DEFG (Grayscale Decentralized Finance (DeFi) Fund LLC) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Grayscale Decentralized Finance (DeFi) Fund LLC Beneish M-Score?

Grayscale Decentralized Finance (DeFi) Fund LLC DEFG 36 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates DEFG with a GF Score™ of 36/100. Among 955 Asset Management companies, Grayscale Decentralized Finance (DeFi) Fund LLC ranks worse than 104711.94% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Grayscale Decentralized Finance (DeFi) Fund LLC's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Grayscale Decentralized Finance (DeFi) Fund LLC was 0.00. The lowest was 0.00. And the median was 0.00.

Grayscale Decentralized Finance (DeFi) Fund LLC Beneish M-Score Related Terms

Grayscale Decentralized Finance (DeFi) Fund LLC Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Grayscale Decentralized Finance (DeFi) Fund LLC's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Grayscale Decentralized Finance (DeFi) Fund LLC Beneish M-Score Chart

Grayscale Decentralized Finance (DeFi) Fund LLC Annual Data

Trend

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

0.00

Grayscale Decentralized Finance (DeFi) Fund LLC Quarterly Data
	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Mar25	Jun25	Sep25	Mar26
Beneish M-Score	Get a 7-Day Free Trial											0.00	0.00	0.00	0.00	0.00

DEFG vs SVVC, LGCP, BNBX: Beneish M-Score Comparison

For the Asset Management subindustry, Grayscale Decentralized Finance (DeFi) Fund LLC's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Grayscale Decentralized Finance (DeFi) Fund LLC Beneish M-Score vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Grayscale Decentralized Finance (DeFi) Fund LLC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Grayscale Decentralized Finance (DeFi) Fund LLC's Beneish M-Score falls into.

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Grayscale Decentralized Finance (DeFi) Fund LLC DEFG

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Grayscale Decentralized Finance (DeFi) Fund LLC Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Grayscale Decentralized Finance (DeFi) Fund LLC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Jun25) TTM:

Last Year (Jun24) TTM:

Total Receivables was $0.00 Mil.
Revenue was $-0.12 Mil.
Gross Profit was $-0.23 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $4.41 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $-0.21 Mil.
Gross Profit was $0.02 Mil.
Cash Flow from Operations was $0.00 Mil.

Total Receivables was $0.00 Mil.
Revenue was $-1.70 Mil.
Gross Profit was $-1.80 Mil.
Total Current Assets was $0.00 Mil.
Total Assets was $4.55 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.00 Mil.
Total Current Liabilities was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0 / -0.118)	/	(0 / -1.698)
	=		/
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(-1.8 / -1.698)	/	(-0.225 / -0.118)
	=		/
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (0 + 0) / 4.408)	/	(1 - (0 + 0) / 4.554)
	=	1	/	1
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	-0.118	/	-1.698
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(0 / -0.118)	/	(0 / -1.698)
	=		/
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 0) / 4.408)	/	((0 + 0) / 4.554)
	=	0	/	0
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-0.206 - 0.02	-	0)	/	4.408
	=	-0.05127

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Grayscale Decentralized Finance (DeFi) Fund LLC (DEFG) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Grayscale Decentralized Finance (DeFi) Fund LLC and its competitors. According to the industry distribution chart, Grayscale Decentralized Finance (DeFi) Fund LLC ranks #999999 out of 955 companies in the Asset Management industry.

Is Grayscale Decentralized Finance (DeFi) Fund LLC's Beneish M-Score too high?

Grayscale Decentralized Finance (DeFi) Fund LLC's current Beneish M-Score is 0.00. Based on the distribution chart, Grayscale Decentralized Finance (DeFi) Fund LLC ranks #999999 out of 955 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Grayscale Decentralized Finance (DeFi) Fund LLC has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.

How does Grayscale Decentralized Finance (DeFi) Fund LLC's Beneish M-Score compare to SVVC and LGCP?

According to the Asset Management industry distribution chart, Grayscale Decentralized Finance (DeFi) Fund LLC ranks #999999 out of 955 companies for Beneish M-Score. This places Grayscale Decentralized Finance (DeFi) Fund LLC in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Asset Management company?

A good Beneish M-Score depends on the Asset Management industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Grayscale Decentralized Finance (DeFi) Fund LLC and its competitors. Grayscale Decentralized Finance (DeFi) Fund LLC's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Grayscale Decentralized Finance (DeFi) Fund LLC stock overvalued right now?

Grayscale Decentralized Finance (DeFi) Fund LLC (DEFG) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Grayscale Decentralized Finance (DeFi) Fund LLC's overall GF Score™ is 36/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Grayscale Decentralized Finance (DeFi) Fund LLC (DEFG), the current Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Grayscale Decentralized Finance (DeFi) Fund LLC Business Description

Industry Financial Services Asset Management

Comparable Companies SVVC LGCP BNBX TWAV PIAC BLK BX OSTO:INVE A TSX:BN KKR TSX:BAM APO STT OSTO:EQT AMP LSE:III NTRS ARES RJF XSWX:PGHN

Address 290 Harbor Drive, 4th Floor, Stamford, CT, USA, 06902

Website https://www.grayscale.com

Grayscale Decentralized Finance (DeFi) Fund LLC is an investment vehicle that invests in and derives value from a basket of decentralized finance applications in the form of a security while avoiding the challenges of buying, storing, and safekeeping DeFi directly. Its investment objective is for the value of the Shares (based on NAV per Share) to reflect the value of the fund components as determined by reference to their respective digital asset reference rates and fund weightings, less the fund's expenses and other liabilities. The fund components consist of the digital assets that make up the DFX (CoinDesk DeFi Select Index) as rebalanced from time to time.

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