GRAYSCALE BITCOIN ADOPTERS ETF (BCOR) GRAYSCALE BITCOIN COVERED CALL ETF (BTCC) GRAYSCALE BITCOIN MINERS ETF (MNRS) GRAYSCALE BITCOIN PREMIUM INCOME ETF (BPI) Core Financial Statements June 30, 2025 (Unaudited)
TABLE OF CONTENTS
Page
Schedules of Investments GrayscaleBitcoinAdoptersETF .......................................................... 1 Grayscale Bitcoin Covered Call ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Grayscale Bitcoin Miners ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Grayscale Bitcoin Premium Income ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 StatementsofAssetsandLiabilities.......................................................... 7 Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 StatementsofChangesinNetAssets......................................................... 9 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Notes to the Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Approval of Advisory Agreement and Sub-Advisory Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 InformationAboutPortfolioHoldings........................................................ 24 InformationAboutProxyVoting ............................................................ 25 Frequency Distribution of Premiums and Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
GRAYSCALE BITCOIN ADOPTERS ETF SCHEDULE OF INVESTMENTS June 30, 2025 (Unaudited)
Shares
Value
Shares
Value
COMMON STOCKS - 99.4% Communication Services - 6.7% Boyaa Interactive International Ltd. . . . . . . .
SHORT-TERM INVESTMENTS - 3.7% Investments Purchased with Proceeds from Securities Lending - 3.6% First American Government Obligations Fund - Class X, 4.25% (d) ............ 155,612 $ 155,612
87,000 $ 61,509
Jasmine International PCL - NVDR (a) ...... 205,000
8,261
NexonCo.Ltd..................... Rumble, Inc. (a) .................... Wemade Co. Ltd. (a) .................. Consumer Discretionary - 32.7% (b) Cango, Inc. - ADR (a) ................. GameStop Corp. - Class A (a) ............ MercadoLibre, Inc. (a) ................ Metaplanet, Inc. (a) .................. NET Holding AS (a) .................. Tesla, Inc. (a) ...................... Energy - 1.8% Alliance Resource Partners LP . . . . . . . . . . Financials - 16.9% BitcoinGroupSE................... Block, Inc. (a) ...................... Coinbase Global, Inc. - Class A (a) . . . . . . . . . Galaxy Digital, Inc. - Class A (a) .......... Virtu Financial, Inc. - Class A . . . . . . . . . . . Health Care - 2.5% Semler Scientific, Inc. (a)(c) ............. Industrials - 2.1% AkerASA-ClassA................. KULR Technology Group, Inc. (a) . . . . . . . . . Information Technology - 36.7% (b) Bit Digital, Inc. (a) ................... Bitdeer Technologies Group (a)(c) . . . . . . . . . Bitfarms Ltd. (a) .................... BitFuFu, Inc. - Class A (a) .............. Blockchain Group (a) ................. Cipher Mining, Inc. (a) ................ Cleanspark, Inc. (a) .................. Core Scientific, Inc. (a) ................ Exodus Movement, Inc. - Class A (a) . . . . . . . Hive Digital Technologies Ltd. (a) . . . . . . . . . Hut 8 Corp. (a)(c) .................... MARA Holdings, Inc. (a) ............... MicroStrategy, Inc. - Class A (a) .......... Next Technology Holding, Inc. (a) . . . . . . . . . Remixpoint, Inc. (a) .................. Riot Platforms, Inc. (a) ................
9,500 191,388
1,925
17,286 8,464 286,908
Money Market Funds - 0.1% First American Government Obligations Fund - Class X, 4.25% (d) ............ TOTAL SHORT-TERM INVESTMENTS (Cost$158,190).................. TOTAL INVESTMENTS - 103.1% (Cost$4,003,316)................. Liabilities in Excess of Other Assets-(3.1)%..................
334
2,578
2,578
1,382
6,703
158,190
7,862 191,754 77 201,249 15,200 173,630
$4,390,043
9,668
10,982
2,544 808,127 1,392,445
(131,646)
TOTAL NET ASSETS - 100.0% . . . . . . . .
$4,258,397
2,911
76,094
Percentages are stated as a percent of net assets. The Global Industry Classification Standard (“GICS ® ”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS ® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. ADR - American Depositary Receipt ASA - Advanced Subscription Agreement LP - Limited Partnership NVDR - Non-Voting Depositary Receipt PCL - Public Company Limited (a) Non-income producing security. (b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. (c) All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $152,285. (d) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
919
44,229
2,900 196,997 587 205,738 9,835 214,936
1,293
57,913 719,813
2,729 105,721
1,134 2,062
73,399 14,700 88,099
2,638
5,777 6,257 6,654 6,466
545
7,919 2,002
13,085
66,201
1,623 8,148
7,758
89,872 10,259 31,627
601
1,097 3,616 2,269
6,509
42,203
7,155 112,190 2,218 896,582 53,882 123,929
7,800
29,376
10,718 121,113 1,562,773
TOTAL COMMON STOCKS (Cost$3,845,126).................
4,231,853
1 The accompanying notes are an integral part of these financial statements.
GRAYSCALE BITCOIN COVERED CALL ETF CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2025 (Unaudited)
Notional Amount
Contracts
Value
PURCHASED OPTIONS - 17.8% Call Options - 17.8% Grayscale Bitcoin Trust ETF, Expiration:
12/19/2025; Exercise Price: $66.00 (a)(b)(c) . . .
$5,123,732
604 $1,389,200
TOTAL PURCHASED OPTIONS (Cost$1,327,190) . . . .
1,389,200
Shares
SHORT-TERM INVESTMENTS - 83.7% Money Market Funds - 83.7% First American Government Obligations Fund - Class X, 4.25% (d)(e) ................. TOTAL SHORT-TERM INVESTMENTS (Cost$6,546,754) . . . . . . . . . . . . . TOTAL INVESTMENTS - 101.5% (Cost $7,873,944) . . . . . . . . . . . . Liabilities in Excess of Other Assets-(1.5)%..............
6,546,754 6,546,754
6,546,754
$7,935,954
(116,239)
TOTAL NET ASSETS - 100.0% . . . .
$7,819,715
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.
2 The accompanying notes are an integral part of these financial statements.
GRAYSCALE BITCOIN COVERED CALL ETF SCHEDULE OF WRITTEN OPTIONS June 30, 2025 (Unaudited)
Notional Amount
Contracts
Value
WRITTEN OPTIONS - (1.5)% Call Options - (1.5)% Grayscale Bitcoin Trust ETF, Expiration: 07/11/2025; Exercise Price: $85.00 (a)(b) ..................................................... $(5,123,732) TOTAL WRITTEN OPTIONS (Premiums received $75,823). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(604) $(114,760)
$(114,760)
Percentages are stated as a percent of net assets. (a) Exchange-traded. (b) 100 shares per contract. The written options are held in the Grayscale Bitcoin Covered Call Subsidiary.
3 The accompanying notes are an integral part of these financial statements.
GRAYSCALE BITCOIN MINERS ETF SCHEDULE OF INVESTMENTS June 30, 2025 (Unaudited)
Shares
Value
Percentages are stated as a percent of net assets. The Global Industry Classification Standard (“GICS ® ”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS ® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. ADR - American Depositary Receipt (a) Non-income producing security. (b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. (c) All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $1,139,117. (d) The rate shown represents the 7-day annualized effective yield as of June 30, 2025. (e) Represents less than 0.05% of net assets.
COMMON STOCKS - 99.8% Consumer Discretionary - 2.2% Cango, Inc. - ADR (a) ............... Financials - 2.8% Block, Inc. (a) .................... Information Technology - 94.8% (b) Applied Digital Corp. (a) ............. Bit Digital, Inc. (a) ................. Bitdeer Technologies Group (a)(c) . . . . . . . . Bitfarms Ltd. (a) .................. BitFuFu, Inc. - Class A (a) ............ Canaan, Inc. - ADR (a)(c) ............. Cipher Mining, Inc. (a) .............. Cleanspark, Inc. (a) ................. Core Scientific, Inc. (a) .............. Digi Power X, Inc. (a) ............... Exodus Movement, Inc. - Class A (a) . . . . . Gryphon Digital Mining, Inc. (a) . . . . . . . . Hive Digital Technologies Ltd. (a) . . . . . . . Hut 8 Corp. (a)(c) .................. IntelCorp. ..................... IREN Ltd. (a)(c) ................... MARA Holdings, Inc. (a)(c) ........... Neptune Digital Assets Corp. (a) . . . . . . . . Northern Data AG (a) ............... NVIDIACorp.................... Riot Platforms, Inc. (a) .............. Terawulf, Inc. (a) .................. The9 Ltd. - ADR (a)(c) ...............
29,971 $ 145,359
2,692
182,868
23,481 97,808 21,502 213,683
236,454 214,200 246,843 179,536 25,165 108,095 305,910 297,259 932,193 35,493 109,525 21,653 154,942 270,146 181,910 337,543 937,366 57,416 217,040 188,166 794,842 284,056
7,791
174,826 63,998 26,950 54,610 12,631
3,799
24,569 86,079 14,524
8,121
23,167 59,781 54,406
7,704 1,191
70,340 64,853
5,500
42,790 6,178,543
TOTAL COMMON STOCKS (Cost $6,759,807). . . . . . . . . . . . . . .
6,506,770
SHORT-TERM INVESTMENTS - 18.3% Investments Purchased with Proceeds from Securities Lending - 18.3% First American Government Obligations Fund - Class X, 4.25% (d) . . . . . . . . . . 1,189,336 1,189,336
Money Market Funds - 0.0% (e) First American Government Obligations Fund - Class X, 4.25% (d) .......... TOTAL SHORT-TERM INVESTMENTS (Cost $1,192,224). . . . . . . . . . . . . . . TOTAL INVESTMENTS - 118.1% (Cost $7,952,031). . . . . . . . . . . . . . . Liabilities in Excess of Other Assets-(18.1)%................
2,888
2,888
1,192,224
$ 7,698,994
(1,180,262)
TOTAL NET ASSETS - 100.0% . . . . . .
$ 6,518,732
4 The accompanying notes are an integral part of these 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.
GRAYSCALE BITCOIN PREMIUM INCOME ETF SCHEDULE OF WRITTEN OPTIONS June 30, 2025 (Unaudited)
Notional Amount
Contracts
Value
WRITTEN OPTIONS - (0.2)% CallOptions - (0.2)% Grayscale Bitcoin Trust ETF, Expiration: 07/18/2025; Exercise Price: $95.00 (a)(b) ..................................................... $(2,146,199)
(253) $(8,855)
TOTAL WRITTEN OPTIONS (Premiums received $17,253). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$(8,855)
Percentages are stated as a percent of net assets. (a) Exchange-traded. (b) 100 shares per contract. The written options are held in the Grayscale Bitcoin Premium Income Subsidiary.
6 The accompanying notes are an integral part of these financial statements.
GRAYSCALE FUNDS TRUST STATEMENTS OF ASSETS AND LIABILITIES June 30, 2025 (Unaudited)
Grayscale Bitcoin Premium Income ETF (Consolidated)
Grayscale Bitcoin Covered Call ETF (Consolidated)
Grayscale Bitcoin Adopters ETF
Grayscale Bitcoin Miners ETF
ASSETS: Investments, at value . . . . . . . . . . . . . . . . . . . . . Receivable for investments sold. . . . . . . . . . . . . Receivable for fund shares sold . . . . . . . . . . . . . Dividends receivable . . . . . . . . . . . . . . . . . . . . . Dividend tax reclaims receivable . . . . . . . . . . . . Security lending income receivable . . . . . . . . . . Interest receivable. . . . . . . . . . . . . . . . . . . . . . . . Foreign currency, at value. . . . . . . . . . . . . . . . . . Total assets ........................... LIABILITIES: Written option contracts, at value. . . . . . . . . . . . Payable for investments purchased. . . . . . . . . . . Payable for capital shares redeemed. . . . . . . . . . Payable upon return of securities loaned (See Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . Payable to adviser. . . . . . . . . . . . . . . . . . . . . . . . Total liabilities ........................
$4,390,043 1,633,136
$7,935,954
$7,698,994 $4,061,429
— 769,641 — 241,045
— — — — —
949,926
4,567
— —
242 458
324
14
— 1,605
8
2,169
24
959
—
—
124
—
6,978,018
7,938,123
8,712,133
4,062,388
— 114,760
— 8,855
1,579,588 982,707
— 750,487 — 250,729
— —
155,612
— 1,189,336
—
1,714
3,648
2,849
2,197
2,719,621
118,408
2,193,401
11,052
NET ASSETS ..........................
$4,258,397
$7,819,715
$6,518,732 $4,051,336
Net Assets Consists of: Paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . Total distributable earnings/(accumulated losses)............................... Total net assets ....................... Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shares issued and outstanding (a) ............. Net asset value per share. . . . . . . . . . . . . . . . . . . Cost: Investments, at cost. . . . . . . . . . . . . . . . . . . . . Foreign currency, at cost. . . . . . . . . . . . . . . . . Proceeds Written options premium received . . . . . . . . . Loaned Securities: at value (included in investments) . . . . . . . . .
$3,420,637
$7,868,288
$6,822,618 $3,633,549
837,760
(48,573 )
(303,886)
417,787
$4,258,397
$7,819,715
$6,518,732 $4,051,336
$4,258,397
$7,819,715
$6,518,732 $4,051,336
130,000
220,000
260,000
100,000
$ 32.76
$ 35.54
$ 25.07 $ 40.51
$4,003,316
$7,873,944
$7,952,031 $4,011,179
$
— $
— $ 124 $
—
$
— $ 75,823
$
— $ 17,253
$ 152,285
$
— $1,139,117 $
—
(a)
Unlimited shares authorized without par value.
7 The accompanying notes are an integral part of these financial statements.
GRAYSCALE FUNDS TRUST STATEMENTS OF OPERATIONS For the Period Ended June 30, 2025 (Unaudited)
Grayscale Bitcoin Premium Income ETF (Consolidated)
Grayscale Bitcoin Covered Call ETF (Consolidated)
Grayscale Bitcoin Adopters ETF
Grayscale Bitcoin Miners ETF
INVESTMENT INCOME: Dividend income. . . . . . . . . . . . . . . . . . . . . . . . . . . Securities lending income (See Note 4) . . . . . . . . . Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: dividend withholding taxes . . . . . . . . . . . . . . Total investment income .................. EXPENSES: Investment advisory fee. . . . . . . . . . . . . . . . . . . . . . Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . Net investment income/(loss) ................ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments............................. In-kind redemptions. . . . . . . . . . . . . . . . . . . . . . . Written option contracts expired or closed . . . . . Foreign currency translation . . . . . . . . . . . . . . . . Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . Net change in unrealized appreciation (depreciation) on: Investments............................. Written option contracts . . . . . . . . . . . . . . . . . . . Foreign currency translation . . . . . . . . . . . . . . . . Net change in unrealized appreciation (depreciation)............................ Net realized and unrealized gain (loss) . . . . . . . . NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ..........................
$ 5,423
$ — $8,314 $ —
14 44
— 3,409
—
37,203
117
24,544
(502 )
—
(828 )
—
4,979
37,203
11,012
24,544
2,953 2,953 2,026
7,280 7,280
13,685 13,685 (2,673 )
5,003 5,003
29,923
19,541
9,001
491,863
(31,662 )
468,735
441,808
— (16,497)
—
— 37,303
— 1,686
27
—
(14 )
—
450,836
529,166
(48,173 )
470,421
386,727
62,010
(253,037)
50,250
— (38,937)
— 8,398
(55 )
—
(3 )
—
386,672 837,508
23,073 552,239
(253,040) (301,213)
58,648 529,069
$ 839,534
$582,162
$(303,886)
$548,610
8 The accompanying notes are an integral part of these financial statements.
GRAYSCALE FUNDS TRUST STATEMENTS OF CHANGES IN NET ASSETS
Grayscale Bitcoin Covered Call ETF (Consolidated) Period Ended June 30, 2025 (b) (Unaudited)
Grayscale Bitcoin Premium Income ETF (Consolidated) Period Ended June 30, 2025 (b) (Unaudited)
Grayscale Bitcoin Adopters ETF Period Ended June 30, 2025 (a) (Unaudited)
Grayscale Bitcoin Miners ETF
Period Ended June 30, 2025 (c) (Unaudited)
OPERATIONS: Net investment income (loss) . . . . . . . . . . . . . . . . . . . . $ 2,026 $ 29,923 $ (2,673) $ 19,541 Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . 450,836 529,166 (48,173 ) 470,421 Net change in unrealized appreciation (depreciation). . . . 386,672 23,073 (253,040) 58,648 Net increase (decrease) in net assets from operations . . . 839,534 582,162 (303,886) 548,610 DISTRIBUTIONS TO SHAREHOLDERS: From earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,774 ) (630,735) — (130,823) Total distributions to shareholders .............. (1,774 ) (630,735) — (130,823) CAPITAL TRANSACTIONS: Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,402,967 7,866,663 8,130,937 4,846,311 Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (982,707) — (1,308,319) (1,213,845) ETF transaction fees (See Note 6) . . . . . . . . . . . . . . . . 377 1,625 — 1,083
Net increase (decrease) in net assets from capital transactions ............................... Net increase (decrease) in net assets ...............
3,420,637 7,868,288 6,822,618 3,633,549 4,258,397 7,819,715 6,518,732 4,051,336
NET ASSETS: Beginning of the period. . . . . . . . . . . . . . . . . . . . . . . . . — — End of the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,258,397 $7,819,715 $ 6,518,732 $ 4,051,336 — —
SHARES TRANSACTIONS Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total increase (decrease) in shares outstanding . . . .
160,000 (30,000 ) 130,000
220,000
330,000
130,000 (30,000 ) 100,000
— (70,000)
220,000
260,000
(a)
The Fund commenced operations on April 30, 2025. The Fund commenced operations on April 2, 2025. The Fund commenced operations on January 30, 2025.
(b)
(c)
9 The accompanying notes are an integral part of these financial statements.
GRAYSCALE BITCOIN ADOPTERS ETF FINANCIAL HIGHLIGHTS Period Ended June 30, 2025 (a) (Unaudited)
PER SHARE DATA: Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INVESTMENT OPERATIONS: Net investment income (b) ............................................................. Net realized and unrealized gain (loss) on investments (c) ..................................... Total from investment operations ..................................................... LESS DISTRIBUTIONS FROM: Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total distributions .................................................................. ETF transaction fees per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net asset value, end of period ......................................................... Total Return (e) ...................................................................... SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ratio of expenses to average net assets (f) ................................................. Ratio of net investment income (loss) to average net assets (f) ................................. Portfolio turnover rate (e)(g) ............................................................
$25.31
0.02 7.44 7.46
(0.01) (0.01)
0.00 (d)
$32.76
29.48%
$4,258
0.59% 0.40%
24%
(a)
Fund commenced operations on April 30, 2025.
(b) Net investment income per share has been calculated based on average shares outstanding during the period. (c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. (d) Amount represents less than $0.005 per share. (e) Not annualized for periods less than one year. (f) Annualized for periods less than one year. (g) Portfolio turnover rate excludes in-kind transactions.
10 The accompanying notes are an integral part of these financial statements.
GRAYSCALE BITCOIN COVERED CALL ETF CONSOLIDATED FINANCIAL HIGHLIGHTS Period Ended June 30, 2025 (a) (Unaudited)
PER SHARE DATA: Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INVESTMENT OPERATIONS: Net investment income (b) ............................................................. Net realized and unrealized gain (loss) on investments (c) ..................................... Total from investment operations ..................................................... LESS DISTRIBUTIONS FROM: Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total distributions .................................................................. ETF transaction fees per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net asset value, end of period ......................................................... Total Return (d) ...................................................................... SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ratio of expenses to average net assets (e) ................................................. Ratio of net investment income (loss) to average net assets (e) ................................. Portfolio turnover rate (d)(f) ............................................................
$35.00
0.23 4.85 5.08
(4.55) (4.55)
0.01
$35.54
15.04%
$7,820
0.65% 2.67%
—%
(a)
Fund commenced operations on April 2, 2025.
(b) Net investment income per share has been calculated based on average shares outstanding during the period. (c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Portfolio turnover rate excludes in-kind transactions.
11 The accompanying notes are an integral part of these financial statements.
GRAYSCALE BITCOIN MINERS ETF FINANCIAL HIGHLIGHTS Period Ended June 30, 2025 (a) (Unaudited)
PER SHARE DATA: Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INVESTMENT OPERATIONS: Net investment loss (b) ................................................................ Net realized and unrealized gain (loss) on investments (c) ..................................... Total from investment operations ..................................................... LESS DISTRIBUTIONS FROM: Net asset value, end of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Return (d) ...................................................................... SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ratio of expenses to average net assets (e) ................................................. Ratio of net investment income (loss) to average net assets (e) ................................. Portfolio turnover rate (d)(f) ............................................................
$25.31
(0.01) (0.23) (0.24)
$25.07
−0.94%
$6,519
0.59%
(0.12)%
16%
(a)
Fund commenced operations on January 30, 2025.
(b) Net investment income per share has been calculated based on average shares outstanding during the period. (c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Portfolio turnover rate excludes in-kind transactions.
12 The accompanying notes are an integral part of these financial statements.
GRAYSCALE BITCOIN PREMIUM INCOME ETF CONSOLIDATED FINANCIAL HIGHLIGHTS Period Ended June 30, 2025 (a) (Unaudited)
PER SHARE DATA: Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . INVESTMENT OPERATIONS: Net investment income (b) ............................................................. Net realized and unrealized gain (loss) on investments (c) ..................................... Total from investment operations ..................................................... LESS DISTRIBUTIONS FROM: Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total distributions .................................................................. ETF transaction fees per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net asset value, end of period ......................................................... Total Return (d) ...................................................................... SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ratio of expenses to average net assets (e) ................................................. Ratio of net investment income (loss) to average net assets (e) ................................. Portfolio turnover rate (d)(f) ............................................................
$34.99
0.24 6.77 7.01
(1.50) (1.50)
0.01
$40.51
20.19%
$4,051
0.65% 2.54%
—%
(a)
Fund commenced operations on April 2, 2025.
(b) Net investment income per share has been calculated based on average shares outstanding during the period. (c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. (d) Not annualized for periods less than one year. (e) Annualized for periods less than one year. (f) Portfolio turnover rate excludes in-kind transactions.
13 The accompanying notes are an integral part of these financial statements.
GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited)
NOTE 1 – ORGANIZATION The Grayscale Funds Trust (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated May 3, 2023. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Grayscale Bitcoin Miners ETF, Grayscale Bitcoin Covered Call ETF, Grayscale Bitcoin Premium Income ETF, and the Grayscale Bitcoin Adopters ETF (each a “Fund”, and together, the “Funds”), each represent a distinct series with its own investment objective and policies within the Trust. The Grayscale Bitcoin Miners ETF seeks investment results that track the performance (before fees and expenses) of the Indxx Bitcoin Miners Index (the “Bitcoin Miners Index”). The Fund commenced operations on January 30, 2025. The Grayscale Bitcoin Covered Call ETF seeks to provide current income. The Fund’s secondary objective is to participate in the returns of Bitcoin through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin. The Fund commenced operations on April 2, 2025. The Grayscale Bitcoin Premium Income ETF seeks to provide current income while maintaining prospects for capital appreciation through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin. The Fund commenced operations on April 2, 2025. The Grayscale Bitcoin Adopters ETF seeks investment results that track the performance (before fees and expenses) of the Indxx Bitcoin Adopters Index (the “Bitcoin Adopters Index”). The Fund commenced operations on April 30, 2025. The end of the reporting period for the Funds is June 30, 2025, and the period covered by these Notes to Financial Statements is the period ended June 30, 2025 (the “current fiscal period”). NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES The Funds are investment companies and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). A. S ecurity Valuation. All equity securities, including domestic and foreign common stocks, preferred stocks and exchange-traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market ® , Nasdaq Global Select Market ® , and the Nasdaq Capital Market ® exchanges (collectively, “Nasdaq”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Investments in mutual funds, including money market funds, are valued at their net asset value (“NAV”) per share. Options contracts are valued using the midpoint of quoted bid and ask spread prices, as provided by independent pricing sources. Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Fund’s Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.
14
GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)
As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following is a summary of the inputs used to value the Fund’s investments as of the end of the current fiscal period: Grayscale Bitcoin Adopters ETF
Level 1
Level 2
Level 3
Total
Assets^ Common Stocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,231,853 $
— $
— $4,231,853
Investments Purchased with Proceeds from Securities Lending . . . . . . . . . . . . . . . . . . . . . . . . Short-Term Investments. . . . . . . . . . . . . . . . . . . . . .
155,612
— — 155,612 — — 2,578
2,578
Total Investments ............................ $4,390,043 $
— $
— $4,390,043
Grayscale Bitcoin Covered Call ETF
Level 1
Level 2
Level 3
Total
Assets Purchased Options . . . . . . . . . . . . . . . . . . . . . . . . . . $ Money Market Funds. . . . . . . . . . . . . . . . . . . . . . . .
— $1,389,200 $
— $1,389,200
6,546,754
— — 6,546,754
Total Investments ............................ $6,546,754 $1,389,200 $
— $7,935,954
Liabilities Written Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Total Investments ............................ $
— $ (114,760) $ — $ (114,760) $
— $ (114,760) — $ (114,760)
15
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.
16
GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)
D. Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations. Interest income is recorded on an accrual basis. E. Distributions to Shareholders. Distributions to shareholders from net investment income and net realized gains on securities are declared and paid by the Funds at least annually. Distributions are recorded on the ex-dividend date. F. Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates. G. Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. The offering and redemption price per share of each Fund is equal to the Fund’s NAV per share. H. G uarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred. However, based on experience, the Funds expects the risk of loss to be remote. I. Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. J. Consolidation of Subsidiaries. The Grayscale Bitcoin Covered Call Subsidiary and the Grayscale Bitcoin Premium Income Subsidiary (together, the "Cayman Subsidiaries"), which are organized under the laws of the Cayman Islands, are wholly owned, and controlled by each of the Grayscale Bitcoin Premium Income ETF and the Grayscale Bitcoin Covered Call ETF, respectively (the “Options Funds”). The Cayman Subsidiaries act as an investment vehicle to facilitate entering into certain investments for the Options Funds, consistent with each Option Fund's investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of June 30, 2025, the net assets of the Bitcoin Covered Call ETF were $7,819,715, of which $4,596,839, or approximately 58.79%, represented the Bitcoin Covered Call ETF’s ownership of the shares of the Bitcoin Covered Call Subsidiary. As of June 30, 2025, the net assets of the Bitcoin Premium Income ETF were $4,051,336, of which $2,423,512, or approximately 59.82%, represented the Bitcoin Premium Income ETF’s ownership of the shares of the Bitcoin Premium Income Subsidiary. K. Derivatives. The Options Funds may buy and write (sell) options on securities and other assets for the purpose of realizing its investment objectives. Options may settle in cash or settle by a delivery of securities or other assets underlying the options. By buying a call option, the Fund has the right, in return for a premium paid during the term of the option, to buy the asset underlying the option at the exercise price. By writing (selling) a call option the Fund becomes obligated during the term of the option to sell the asset underlying the option at the exercise price if the option is exercised; conversely, by buying a put option, the Fund has the right, in return for a premium paid during the term of the option, to sell the asset underlying the option at the exercise price. By writing a put option, the Fund becomes obligated during the term of the option to purchase the asset underlying the option at the exercise price if the option is exercised.
17
GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)
When the Fund purchases an option, the premium paid by it is recorded as an asset of the Fund. When the Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is included in the liability section of the Fund’s statement of assets and liabilities as a deferred credit. The amount of this asset or deferred credit will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by the Fund expires unexercised, the Fund realizes a loss equal to the premium paid. The Bitcoin Covered Call ETF and Bitcoin Premium Income ETF invest in traditional exchange-traded options contracts. The following tables represent a summary of the value of derivative instruments as of June 30, 2025 and the effect of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025: Bitcoin Covered Call ETF Statement of Assets and Liabilities - Values of Derivative Instruments as of June 30, 2025
Asset Derivatives
Liability Derivatives
Derivatives not Accounted for as Hedging Instruments
Location
Value
Location
Value
Interest Rate Contracts - Options . . . . . . . Written option contracts, at value $114,760 The effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2025 is as follows: Investments, at value $1,389,200
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Amount of Realized Gain on Derivatives Recognized in Income
Derivatives not Accounted for as Hedging Instruments
Derivatives
Interest Rate Contracts - Options . . . . . . .
Interest Rate Contracts - Options
$37,303 ($38,937) The average monthly values of purchased and written options during the period ended June 30, 2025 in the Bitcoin Covered Call ETF were $1,291,945 and $(214,928), respectively. Bitcoin Premium Income ETF Statement of Assets and Liabilities - Values of Derivative Instruments as of June 30, 2025
Asset Derivatives
Liability Derivatives
Derivatives not Accounted for as Hedging Instruments
Location
Value
Location
Value
Interest Rate Contracts - Options . . . . . . . Written option contracts, at value $8,855 The effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2025 is as follows: Investments, at value $612,260
Change in Unrealized Appreciation on Derivatives Recognized in Income
Amount of Realized Gain on Derivatives Recognized in Income
Derivatives not Accounted for as Hedging Instruments
Derivatives
Interest Rate Contracts - Options . . . . . . .
Interest Rate Contracts - Options
$1,686 $8,398 The average monthly values of purchased and written options during the period ended June 30, 2025 in the Bitcoin Premium Income ETF were $808,383 and $(36,855), respectively.
18
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