GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS June 30, 2025 (Unaudited) (Continued)
the event of default (such as bankruptcy or a borrower’s failure to pay or perform), the right to net a third party borrower’s rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty. As of the end of the current fiscal period, the value of the securities on loan and payable for collateral due to broker were as follows:
Value of Securities on Loan
Collateral Received*
BitcoinAdoptersETF............................................... Bitcoin Miners ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,139,117 1,189,336 * The cash collateral received was invested in the First American Money Market Government Obligations Fund as shown on the Schedule of Investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. $ 152,285 $ 155,612 The interest income earned by the Funds on the investment of cash collateral received from the borrowers for the securities loaned to it (“Securities lending income, net”) is reflected in the Funds’ Statements of Operations. Net Fees and interest income earned on collateral investments and recognized by the Funds during the current fiscal period was $14 for the Bitcoin Adopters ETF and $3,409 for the Bitcoin Miners ETF. NOTE 5 – PURCHASES AND SALES OF SECURITIES Purchases and sales of securities (excluding short-term securities and in-kind transactions) for the period ended June 30, 2025 are summarized below.
Bitcoin Adopters ETF
Bitcoin Miners ETF
Purchases: U.S. Government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other .......................................................... Total Purchases ................................................... Sales: U.S. Government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other .......................................................... Total Sales ........................................................
$ — $
—
899,634
1,128,432
$899,634 $1,128,432
$ — $
—
657,564
881,187
$657,564 $ 881,187
NOTE 6 – SHARE TRANSACTIONS Shares of the Funds are listed and traded on the New York Stock Exchange Arca, Inc. (“NYSE Arca”). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees. The Funds currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the
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