Item 8.01 Other Events.

Grayscale Digital Large Cap Fund LLC (the "Fund") values each of the digital assets held by the Fund (each such digital asset, a "Fund Component") for operational purposes by reference to Digital Asset Reference Rates. The "Digital Asset Reference Rate" for each Fund Component is the volume-weighted average price in U.S. dollars of such Fund Component, as determined by reference to an Indicative Price or an Index Price as reported by TradeBlock, Inc. (the "Reference Rate Provider"), as of 4:00 p.m., New York time, on any business day. An "Indicative Price" is a volume-weighted average price in U.S. dollars for a Fund Component as of 4:00 p.m., New York time, for the immediately preceding 24-hour period derived from data collected from digital asset exchanges trading such Fund Component selected by the Reference Rate Provider. An "Index Price" is a price for a Fund Component determined by the Reference Rate Provider by further cleansing and compiling the trade data used to determine the Indicative Price in such a manner as to algorithmically reduce the impact of anomalistic or manipulative trading. The Digital Asset Reference Rate for each Fund Component is calculated using non-GAAP methodology and is not used in the Fund's financial statements.

If the Digital Asset Reference Rate for a Fund Component becomes unavailable or if Grayscale Investments, LLC, the manager (the "Manager") of the Fund, determines in good faith that such Digital Asset Reference Rate does not reflect an accurate price for such Fund Component, then the Manager will employ an alternative method to determine such Digital Asset Reference Rate under the cascading set of rules as described in the Fund's Annual Report on Form 10-K for the period ended June 30, 2021, as filed with the Securities and Exchange Commission on September 27, 2021. Effective January 11, 2022, the Manager has amended the cascading set of rules used to determine the Digital Asset Reference Rates as described below.

Updates to the Fund's Fund Component Value disclosure:

Determination of Digital Asset Reference Rates When Indicative Prices or Index Prices are Unavailable

In case of the unavailability of either Indicative Prices or Index Prices for a particular Fund Component, the Manager will use the following cascading set of rules to calculate the Digital Asset Reference Rates for that Fund Component. For the avoidance of doubt, the Manager will employ the below rules sequentially and in the order as presented below, should one or more specific rule(s) fail:

1.


Digital Asset Reference Rate = The price set by the relevant Indicative Price or
Index Price as of 4:00 p.m., New York time, on the valuation date. If the
relevant Indicative Price or Index Price becomes unavailable, or if the Manager
determines in good faith that the Indicative Price or Index Price does not
reflect an accurate digital asset price, then the Manager will, on a best
efforts basis, contact the Reference Rate Provider to obtain the Digital Asset
Reference Rate directly from the Reference Rate Provider. If after such contact
the Indicative Price or Index Price remains unavailable or the Manager continues
to believe in good faith that the Indicative Price or Index Price does not
reflect an accurate price for the relevant digital asset, then the Manager will
employ the next rule to determine the Digital Asset Reference Rate. There are no
predefined criteria to make a good faith assessment and it will be made by the
Manager in its sole discretion.
2.
Digital Asset Reference Rate = The price set by Coin Metrics Real-Time Rate as
of 4:00 p.m., New York time, on the valuation date (the "Secondary Digital Asset
Reference Rate"). The Secondary Digital Asset Reference Rate is a real-time
reference rate price, calculated using trade data from constituent markets
selected by Coin Metrics (the "Secondary Reference Rate Provider"). The
Secondary Digital Asset Reference Rate is calculated by applying weighted-median
techniques to such trade data where half the weight is derived from the trading
volume on each constituent market and half is derived from inverse price
variance, where a constituent market with high price variance as a result of
outliers or market anomalies compared to other constituent markets is assigned a
smaller weight. If the Secondary Digital Asset Reference Rate for the relevant
Fund Component becomes unavailable, or if the Manager determines in good faith
that the Secondary Digital Asset Reference Rate does not reflect an accurate
price for such Fund Component, then the Manager will, on a best efforts basis,
contact the Secondary Reference Rate Provider to obtain the Secondary Digital
Asset Reference Rate directly from the Secondary Reference Rate Provider. If
after such contact the Secondary Digital Asset Reference Rate remains
unavailable or the Manager continues to believe in good faith that the Secondary
Digital Asset Reference Rate does not reflect an accurate price for such Fund
Component, then the Manager will employ the next rule to determine the Digital
Asset Reference Rate. There are no predefined criteria to make a good faith
assessment and it will be made by the Manager in its sole discretion.
3.
Digital Asset Reference Rate = The price set by the Fund's principal market for
the relevant Fund Component (the "Tertiary Pricing Option") as of 4:00 p.m., New
York time, on the valuation date. The Tertiary Pricing Option is a spot price
derived from the relevant principal market's public data feed that is believed
to be consistently publishing pricing information as of 4:00 p.m., New York
time, and is provided to the Manager via an application programming interface.
If the Tertiary Pricing Option becomes unavailable, or if the Manager determines
in good faith that the Tertiary Pricing Option does not reflect an accurate
price for such Fund Component, then the Manager will, on a best efforts basis,
contact the Tertiary Pricing Provider to obtain the Tertiary Pricing Option
directly from the Tertiary Pricing Provider. If after such contact the Tertiary
Pricing Option remains unavailable after such contact or the Manager continues
to believe in good faith that the Tertiary Pricing Option does not reflect an
accurate price for such Fund Component, then the Manager will employ the next
rule to determine the Digital Asset Reference Rate. There are no predefined
criteria to make a good faith assessment and it will be made by the Manager in
its sole discretion.
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4.
Digital Asset Reference Rate = The Manager will use its best judgment to
determine a good faith estimate of the Digital Asset Reference Rate. There are
no predefined criteria to make a good faith assessment and it will be made by
the Manager in its sole discretion.

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