Technology; Indx Mkt Cap), Crypto Assets (Tradingview: Total Crypto Market Cap)
FIGURE 5: GLOBAL FINANCIAL ASSET CLASS MARKET SIZE7
Market Size ($T) Group Weight Total Weight

Financial Assets $219.0 100.0% 100.0%
Sovereign Debt $64.7 100.0% 29.6%

US $24.7 38.2% 11.3%
EU $12.1 18.6% 5.5%
Japan $10.9 16.8% 5.0%
1
China $5.1 7.9% 2.3%
2 UK $2.7 4.2% 1.2%
Others $9.2 14.2% 4.2%
3
Public Credit $24.0 100.0% 11.0%
4
US MBS $7.3 30.6% 3.4%
5 US Muni $3.8 15.9% 1.7%

US Corp IG $6.9 28.7% 3.1%
6
US Corp HY $1.6 6.9% 0.8%
7 EU Corp IG $3.2 13.2% 1.4%
EU Corp HY $0.5 2.1% 0.2%
EM Corp $0.6 2.6% 0.3%
Public Equities $93.6 100.0% 42.7%
US $45.2 48.3% 20.7%
China $11.6 12.4% 5.3%
EU $11.9 12.7% 5.4%
JP $5.1 5.5% 2.3%
UK $2.7 2.8% 1.2%
Others $17.1 18.3% 7.8%
Alternatives $33.9 100.0% 15.5%
Gold $11.6 34.3% 5.3%
Real Estate $10.3 30.4% 4.7%
Private Equity $4.7 13.9% 2.1%
Hedge Funds $3.8 11.2% 1.7%
Art & Collectables $1.7 5.0% 0.8%
Other Real Assets $1.0 2.9% 0.5%

Private Debt $0.8 2.4% 0.4%
Crypto Assets $2.7 100.0% 1.2%

Crypto Tokens $2.2 80.0% 1.0%
Crypto Stocks $0.4 14.5% 0.2%
Private Equity $0.1 5.4% 0.1%
7. Appendix 1
Macro Investment Environment
Institutional investors now have the ability to use crypto assets as a new
instrument for portfolio construction in an unprecedented macro environment for
traditional assets. In this new paradigm, not taking risks is one of the biggest risks.
1
The global money supply has doubled over the past decade as central banks
2 have attempted to stimulate economies and finance rising debt levels caused by
deficit spending. Global liquidity growth has pushed nominal rates to multi-decade
3
lows, inflation to multi-decade highs, and real rates into negative territory for many
4 investors (Figure 6).
5
FIGURE 6: GLOBAL M2 MONEY SUPPLY & REAL INTEREST RATES8
6
7 $110T Global M2
Real Rates
$100T
$90T
$80T
$70T
$60T
$50T
$40T
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
8. Date: 2/1/10 to 12/2/21, Bloomberg, Global M2 Proxy Includes: US, China, EU, Japan, South Korea, UK, Taiwan, Canada, Switzerland,
Russia, Brazil, Mexico, Real Rates Based On: US 10 Year Yield Less Core CPI
Monetary policy decisions have elevated traditional financial asset valuations
across the risk curve. For investors who are exclusively mandated to traditional
assets, there is no alternative but to accept increasingly distorted financial market
conditions. Cash-flush investors who are confined to the alternative of bond
prices – which stand anywhere between ~20x (high yield) to ~75x (global bonds)
their annual yield (inverse yield) – have in turn bid stock PEs towards the high end
of their 10-year historical averages (Figure 7).
1 FIGURE 7: 10-YEAR RELATIVE STOCK PE & BOND YIELD (INVERTED) VALUATIONS9
2
Average Average
3 Range Range
Current Current
4
5 25x 250x
7 20x 200x
Yield (Inverted)
15x 150x
PE Ratio
10x 100x
5x 50x
0x 0x
Global US Non-US EM Global IG Global Global HY US Govt.
Equities Equities DM Equities Bonds 10Y
Equities
The increased valuations have further exacerbated an environment where

expected returns on traditional assets have been falling over the past three
decades. As a result, investors have been required to allocate an increasing
portion of their portfolio to less liquid private market alternative assets, while
taking on greater volatility, in order to maintain a 7.0% expected return (Figure 8).
9. Date: 1/1/10 to 12/27/21, Bloomberg, Global Equities (MSCI ACWI), US Equities (S&P 500), Non-US DM Equities (MSCI EAFE),
EM Equities (MSCI Emerging Markets)
FIGURE 8: ESTIMATES OF WHAT INVESTORS NEED TO EARN 7.0%10
1991 2006 2021

19 9 1 2 06 2 0
2 1
U.S. Fixed Income 3%
1 U.S. Large Cap 37%
2
3
4 U.S. Smid Cap 7%
5 Cash 98%
6
Non-U.S. Equity 23%
7
U.S. Large Cap 20%

Real Estate 13%
U.S. Smid Cap 4%
Private Equity 17%

Non-U.S. Equity 13%
Return 7.0% 7.0% 7.0%

Risk 1.1% 6.7% 17.3%
10. Callan
The Postmodern Portfolio Asset
For over a decade, The Postmodern Portfolio holding liquid crypto assets
has offered a solution to the increasingly challenging macro investment
environment. Crypto assets (Bitcoin as proxy) have been the highest returning
1 asset class for eight of the past 10 years (Figure 9).
2 As a risk-on category, crypto assets have performed most strongly during

periods when other risk-on assets, like stocks or riskier credit, have performed
3
well. Similarly, crypto assets have been the worst performing asset class
4 during the two years that risk-off assets like the dollar and government bonds
experienced relative strength.
5
6 FIGURE 9: ANNUAL ASSET CLASS RETURNS OVER PAST DECADE11
7
11. Date: 12/31/11 to 12/31/21, Bloomberg, Asset Details: Appendix 2
The old capital allocation frontier, which historically constrained investors to a
more narrow spectrum of risk and return expectations, has been transformed by
the ability to include crypto assets within The Postmodern Portfolio (Figure 10).
FIGURE 10: THE OLD CAPITAL ALLOCATION FRONTIER OVER PAST THREE YEARS12
40%
1 US Tech Equities
35%
2
3
30%
4
5
25%
(Annualized)
US Large Equities
(Annualized)
7 20%
Return
Global Equities US Small Equities

Return
Real Estate
15%
Gold EU Equities
Intl DM Equities
10%
TIPS Commodities
US High Yield EM Equities
US Invt Grade
EM HC Debt China Equities
5%
US Treasuries
Global Agg Debt
EM Currency
US Cash
0%
0% 5% 10% 15% 20% 25% 30% 35% 40%
Volatility (Annualized)
The new capital allocation frontier, which includes crypto assets, has vastly
expanded the ability for portfolio managers to allocate across a wider risk and
return spectrum (Figure 11). During the past three years, both Bitcoin and the
Crypto Basket (defined as a large cap crypto index covering over 70% of the
market) would have expanded the risk and return spectrum of the old capital
allocation frontier by several times.
FIGURE 11: THE NEW CAPITAL ALLOCATION FRONTIER OVER PAST THREE YEARS13
140%
Bitcoin
Crypto Basket
120%
1 100%
2
Return (Annualized)
3 80%
Return (Annualized)
5 60%
7 40%
20%
0%
0% 10% 20% 30% 40% 50% 60% 70% 80%
It is no secret that crypto assets have generated higher absolute returns than
other asset classes, but with higher absolute volatility. While some have seen
this as a concern, the lesser known comparison is that crypto assets have also
been able to deliver higher risk-adjusted returns than other asset classes. Over
the past three years, crypto assets have offered the highest Sharpe ratios
when compared to all major asset classes. In other words, crypto assets have
come with higher absolute volatility, but they have rewarded investors more
handsomely than other asset classes for taking on that risk (Figure 12).
1.96
1.85
FIGURE 12: SHARPE RATIOS OF VARIOUS ASSET CLASSES14 1.96
1.85
1.19
1.11
0.97 1.02 1.19
0.85 0.89 1.11
0.77 1.02
0.71 0.97
0.65 0.65 0.66 0.68 0.85 0.89
0.51 0.52 0.53 0.53 0.56 0.56 0.71
0.77
0.46 0.65 0.65 0.66 0.68
0.33 0.35 0.56 0.56
0.27 0.27 0.51 0.52 0.53 0.53
0.46
0.16
0.33 0.35
0.27 0.27
0.16
(0.01)
(0.10)
(0.01)
(0.10)
(0.47)
1 (0.47)
2
Energy
TIPSTIPS
TIPSTIPS
Equities
Commodities
EU Equities
DM Equities
Bonds
US Treasuries
Equities
YieldYield
HC Debt
GoldGold
Equities
Equities
Funds
YieldYield
Equities
Basket
DebtDebt
Estate
Invt Grade
Invt Grade
US Dollar
Bitcoin
EM Currency
EM Equities
MBSMBS
DebtDebt
Energy
Equities
Commodities
EU Equities
Intl Equities
Bonds
US Treasuries
Equities
EMDebt
Equities
Equities
Funds
Equities
Basket
Estate
Invt Grade
US Grade
US Dollar
Bitcoin
EM Currency
EM Equities
US Govt
Global
GovtGovt
HighHigh
US High
US Agency
Agg Agg
Hedge
RealReal
US Mini
Crypto
3
China
US Large
US Small
Global
US Tech
US Govt
Global
EM HC
US High
US Agency
Global
Global
Global
Global
US Invt
Hedge
US Mini
Crypto
Intl DM
China
US Large
US Small
Global
US Tech
Global
Global
Global
Global
4
5 Crypto assets have historically had low correlations with other major asset
classes, offering a portfolio diversification benefit that has made them attractive to
6
investors. There has also been a less pronounced but still notable diversification
7 benefit within the crypto asset category between Bitcoin, Ethereum, and the
Crypto Basket, which have had moderate correlations of 0.6 and 0.7 (Figure 13).
FIGURE 13: ASSET CLASS CORRELATION MATRIX15


15. Correlations over the 3-year period from January 1, 2019 through December 31, 2021. Based on 252 trading days per year. Data from
Bloomberg. Asset Classes (Representative Benchmarks): Bitcoin (Bitcoin Spot Price US Dollars), Ethereum (Ethereum Spot Price US Dollars),
Crypto Basket (Grayscale Digital Large Cap Net Asset Value Per Share), Global Equities (MSCI ACWI Index), US Large Equities (S&P 500 Index),
US Small Equities (Russell 2000 Index), US Tech Equities (NASDAQ-100 Technology Sector Index), Intl DM Equities (MSCI EAFE Index), EM
Equities (MSCI Emerging Markets Index), EU Equities (MSCI Europe Index), China Equities (MSCI China USD Price Return Index), US Cash (S&P
U.S. Treasury Bill 0-3 Month Index), US Govt TIPS (Bloomberg US Govt Inflation-Linked Bond Index), US Treasuries (Bloomberg US Treasury
Index), US Invt Grade (Bloomberg US Corporate Bond Index), US High Yield (Bloomberg US Corporate High Yield Bond Index), US Mini Bonds
(Bloomberg Municipal Bond Index), US Agency MBS (Bloomberg Barclays US MBS Index), Global TIPS (Global Inflation-Linked), Global Govt
Debt (Bloomberg Global Agg Govt Related TR Index), Global Agg Debt (Bloomberg Global Aggregate Index), Global Invt Grade (Bloomberg
Global Aggregate Corporate Index), Global High Yield (Bloomberg Global High Yield Index), EM HC Debt (Bloomberg EM Hard Currency Agg
Index), Real Estate (FTSE NAREIT All Equity REITS Index), Gold (XAUUSD Spot Exchange Rate), Energy (Bloomberg Energy Subindex Total
Return), Commodities (Bloomberg Commodity Index), US Dollar (US Dollar Index), EM Currency (MSCI Emerging Market Currency Index).
Global 60/40+Crypto Portfolio
Modern Portfolio Theory is built on the principle that a properly diversified

portfolio of risky assets can offer a higher return for a given degree of risk than
those assets could otherwise offer by themselves. The Postmodern Portfolio,
1 combining a traditional Global 60/40 Stock & Bond allocation with exposure to
a Crypto Basket, would have experienced this same benefit. Over the last three
2 years, portfolios with 1%, 3%, and 5% exposure to the Crypto Basket would have
offered increasingly higher absolute returns, with modestly higher volatility and
3
maximum drawdowns, but with a higher Sharpe Ratio or overall risk-adjusted
4 return than the Global 60/40 Portfolio itself (Figure 14).
5 FIGURE 14: HYPOTHETICAL GLOBAL 60/40 PORTFOLIO ADJUSTED TO INCLUDE CRYPTO

EXPOSURE OVER PAST THREE YEARS16
6
Stocks/Bonds/Crypto 60%/40%/0% 59%/40%/1% 58%/39%/3% 57%/38%/5%
7
Total Return (Cumulative) 42.8% 47.8% 58.6% 69.9%
Excess Return (vs. 60/40) 0.0% 5.0% 15.8% 27.0%
Total Return (Annualized) 12.6% 13.9% 16.6% 19.3%
Risk (Annualized Std Dev) 11.9% 11.8% 12.0% 12.3%
Portfolio Sharpe Ratio 0.85 0.97 1.18 1.37
Maximum Drawdown -21.6% -21.8% -22.5% -23.2%
$190
$180
$170
Growth of a $100 Portfolio
$160
Growth of $100 Portfolio
$150
$140
$130
$120
$110
$100
$90
Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21
16. HYPOTHETICAL SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. There is no guarantee that the
market conditions during the past period will be present in the future. Rather, it is most likely that the future market conditions will differ
significantly from those of this past period, which could have a materially adverse impact on future returns. Unlike an actual perfor-
mance record, simulated results do not represent actual trading or the costs of managing the portfolio. Also, since the trades have not
actually been executed, the results may have under or over compensated for the impact, if any, of certain market factors, such as lack
of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE
SHOWN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. We selected the timeframe for our analysis because we
believe it broadly constitutes the most complete historical dataset for the digital assets that we have chosen to analyze.
Bloomberg, Performance is shown from December 31, 2018 through December 31, 2021. Stocks are represented by the iShares MSCI ACWI ETF
(ACWI US Equity: Price). Bonds are represented by the Bloomberg Global Aggregate Index (LEGATRUU Index). Crypto Basket is represented
by the Grayscale Digital Large Cap Fund (GDLC US Equity: Net Asset Value Per Share). Component asset weights are rounded to the nearest
whole percentage and are set as shown. Stocks & Bonds do not perfectly maintain a 60/40 weighting due to rounding. Portfolios are rebalanced
to their target weightings on the first day of each quarter. Portfolio Sharpe Ratio is calculated as the annualized excess return of the portfolio over
the 3-year US Treasury Yield divided by the annualized standard deviation of daily portfolio returns. Annualized figures are based on 252 trading
days. Portfolios are for illustrative purposes only and don’t reflect the inclusion of other alternatives asset categories.
Increasing Crypto Basket exposure within a Global 60/40 Stock & Bond
Portfolio during the past three years would have continued to improve the
Sharpe Ratio or risk adjusted returns until the Crypto Basket surpassed a
~40% weighting (Figure 15).
FIGURE 15: SHARPE RATIO & ANNUALIZED RETURN OF HYPOTHETICAL STOCK, BOND, &
GLOBAL 60/40 PORTFOLIOS ADJUSTED TO INCLUDE CRYPTO EXPOSURE17
Return "Volatility Sharpe Ratio (Port-

Stocks/Bonds/Crypto
1 (Annualized) (Annualized)" folio)
30%/20%/50% 74.4% 35.1% 2.05

2
36%/24%/40% 63.0% 29.5% 2.05
3
42%/32%/30% 51.1% 23.8% 2.04
4 48%/32%/20% 38.7% 18.4% 1.97
54%/33%/10% 25.8% 13.8% 1.70

5
57%/38%/5% 19.3% 12.3% 1.36
6 60%/40%/0% 12.6% 11.9% 0.85
7
2.25
Crypto 30% Crypto 40% Crypto 50%
2.00 Crypto 20% 2.05 2.05
2.04
1.97
1.75 Crypto 10%

1.70
1.50
Crypto 5%
1.36
Sharpe Ratio
1.25
1.00
Crypto 0%
0.85
0.75
0.50
0.25
-
0% 10% 20% 30% 40% 50% 60% 70% 80%
Annualized Return
17. HYPOTHETICAL SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. There is no guarantee that the
market conditions during the past period will be present in the future. Rather, it is most likely that the future market conditions will differ
significantly from those of this past period, which could have a materially adverse impact on future returns. Unlike an actual perfor-
mance record, simulated results do not represent actual trading or the costs of managing the portfolio. Also, since the trades have not
actually been executed, the results may have under or over compensated for the impact, if any, of certain market factors, such as lack
of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. NO
REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE
SHOWN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. We selected the timeframe for our analysis because we
believe it broadly constitutes the most complete historical dataset for the digital assets that we have chosen to analyze.
Bloomberg, Performance is shown from December 31, 2018 through December 31, 2021. Stocks are represented by the iShares MSCI
ACWI ETF (ACWI US Equity: Price). Bonds are represented by the Bloomberg Global Aggregate Index (LEGATRUU Index). Crypto Basket
is represented by the Grayscale Digital Large Cap Fund (GDLC US Equity: Net Asset Value Per Share). Component asset weights are
rounded to the nearest whole percentage and are set as shown. Stocks & Bonds do not perfectly maintain a 60/40 weighting due to
rounding. Portfolios are rebalanced to their target weightings on the first day of each quarter. Portfolio Sharpe Ratio is calculated as the
annualized excess return of the portfolio over the 3-year US Treasury Yield divided by the annualized standard deviation of daily portfo-
lio returns. Annualized figures are based on 252 trading days. Portfolios are for illustrative purposes only and don’t reflect the inclusion
of other alternatives asset categories.
Long Term Market Assumptions
In our view, crypto assets have the ability to deliver not just past but future
portfolio benefits for investors. Based on Grayscale’s current Long Term Crypto
Market Assumptions, we believe the asset category can offer higher expected
1 returns than nearly all other asset classes over the next few decades before
coming in line with other alternatives (Figure 18 & Appendix 3).
2
3 FIGURE 16: ASSET CLASS 7-YEAR, 15-YEAR, & 25-YEAR EXPECTED RETURNS18
4
7-Year Expected
7-YEAR Return
EXPECTED RETURN 15-Year
15-YEAR Expected
EXPECTED Return
RETURN 25-Year
25-YEAR Expected
EXPECTED Return
RETURN
5 Crypto Assets
U.S. private equity (buyout) 19.4%
26.6% 20.2%
17.6%
16.6%
16.3%
Global direct lending 9.5% 9.2% 8.9%
6 Europe large cap equities
China A shares
9.3%
8.5%
8.9%
7.8%
8.6%
7.3%
Global ex-U.S. large cap equities 8.4% 8.2% 8.0%
7 China-Broad market equities
Emerging large cap equities
8.6%
8.4%
9.7% 10.4%
9.1% 9.4%
Global infrastructure equity 8.0% 8.3% 8.4%
U.S. large cap equities 6.5% 7.0% 7.3%
U.S. core real estate 6.3% 6.5% 6.6%
U.S. small cap equities 5.7% 6.7% 7.3%
Global 60/40 portfolio 5.4% 6.0% 6.3%
Real estate mezzanine debt 5.3% 6.2% 6.6%
Hedge funds (global) 4.9% 5.8% 6.3%
U.S. bank loans 3.9% 4.2% 4.3%
Local currency EM debt 3.4% 4.0% 4.2%
USD EM debt 3.4% 4.5% 5.1%
U.S. high yield 2.9% 4.0% 4.7%
China government bonds 2.7% 3.4% 3.6%
U.S. inflation-linked government bonds 2.5% 2.9% 3.1%
U.S. Infrastructure debt 2.7% 4.5% 5.6%
Developed infrastructure debt 2.1% 3.7% 4.6%
U.S. agency MBS 1.4% 2.2% 2.5%
U.S. aggregate bonds 1.1% 2.1% 2.7%
U.S. government bonds (all maturities) 1.0% 1.8% 2.2%
Global ex-U.S. government bonds 0.9% 1.9% 2.5%
U.S. cash 0.8% 1.7% 2.1%
U.S. credit (all maturities) 0.8% 2.4% 3.3%
U.S. government (10+ years) -0.2% 1.0% 1.6%
U.S. credit (10+ years) -0.2% 2.3% 3.9%
-5% 0% 5% 10% 15% 20% 25% 30% 0% 5% 10% 15% 20% 25% 0% 5% 10% 15% 20% 25%
Grayscale’s Long Term Crypto Capital Market Assumptions imply that the total
crypto market value and global stock market share could reach ~$10 trillion (~7.5%
share) over 7 years, ~$35 trillion (~12.5% share) over 15 years, and ~$100 trillion
(~17.5% share) over 25 years (Figure 19 & Appendix 3).
18. Grayscale Estimates: Crypto asset expected return assumptions based on forecasted total crypto asset market value (Figure 17) rela-
tive to current crypto asset market value (Figure 4: Crypto Tokens as of Grayscale Estimates: Crypto asset expected return assumptions
based on forecasted total crypto asset market value (Figure 17) relative to current crypto asset market value (Figure 4: Crypto Tokens as
of 12/31/2021). Assumptions do not factor in the impact of dilution and are not representative of an index price return.
FIGURE 17: TOTAL CRYPTO ASSET MARKET VALUE & GLOBAL STOCK MARKET SHARE
IMPLIED BY OUR LONG TERM CRYPTO MARKET RETURN ASSUMPTIONS19
Crypto Asset MArket Value

Global Stock Market Share %
Crypto LTCMA CAGR%
$200T Crypto Asset Mark et Value Global Stock Market Share% Crypto LTCMA CAGR%
30.0%
1
26.6%
2 $175T
24.6% $166T
24.1% 25.0%
3
$150T
20.2%
4 20.0%
20.0%
$125T 18.0%
17.5%
5 16.6%
15.5%
15.0% $100T
6 $100T 15.0%
12.5%
7
$75T 10.0%
$60T 10.0%
7.5%
$50T
5.0% $34T
5.0%
$25T $19T
2.3%
$11T
$7T
$2T
$0T 0.0%
FY 2021 FY 2026 FY 2028 FY 2031 FY 2036 FY 2041 FY 2046 FY 2051
(0 years) (5 years) (7 years) (10 years) (15 years) (20 years) (25 years) (30 years)
Grayscale’s LTCMAs are based on the view that the asset category can continue
to disrupt the tech sector over the next 30 years and grow at a rate that
sustainably approximates the internet’s long term growth as a share of the global
stock market (Stock market CAGR estimated using Blackrock expected returns:
Appendix 3).
The crypto asset global stock market share implied by our long term market
assumptions from 2026 (five years) to 2051 (30 years) is compared to the Web
2.0 tech sector’s global stock market share ranges from 1996 to 2021 in the figure
below (Figure 20).
19. Grayscale Estimates, Bloomberg, Appendix 3: Global stock market share of estimated MSCI ACWI Index Value; MSCI ACWI Index
Value estimated using weighted average Blackrock expected return of the MSCI USA Index & MSCI World Ex-US Index, Crypto Asset
Market Value based on 12/31/2021 total crypto market value (Tradingview) and current Grayscale Long Term Crypto Capital Market
Assumptions
FIGURE 18: CRYPTO GLOBAL STOCK MARKET SHARE ASSUMPTION FROM 2026 TO 2051
VS. GLOBAL TECHNOLOGY SECTOR SHARE FROM 1996 TO 202120
Web 2.0 Range

Web 3.0 Assumption
Web 2.0 Range Web 3.0 Assumption

25%
1
3 20% 20.0%
4
17.5%
5
6 15% 15.0%
7
12.5%
10% 10.0%
7.5%
5% 5.0%
0%
Web 2.0: 1996 Web 2.0: 1998 Web 2.0: 2001 Web 2.0: 2006 Web 2.0: 2011 Web 2.0: 2016 Web 2.0: 2021
(Web 3.0: 2026) (Web 3.0: 2028) (Web 3.0: 2031) (Web 3.0: 2036) (Web 3.0: 2041) (Web 3.0: 2046) (Web 3.0: 2051)
20. Grayscale Estimates, Bloomberg, Blackrock, Web 2.0 global stock market share based MSCI ACWI Information Technology Index
market value as a share of the MSCI ACWI Index. Time periods for Web 2.0 market share ranges are 1996: 3/31/95 (earliest data) to
12/31/96, 1998: 1/1/97 to 12/31/98, 2001: 1/1/99 to 12/31/01, 2006: 1/1/02 to 12/31/06, 2011: 1/1/07 to 12/31/11, 2016: 1/1/12 to 12/31/16, 2021:
1/1/17 to 12/31/2021 (Quarterly period ending data)
A New Portfolio Evolution
Crypto assets are here to stay and have the ability to continue positively
impacting investment portfolios over the long term, in our view. The emerging
category has given allocators a new alternative on the risk and return spectrum.
1 Crypto assets offering Web 3.0 exposure are still in their early phases, but have
experienced rapid user adoption that has been tracking early internet growth.
2 Crypto assets have recently become large enough to be included within an
institutional portfolio and are offering a new instrument for allocators to use in
3
an unprecedented macro environment that has driven down expected returns
4 while causing a greater shift towards alternative assets.
5 As the best returning asset class for eight of the past 10 years, crypto assets
have offered a hedge against inflation. Over the past three years, crypto
6 assets have demonstrated their ability to give allocators an asset that expands
7 risk and return potential while enhancing risk-adjusted returns and offering
a portfolio diversification benefit. Including a Crypto Basket within a Global
60/40 portfolio over the past three years would have increased the returns and
Sharpe Ratios until surpassing a ~40% weighting.
Based on Grayscale’s LTCMAs, we believe crypto assets can offer expected

returns that outpace all other asset classes over nearly the next three decades.
Investors are already turning towards crypto assets for enhancing portfolio
characteristics and are looking within the crypto category for an increasing
range of diversified assets and themes. As the investment environment
evolves, investors must evolve their portfolios, and crypto assets are becoming
a key component of The Postmodern Portfolio.
Appendix
APPENDIX 1: GLOBAL FINANCIAL ASSET MARKET SIZE BENCHMARKS & SOURCES
Financial Assets Description Date
Sovereign Debt
1 US Bloomberg US Govt/Credit Bond Index 9/30/21
EU Bloomberg Pan-European Agg Treasury Index 9/30/21
2
Japan Japan Government Debt (USD) 9/30/21
3 China Bloomberg China Treasury + Policy Bank 12/31/21
UK JP Morgan 2022 LTCMA Report Estimates 6/30/21
4
Others JP Morgan 2022 LTCMA Report Estimates 6/30/21
5
Public Credit
6 US MBS Bloomberg US MBS Index 12/31/21
US Muni Bloomberg Muni Amount Outstanding 9/30/21
7
US Corp IG Bloomberg US Corporate IG Bond Index 12/31/21
US Corp HY Bloomberg US Corporate HY Bond Index 12/31/21
EU Corp IG Bloomberg Pan-European Agg Corp IG Index 12/31/21
EU Corp HY Bloomberg Pan-European Agg Corp HY Index 12/31/21
EM Corp Bloomberg: EM USD Agg Corporate Index 12/31/21
Public Equities
US MSCI USA Net Total Return USD Index 12/31/21
China MSCI China USD Price Return Index 12/31/21
EU MSCI Europe Ex UK Net Total Return USD Index 12/31/21
JP MSCI Japan Net Total Return USD Index 12/31/21
UK MSCI UK Net Total Return USD Index 12/31/21
Others MSCI ACWI & Frontier Markets Index (Less Above) 12/31/21
Alternatives
Bloomberg Gold Price & World Gold Council Supply
Gold 12/31/21
(end-2019)
Real Estate JP Morgan 2022 LTCMA Report Estimates 6/30/21
Private Equity JP Morgan 2022 LTCMA Report Estimates 6/30/21

Hedge Funds JP Morgan 2022 LTCMA Report Estimates 6/30/21
Art & Collectables Nomura Art and Collectables Market Estimate 8/1/21
Other Real Assets JP Morgan 2022 LTCMA Report Estimates 6/30/21
Private Debt JP Morgan 2022 LTCMA Report Estimates 6/30/21
Crypto Assets
Crypto Tokens Tradingview Total Crypto Market Cap 12/31/21
Crypto Stocks Grayscale Estimates: GFOF Companies 12/31/21
Private Equity Hurun Global Unicorn Index 2021 12/20/21
APPENDIX 2: ASSET CATEGORIES & THEIR REPRESENTATIVE INDEX21
Asset Name Representative Index
Bitcoin Bitcoin Spot Price US Dollars
Ethereum Ethereum Spot Price US Dollars
Crypto Basket Grayscale Digital Large Cap NAV
Global Equities MSCI ACWI Index

1
US Large Equities S&P 500 Index
2 US Small Equities Russell 2000 Index
3 US Tech Equities NASDAQ-100 Technology Sector Index
Intl DM Equities MSCI EAFE Index

4
EM Equities MSCI Emerging Markets Index
5
EU Equities MSCI Europe Index
6
China Equities MSCI China USD Price Return Index
7 US Cash S&P U.S. Treasury Bill 0-3 Month Index
US Govt TIPS Bloomberg US Govt Inflation-Linked Bond Index
US Treasuries Bloomberg US Treasury Index
US Invt Grade Bloomberg US Corporate Bond Index
US High Yield Bloomberg US Corporate High Yield Bond Index
US Mini Bonds Bloomberg Municipal Bond Index
US Agency MBS Bloomberg Barclays US MBS Index
Global TIPS Global Inflation-Linked
Global Govt Debt Bloomberg Global Agg Govt Related TR Index
Global Agg Debt Bloomberg Global Aggregate Index
Global Invt Grade Bloomberg Global Aggregate Corporate Index
Global High Yield Bloomberg Global High Yield Index
EM HC Debt Bloomberg EM Hard Currency Agg Index
Real Estate FTSE NAREIT All Equity REITS Index

Gold XAUUSD Spot Exchange Rate
Energy Bloomberg Energy Subindex Total Return
Commodities Bloomberg Commodity Index
US Dollar US Dollar Index
EM Currency MSCI Emerging Market Currency Index
21. Bloomberg
APPENDIX 3: EXPECTED RETURNS: GRAYSCALE: CRYPTO & BLACKROCK: OTHERS22
5 7 10 15 20 25 30
Asset year year year year year year year
Crypto Assets 24.6% 26.6% 24.1% 20.2% 18.0% 16.6% 15.5%
Europe large cap equities 9.3% 9.3% 9.2% 8.9% 8.7% 8.6% 8.4%
U.S. large cap equities 6.3% 6.5% 6.7% 7.0% 7.2% 7.3% 7.4%
Emerging large cap equities 8.2% 8.4% 8.7% 9.1% 9.3% 9.4% 9.5%
1
Global ex-U.S. large cap equities 8.4% 8.4% 8.3% 8.2% 8.1% 8.0% 7.9%
2 U.S. small cap equities 5.5% 5.7% 6.2% 6.7% 7.0% 7.3% 7.4%
3 China-Broad market equities 8.4% 8.6% 9.1% 9.7% 10.1% 10.4% 10.5%
Global 60/40 portfolio 5.2% 5.4% 5.6% 6.0% 6.1% 6.3% 6.3%
4
China A shares 8.5% 8.5% 8.2% 7.8% 7.5% 7.3% 7.1%
5
U.S. aggregate bonds 0.9% 1.1% 1.6% 2.1% 2.5% 2.7% 2.9%
6 U.S. agency MBS 1.3% 1.4% 1.8% 2.2% 2.4% 2.5% 2.6%
7 U.S. credit (all maturities) 0.5% 0.8% 1.5% 2.4% 3.0% 3.3% 3.6%
U.S. credit (10+ years) -0.7% -0.2% 0.8% 2.3% 3.3% 3.9% 4.4%
U.S. government bonds (all maturities) 0.9% 1.0% 1.4% 1.8% 2.1% 2.2% 2.3%
U.S. government (10+ years) -0.4% -0.2% 0.3% 1.0% 1.4% 1.6% 1.8%
USD EM debt 3.1% 3.4% 3.9% 4.5% 4.9% 5.1% 5.3%
U.S. high yield 2.7% 2.9% 3.4% 4.0% 4.4% 4.7% 4.8%
U.S. inflation-linked government bonds 2.4% 2.5% 2.7% 2.9% 3.0% 3.1% 3.1%
Local currency EM debt 3.3% 3.4% 3.7% 4.0% 4.1% 4.2% 4.3%
U.S. cash 0.7% 0.8% 1.2% 1.7% 1.9% 2.1% 2.2%
Global ex-U.S. government bonds 0.7% 0.9% 1.3% 1.9% 2.3% 2.5% 2.6%
U.S. bank loans 3.8% 3.9% 4.1% 4.2% 4.3% 4.3% 4.3%
China government bonds 2.6% 2.7% 3.0% 3.4% 3.5% 3.6% 3.7%
Global infrastructure equity 7.9% 8.0% 8.2% 8.3% 8.4% 8.4% 8.4%
U.S. Infrastructure debt 2.4% 2.7% 3.5% 4.5% 5.2% 5.6% 5.9%
Developed infrastructure debt 1.8% 2.1% 2.8% 3.7% 4.2% 4.6% 4.8%
Real estate mezzanine debt 5.1% 5.3% 5.7% 6.2% 6.4% 6.6% 6.7%
Hedge funds (global) 4.7% 4.9% 5.3% 5.8% 6.1% 6.3% 6.5%
U.S. private equity (buyout) 19.6% 19.4% 18.7% 17.6% 16.9% 16.3% 16.0%
U.S. core real estate 6.2% 6.3% 6.4% 6.5% 6.6% 6.6% 6.6%
Global direct lending 9.5% 9.5% 9.4% 9.2% 9.0% 8.9% 8.8%
22. Grayscale Estimates, Bloomberg, Blackrock
About Grayscale Investments, LLC
Founded in 2013, Grayscale Investments is the world’s largest digital currency

asset manager. Through its family of investment products, Grayscale provides
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access and exposure to the digital currency asset class in the form of a security
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directly. With a proven track record and unrivaled experience, Grayscale’s
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compliant exposure for investors.
4
5 Grayscale is headquartered in Stamford, Connecticut. For more information on

Grayscale, please visit www.grayscale.com or follow us on Twitter @Grayscale.
6
7
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HYPOTHETICAL SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. There is
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Grayscale Research | March 2022

2 Crypto assets are increasingly becoming a key component of The Postmodern

7 • An Emerging Asset Category: Crypto assets are becoming a key component

• Macro Investment Environment: Institutions are now using crypto assets

• The Postmodern Portfolio Asset: The Postmodern Portfolio with crypto

1 • Global 60/40+Crypto Portfolio: MPT is built on the principle that a properly

An Emerging Asset Category 05

1 Macro Investment Environment 10

5 Long Term Market Assumptions 19

Crypto assets are an emerging investment category that is quickly becoming a

2 FIGURE 1: ILLUSTRATIVE ASSET CLASS RISK & RETURN FRONTIER3

Alternatives Venture Capital

6 FIGURE 2: ILLUSTRATIVE EVOLUTION OF THE WEB4

FIGURE 3: INTERNET & CRYPTO USER GROWTH5

Internet User Timeline

2017 2018 2019 2020 2021

Crypto User Timeline

FIGURE 4: TECHNOLOGY & CRYPTO SECTOR SHARE OF STOCK MARKET VALUE6

25% Technology Crypto

• Crypto Tokens (i.e. Bitcoin, Ethereum, etc.) stand at a market value of

Market Size ($T) Group Weight Total Weight

Sovereign Debt $64.7 100.0% 29.6%

5 US Muni $3.8 15.9% 1.7%

Other Real Assets $1.0 2.9% 0.5%

Crypto Assets $2.7 100.0% 1.2%

1 FIGURE 7: 10-YEAR RELATIVE STOCK PE & BOND YIELD (INVERTED) VALUATIONS9

The increased valuations have further exacerbated an environment where

1991 2006 2021

U.S. Fixed Income 3%

1 U.S. Large Cap 37%

4 U.S. Smid Cap 7%

U.S. Large Cap 20%

U.S. Smid Cap 4%

Private Equity 17%

U.S. Fixed Income 2%

Return 7.0% 7.0% 7.0%

2 As a risk-on category, crypto assets have performed most strongly during

6 FIGURE 9: ANNUAL ASSET CLASS RETURNS OVER PAST DECADE11

11. Date: 12/31/11 to 12/31/21, Bloomberg, Asset Details: Appendix 2

Global Equities US Small Equities

12. Date: 1/1/19 to 12/31/21, Bloomberg, Asset Details: Appendix 2

13. Date: 1/1/19 to 12/31/21, Bloomberg, Asset Details: Appendix 2

FIGURE 13: ASSET CLASS CORRELATION MATRIX15

14. Date: 1/1/19 to 12/31/21, Bloomberg, Asset Details: Appendix 2

Modern Portfolio Theory is built on the principle that a properly diversified

5 FIGURE 14: HYPOTHETICAL GLOBAL 60/40 PORTFOLIO ADJUSTED TO INCLUDE CRYPTO

Return "Volatility Sharpe Ratio (Port-

30%/20%/50% 74.4% 35.1% 2.05

4 48%/32%/20% 38.7% 18.4% 1.97

54%/33%/10% 25.8% 13.8% 1.70

1.75 Crypto 10%

Crypto Asset MArket Value

Web 2.0 Range

Web 2.0 Range Web 3.0 Assumption

Based on Grayscale’s LTCMAs, we believe crypto assets can offer expected

APPENDIX 1: GLOBAL FINANCIAL ASSET MARKET SIZE BENCHMARKS & SOURCES

Financial Assets Description Date

Private Equity JP Morgan 2022 LTCMA Report Estimates 6/30/21

Asset Name Representative Index

Bitcoin Bitcoin Spot Price US Dollars

Ethereum Ethereum Spot Price US Dollars

Crypto Basket Grayscale Digital Large Cap NAV

Global Equities MSCI ACWI Index