Grayscale Bitcoin Adopters ETF Schedule of Investments September 30, 2025 (Unaudited)
COMMON STOCKS - 99.7% Communication Services - 10.5% Boyaa Interactive International Ltd. Jasmine International PCL - NVDR (a)
Shares
Value
67,000 $
57,524 8,817 200,073 192,525 8,661 477,012 9,412
199,800
Nexon Co. Ltd. Rumble, Inc. (a)
9,100 1,300
Trump Media & Technology Group Corp. (a)
11,725
Wemade Co. Ltd. (a)
456
Consumer Discretionary - 36.1% (b) Cango, Inc. - ADR (a)
1,773 5,700 7,829 7,707
7,518 8,182
Convano, Inc. (a)
Empery Digital, Inc. (a)
58,874 210,247 196,303 201,679
GameStop Corp. - Class A (a)
MercadoLibre, Inc. (a) Metaplanet, Inc. (a) NET Holding AS (a)
84
51,800 8,373 2,113
8,619
Tesla, Inc. (a)
939,693 1,631,115
Energy - 1.1% Alliance Resource Partners LP
2,003
50,646
Financials - 14.5% Block, Inc. (a)
2,667
192,744 209,919 206,967 48,245 657,875 89,743 81,330 13,432 184,505
Coinbase Global, Inc. - Class A (a) Galaxy Digital, Inc. - Class A (a) Virtu Financial, Inc. - Class A
622
6,118 1,359
Health Care - 4.1% Kindly MD, Inc. (a) Semler Scientific, Inc. (a)
83,872 2,711 10,024
USBC, Inc. (a)
Industrials - 1.4% Aker ASA - Class A Bitcoin Depot, Inc. (a)
691
54,226 8,487 62,713
2,526
Information Technology - 32.0% (b) Bit Digital, Inc. (a) Bitdeer Technologies Group (a)
2,191
6,573 6,563 6,320 6,518
384
Bitfarms Ltd. (a)
2,241 1,738
BitFuFu, Inc. - Class A (a)
BitMine Immersion Technologies, Inc. (a)
124
6,439 20,943 27,746 9,694 99,832 16,397 9,056 7,258 69,202 114,107 14,111 6,543 17,342 124,685
Canaan, Inc. - ADR (a)
23,756 22,489
Capital B (a)
Cipher Mining, Inc. (a) Cleanspark, Inc. (a) Core Scientific, Inc. (a)(c)
770
6,885
914 326
Exodus Movement, Inc. - Class A (a) Hive Digital Technologies Ltd. (a)
1,801 1,988 6,249
Hut 8 Corp. (a)
MARA Holdings, Inc. (a)
Next Technology Holding, Inc. (a)(c)
567
Phoenix Group PLC (a) Remixpoint, Inc. (a) Riot Platforms, Inc. (a) Strategy, Inc. - Class A (a)
17,670 7,600 6,552 2,730
879,633 1,448,962 4,512,828
TOTAL COMMON STOCKS (Cost $4,193,412)
SHORT-TERM INVESTMENTS INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%
Shares 12,188
Value 12,188 12,188 Value 4,110 4,110
First American Government Obligations Fund - Class X, 4.05% (d)
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $12,188)
MONEY MARKET FUNDS - 0.1%
Shares
First American Government Obligations Fund - Class X, 4.05% (d)
4,110
TOTAL MONEY MARKET FUNDS (Cost $4,110)
TOTAL INVESTMENTS - 100.1% ( Cost $4,209,710 ) Liabilities in Excess of Other Assets - (0.1)%
4,529,126
(6,404)
TOTAL NET ASSETS - 100.0%
0.0%
0.0%
$
4,522,722
two
–%
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, LLC. –% ADR - American Depositary Receipt ASA - Advanced Subscription Agreement LP - Limited Partnership NVDR - Non-Voting Depositary Receipt
PCL - Public Company Limited PLC - Public Limited Company
(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 September 30, 2025. The fair value of these securities was $12,399. (d) The rate shown represents the 7-day annualized yield as of September 30, 2025.
Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Grayscale Bitcoin Adopters ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities. 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 based on the best information available. The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2025:
Level 1
Level 2
Level 3
Total
Investments: Common Stocks
$
4,512,828 $
– $
– $
4,512,828
Investments Purchased with Proceeds from Securities Lending
12,188 4,110
– –
– –
12,188 4,110
Money Market Funds
Total Investments
$
4,529,126 $
– $
– $
4,529,126
Refer to the Schedule of Investments for further disaggregation of investment categories.
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