Grayscale Bitcoin Miners ETF Schedule of Investments September 30, 2025 (Unaudited)
COMMON STOCKS - 99.9% Consumer Discretionary - 2.7% Cango, Inc. - ADR (a)
Shares
Value
52,573 $
222,909
Financials - 2.8% Block, Inc. (a)
3,147
227,434
Information Technology - 94.4% (b) American Bitcoin Corp. (a)(c)
39,947 14,118 101,594 19,220 112,435 5,346 20,222 121,505 24,726 25,122 20,104 88,000 10,771 75,579 9,115 29,075 44,945 1,217 37,173 8,921 19,725 30,042 3,770
269,241 323,867 304,782 328,470 317,067 20,047 311,300 364,269 360,666 44,337 24,666 33,808 304,583 317,293 1,050,128 107,119 1,364,490 820,696
Applied Digital Corp. (a)
Bit Digital, Inc. (a)
Bitdeer Technologies Group (a)
Bitfarms Ltd. (a)
BitFuFu, Inc. - Class A (a)
BitMine Immersion Technologies, Inc. (a)
Canaan, Inc. - ADR (a) Cipher Mining, Inc. (a) Cleanspark, Inc. (a) Core Scientific, Inc. (a)(c)
Crypto Flow Technology Ltd. (a)
Digi Power X, Inc. (a)
Exodus Movement, Inc. - Class A (a) Hive Digital Technologies Ltd. (a)
Hut 8 Corp. (a) IREN Ltd. (a)
MARA Holdings, Inc. (a)
Neptune Digital Assets Corp. (a)
27,785 183,963 375,367 343,080
Northern Data AG (a) Riot Platforms, Inc. (a) Terawulf, Inc. (a) The9 Ltd. - ADR (a)
40,075 7,637,099 8,087,442
TOTAL COMMON STOCKS (Cost $6,385,322)
SHORT-TERM INVESTMENTS INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.4%
Shares 764,105
Value
First American Government Obligations Fund - Class X, 4.05% (d)
764,105 764,105
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $764,105)
MONEY MARKET FUNDS - 0.1%
Shares
Value 5,752 5,752
First American Government Obligations Fund - Class X, 4.05% (d)
5,752
TOTAL MONEY MARKET FUNDS (Cost $5,752)
TOTAL INVESTMENTS - 109.4% ( Cost $7,155,179 ) Liabilities in Excess of Other Assets - (9.4)%
8,857,299 (764,613) 8,092,686
TOTAL NET ASSETS - 100.0%
0.0%
0.0%
$
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
(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 $771,045. (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 Miners 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
$
8,087,442 $
– $
– $
8,087,442 764,105
Investments Purchased with Proceeds from Securities Lending
764,105
– –
– –
Money Market Funds
5,752
5,752
Total Investments
$
8,857,299 $
– $
– $
8,857,299
Refer to the Schedule of Investments for further disaggregation of investment categories.
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