Performance As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a performance history. Once available, the Fund’s performance information will be accessible on the Fund’s website at http://etfs.grayscale.com/btcc and will provide some indication of the risks of investing in the Fund. Portfolio Management Adviser Grayscale Advisors, LLC (the “Adviser”) Sub-Adviser Vident Asset Management (“Vident” or the “Sub-Adviser”) Portfolio Managers Yin Bhuyan, Portfolio Manager of Vident, Austin Wen, CFA, Manager of Vident, and Rafael Zayas, CFA, SVP, Head of Portfolio Management and Trading of Vident, have each been a portfolio manager of the Fund since its inception in March 2025. To the extent that a reference in this prospectus refers to the Adviser, such reference should also be read to refer to the Sub-Adviser, where the context requires. Purchase and Sale of Shares Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). The Fund issues and redeems Shares at NAV only in large blocks known as “Creation Units,” which only APs (typically, broker-dealers) may purchase or redeem. The Fund anticipates issuing and redeeming fully or partially in exchange for cash (which may include cash in lieu of certain securities, assets or other positions) or in exchange for securities, assets or other positions. Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the “bid-ask spread”). Recent information about the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund’s website at http://etfs.grayscale.com/btcc . Tax Information Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is in an individual retirement account (“IRA”) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts. Financial Intermediary Compensation If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information. ADDITIONAL INFORMATION ABOUT THE FUND Investment Objectives. The Fund 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 Bitcoin exchange-traded products include, but are not limited to, the Bitcoin ETPs. There can be no assurance that the Fund will achieve its investment objectives. The Fund’s investment objectives have been adopted as non- fundamental investment policies and may be changed without shareholder approval upon written notice to shareholders. Additional Information About the Fund’s Strategy. The Fund is an actively-managed ETF that seeks current income through indirect exposure to the returns of Bitcoin by investing in options on Bitcoin ETPs, including, but not limited to, the Bitcoin ETPs. Each Bitcoin ETP is a grantor trust, and GBTC and BTC are each sponsored by an affiliate of the Adviser, with the sole purpose to hold Bitcoin. The Fund seeks to achieve its investment objectives through a synthetic covered call strategy. In implementing its investment strategy, the Fund will invest in traditional exchange-traded options contracts that reference a Bitcoin ETP.
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