Grayscale Bitcoin Premium Income ETF BPI (Principal U.S. Listing Exchange: NYSE Arca, Inc.) Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Grayscale Bitcoin Premium Income ETF (the “Fund”) for the period of April 2, 2025 to June 30, 2025. You can find additional information about the Fund at https://etfs. grayscale.com/bpi. You can also request this information by contacting us at 1-866-775-0131.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)*
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment**
Fund Name
Grayscale Bitcoin Premium Income ETF
$18
0.65%
* Costs included are for the period April 2, 2025 (commencement of operations) through June 30, 2025. Costs would be higher if the full six month period was included. ** Annualized
KEY FUND STATISTICS (as of June 30, 2025) Net Assets
$4,051,336
Number of Holdings Portfolio Turnover
3
0%
Visit https://etfs.grayscale.com/bpi for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assetsas ofJune 30, 2025) Security Type (%) Money Market Funds 85.1% Purchased Options 15.1% Written Options -0.2% Top Holdings
(%)
First American Government Obligations Fund - Class X Grayscale Bitcoin Trust ETF, Expiration: 12/19/ 2025; Exercise Price: $65.00 Grayscale Bitcoin Trust ETF, Expiration: 07/18/ 2025; Exercise Price: $95.00
85.1%
15.1%
-0.2%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://etfs.grayscale.com/bpi.
HOUSEHOLDING To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Grayscale Funds documents not be householded, please contact Grayscale Funds at 1-866-775-0131, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Grayscale Funds or your financial intermediary.
Grayscale Bitcoin Premium Income ETF
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