GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)
Grayscale Bitcoin Miners ETF
Level 1
Level 2
Level 3
Total
Assets^ CommonStocks ........................... $6,506,770 $
— $
— $6,506,770
Investments Purchased with Proceeds from Securities Lending . . . . . . . . . . . . . . . . . . . . . . . . Short-Term Investments. . . . . . . . . . . . . . . . . . . . . .
1,189,336
— — 1,189,336 — — 2,888
2,888
Total Investments ............................ $7,698,994 $
— $
— $7,698,994
Grayscale Bitcoin Premium Income ETF
Level 1
Level 2
Level 3
Total
Assets Purchased Options . . . . . . . . . . . . . . . . . . . . . . . . . . $ Money Market Funds. . . . . . . . . . . . . . . . . . . . . . . . 3,449,169
— $ 612,260 $
— $ 612,260
— — 3,449,169
Total Investments ............................ $3,449,169 $ 612,260 $
— $ 4,061,429
Liabilities Written Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Total Investments ............................ $
— $ (8,855) $
— $ (8,855) — $ (8,855)
$ (8,855) $
^ See Schedule of Investments for breakout of investments by sector. During the current fiscal period, the Funds did not recognize any transfers to or from Level 3. B. Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. C. Federal Income Taxes. The Funds’ policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and applicable state and local tax returns. The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Funds’ uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.
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