BPI Semi-Annual Financial Statements

GRAYSCALE BITCOIN PREMIUM INCOME ETF CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2025 (Unaudited)

Notional Amount

Contracts

Value

PURCHASED OPTIONS - 15.1% Call Options - 15.1% Grayscale Bitcoin Trust ETF, Expiration: 12/19/2025; Exercise Price: $65.00 (a)(b)(c) . . . . $2,146,199

253 $ 612,260

TOTAL PURCHASED OPTIONS

(Cost $562,010) . . . . . .

612,260

Shares

SHORT-TERM INVESTMENTS - 85.1% Money Market Funds - 85.1% First American Government Obligations Fund - Class X, 4.25% (d)(e) . . . . . . . . TOTAL SHORT-TERM INVESTMENTS (Cost$3,449,169) . . . . . . . . . . . . . . TOTAL INVESTMENTS - 100.2% (Cost$4,011,179) . . . . . . . . . . . . . . Liabilities in Excess of Other Assets-(0.2)%................ TOTAL NET ASSETS - 100.0% . . . . . .

3,449,169 3,449,169

3,449,169

$4,061,429

(10,093)

$4,051,336

Percentages are stated as a percent of net assets. (a) Non-income producing security. (b) Exchange-traded. (c) 100 shares per contract. (d) The rate shown represents the 7-day annualized effective yield as of June 30, 2025. (e) Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

5 The accompanying notes are an integral part of these financial statements.

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