2025 Annual Financial Statements

GRAYSCALE BITCOIN ADOPTERS ETF (BCOR) GRAYSCALE BITCOIN COVERED CALL ETF (BTCC) GRAYSCALE BITCOIN MINERS ETF (MNRS) GRAYSCALE BITCOIN PREMIUM INCOME ETF (BPI) GRAYSCALE ETHEREUM COVERED CALL ETF (ETCO) Core Financial Statements December 31, 2025

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 Grayscale Ethereum Covered Call ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 StatementsofAssetsandLiabilities.......................................................... 9 Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 StatementsofChangesinNetAssets......................................................... 11 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Report of Independent Registered Public Accounting Firm. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 InformationAboutProxyVoting ............................................................ 31 Frequency Distribution of Premiums and Discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

GRAYSCALE BITCOIN ADOPTERS ETF SCHEDULE OF INVESTMENTS December 31, 2025

Shares Value

Hive Digital Technologies Ltd. (a) . . . . . . . . . Hut 8 Corp. (a) ...................... MARA Holdings, Inc. (a) ...............

COMMON STOCKS - 99.7% Communication Services - 9.9% Boyaa Interactive International Ltd.. . . . . . . . 21,000 $ 9,227 NexonCo.Ltd...................... 6,500 158,701 Rumble, Inc. (a) ..................... 1,007 6,364 Trump Media & Technology Group Corp. (a) . . . . 11,117 147,189 Wemade Co. Ltd. (a) .................. 407 7,049 328,530 Consumer Discretionary - 33.9% (b) Cango, Inc. - Class A (a)(c) .............. 3,977 5,965 Convano, Inc. (a) .................... 9,500 6,788 Empery Digital, Inc. (a) ................ 1,831 8,359 GameStop Corp. - Class A (a) ............ 7,363 147,849 MercadoLibre, Inc. (a) ................. 79 159,127 Metaplanet, Inc. (a) ................... 53,300 137,717 NET Holding AS (a) .................. 6,099 6,879 Tesla, Inc. (a) ....................... 1,440 647,597 1,120,281 Energy - 0.4% Alliance Resource Partners LP. . . . . . . . . . . 628 14,588

1,852 $ 4,778

1,666 8,876

76,536 79,706

Phoenix Group PLC (a) ................ 19,257

5,217 6,592

Remixpoint, Inc. (a) .................. Riot Platforms, Inc. (a) ................. Strategy, Inc. - Class A (a) ..............

4,100 6,392

80,987

4,427 672,683 1,111,134

TOTAL COMMON STOCKS (Cost$3,850,454).................

3,297,274

SHORT-TERM INVESTMENTS MONEY MARKET FUNDS - 2.6% First American Government Obligations Fund - Class X, 3.67% (d) ............. 87,781

87,781

TOTAL MONEY MARKET FUNDS (Cost$87,781)................... INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.2% First American Government Obligations Fund - Class X, 3.67% (d) ............. TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost$5,161).................... TOTAL INVESTMENTS - 102.5% (Cost$3,943,396)................. Liabilities in Excess of Other Assets-(2.5)%...................

87,781

Financials - 20.5% Block, Inc. (a) ...................... Bullish (a) ......................... Coinbase Global, Inc. - Class A (a) . . . . . . . . . Coinshares International Ltd.. . . . . . . . . . . . Galaxy Digital, Inc. - Class A (a) .......... Procap Financial, Inc. (a) ...............

5,161

2,423 157,713 3,692 139,816 649 146,765

546

6,870

5,161

6,403 143,545

5,493

19,390 48,481 14,361 676,941

Strive, Inc. - Class A (a) ................ 65,692

$3,390,216

Virtu Financial, Inc. - Class A . . . . . . . . . . .

431

(82,308)

Health Care - 0.9% Kindly MD, Inc. (a) ................... 27,286

TOTAL NET ASSETS - 100.0% . . . . . . . . .

$3,307,908

9,580 6,394

Prenetics Global Ltd. (a) ................ Semler Scientific, Inc. (a) ...............

406 885

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 PLC - Public Limited Company (a) Non-income producing security. (b) To the extent that the Fund invests more heavily in particular industries or sectors 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 December 31, 2025. The fair value of these securities was $5,126, representing 0.15% of net assets. (d) The rate shown represents the 7-day annualized yield as of December 31, 2025.

13,532 29,506

Industrials - 0.5% AkerASA-ClassA.................. Information Technology - 33.6% (b) American Bitcoin Corp. (a) .............. Bitdeer Technologies Group (a) ........... Bitfarms Ltd. (a) ..................... BitFuFu, Inc. - Class A (a) .............. BitMine Immersion Technologies, Inc.. . . . . .

214

16,294

2,834

4,818 5,190 4,651 5,222 4,778 6,924 7,021

463

1,979 1,978

176

Canaan, Inc. - ADR (a) ................. 10,035

Capital B (a) ....................... Cipher Mining, Inc. (a) ................ Cleanspark, Inc. (a) ................... Core Scientific, Inc. (a) ................ Exodus Movement, Inc. - Class A (a) . . . . . . . . Figma, Inc. - Class A (a) ................

7,939

750

11,070 50,367 14,080

4,977

967 442

6,537

1,712

63,977

1 The accompanying notes are an integral part of these financial statements.

GRAYSCALE BITCOIN COVERED CALL ETF CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025

Notional Amount

Contracts

Value

PURCHASED OPTIONS - 18.1% (a) Call Options - 18.1% Grayscale Bitcoin Trust ETF, Expiration: 01/16/2026; Exercise Price: $52.89 (b)(c)(d) . . . $18,751,148

2,743 $ 4,322,872

TOTAL PURCHASED OPTIONS (Cost $3,828,581) . . .

4,322,872

SHORT-TERM INVESTMENTS MONEY MARKET FUNDS - 83.2% First American Government Obligations Fund - Class X, 3.67% (e)(f) . . . . . . . TOTAL MONEY MARKET FUNDS (Cost $19,922,634). . . . . . . . . . . . TOTAL INVESTMENTS - 101.3% (Cost $23,751,215). . . . . . . . . . . . Liabilities in Excess of Other Assets-(1.3)%..............

19,922,634 19,922,634

19,922,634

$24,245,506

(306,488)

TOTAL NET ASSETS - 100.0% . . . .

$23,939,018

Percentages are stated as a percent of net assets. (a) Non-income producing security. (b) Exchange-traded. (c) 100 shares per contract. (d) Held in connection with written options. (e) The rate shown represents the 7-day annualized yield as of December 31, 2025. (f) 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 CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS December 31, 2025

Notional Amount

Contracts

Value

WRITTEN OPTIONS - (1.2)% Call Options - (1.2)% Grayscale Bitcoin Trust ETF, Expiration: 01/09/2026; Exercise Price: $69.91 (a)(b) ..................................................... $(18,751,148) (2,743) $(294,789) TOTAL WRITTEN OPTIONS (Premiums received $387,410). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(294,789)

Percentages are stated as a percent of net assets. (a) Exchange-traded. (b) 100 shares per contract.

3 The accompanying notes are an integral part of these financial statements.

GRAYSCALE BITCOIN MINERS ETF SCHEDULE OF INVESTMENTS December 31, 2025

Value

COMMON STOCKS - 100.6% Consumer Discretionary - 4.2% Cango, Inc. - Class A (a)(b) ............. 278,141 $ 417,211

MONEY MARKET FUNDS - 0.6% First American Government Obligations Fund - Class X, 3.67% (d) ........... TOTAL MONEY MARKET FUNDS (Cost$54,161).................. TOTAL INVESTMENTS - 102.8% (Cost $11,550,956). . . . . . . . . . . . . . . Liabilities in Excess of Other Assets-(2.8)%.................

54,161 $ 54,161

Financials - 3.2% Block, Inc. (a) ..................... Information Technology - 93.2% (c) American Bitcoin Corp. (a) ............ Applied Digital Corp. (a) ..............

54,161

4,910

319,592

$10,175,913

98,564

167,559

46,772 1,146,849

(274,996)

Bit Digital, Inc. (a) .................. 214,061

404,575 447,055 401,373 34,225 242,950 967,223 397,311 424,832 105,022 111,598 43,483 411,768 395,497

Bitdeer Technologies Group (a) ..........

39,880

TOTAL NET ASSETS - 100.0% . . . . . . .

$ 9,900,917

Bitfarms Ltd. (a) ................... 170,797

BitFuFu, Inc. - Class A (a) .............

12,964

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) All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $159,875, representing 1.61% of net assets. (c) To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. (d) The rate shown represents the 7-day annualized yield as of December 31, 2025.

Canaan, Inc. - ADR (a) ............... 352,102

Cipher Mining, Inc. (a) ............... Cleanspark, Inc. (a) ................. Core Scientific, Inc. (a) ...............

65,530 39,260 29,178

Crypto Flow Technology Ltd. (a) ......... 312,000

Digi Power X, Inc. (a) ................ Exodus Movement, Inc. - Class A (a) . . . . . .

43,764

2,940

Hive Digital Technologies Ltd. (a) ........ 159,600

Hut 8 Corp. (a) .................... IREN Ltd. (a) ..................... MARA Holdings, Inc. (a) .............. Northern Data AG (a) ................ NVIDIACorp..................... Riot Platforms, Inc. (a) ............... Soluna Holdings, Inc. (a) .............. Terawulf, Inc. (a) ................... The9 Ltd. - ADR (a) .................

8,609

37,890 1,431,105

45,819 22,139

411,455 404,319 314,253 418,617 66,819 417,857

1,685

33,040 57,110 36,367

9,139

58,215 9,223,960

TOTAL COMMON STOCKS (Cost $11,335,806). . . . . . . . . . . . . . .

9,960,763

SHORT-TERM INVESTMENTS INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.6% First American Government Obligations Fund - Class X, 3.67% (d) ........... 160,989

160,989

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost$160,989).................

160,989

4 The accompanying notes are an integral part of these financial statements.

GRAYSCALE BITCOIN PREMIUM INCOME ETF CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025

Notional Amount

Contracts Value

PURCHASED OPTIONS - 11.8% (a) Call Options - 11.8% Grayscale Bitcoin Trust ETF, Expiration: 01/16/2026; Exercise Price: $60.82 (b)(c)(d) . . . . $3,896,520

570 $ 461,550

TOTAL PURCHASED OPTIONS

(Cost $406,275) . . . . . .

461,550

SHORT-TERM INVESTMENTS MONEY MARKET FUNDS - 88.5% First American Government Obligations Fund - Class X, 3.67% (e)(f) . . . . . . . . . TOTAL MONEY MARKET FUNDS (Cost$3,475,940) . . . . . . . . . . . . . . TOTAL INVESTMENTS - 100.3% (Cost$3,882,215) . . . . . . . . . . . . . . Liabilities in Excess of Other Assets-(0.3)%................

3,475,940 3,475,940

3,475,940

$3,937,490

(11,096)

TOTAL NET ASSETS - 100.0% . . . . . .

$3,926,394

5 The accompanying notes are an integral part of these financial statements.

GRAYSCALE BITCOIN PREMIUM INCOME ETF CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS December 31, 2025

Notional Amount

Contracts

Value

WRITTEN OPTIONS - (0.5)% Call Options - (0.5)% Grayscale Bitcoin Trust ETF, Expiration: 01/16/2026; Exercise Price: $76.03 (a)(b) ..................................................... $(3,896,520) TOTAL WRITTEN OPTIONS (Premiums received $33,765). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(570) $(21,229)

$(21,229)

Percentages are stated as a percent of net assets. (a) Exchange-traded. (b) 100 shares per contract.

6 The accompanying notes are an integral part of these financial statements.

GRAYSCALE ETHEREUM COVERED CALL ETF CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025

Notional Amount

Contracts Value

PURCHASED OPTIONS - 19.0% (a) Call Options - 19.0% Grayscale Ethereum Mini Trust ETF, Expiration: 01/16/2026; Exercise Price: $21.00 (b)(c)(d) . . . . $4,433,480

1,580 $1,192,900

TOTAL PURCHASED OPTIONS

(Cost $887,587) . . . . . .

1,192,900

SHORT-TERM INVESTMENTS MONEY MARKET FUNDS - 81.9% First American Government Obligations Fund - Class X, 3.67% (e)(f) . . . . . . . . . TOTAL MONEY MARKET FUNDS (Cost$5,138,457) . . . . . . . . . . . . . . TOTAL INVESTMENTS - 100.9% (Cost$6,026,044) . . . . . . . . . . . . . . Liabilities in Excess of Other Assets-(0.9)%................

5,138,457 5,138,457

5,138,457

$6,331,357

(57,711)

TOTAL NET ASSETS - 100.0% . . . . . .

$6,273,646

7 The accompanying notes are an integral part of these financial statements.

GRAYSCALE ETHEREUM COVERED CALL ETF CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS December 31, 2025

Notional Amount

Contracts

Value

WRITTEN OPTIONS - (0.9)% Call Options - (0.9)% Grayscale Ethereum Mini Trust ETF, Expiration: 01/09/2026; Exercise Price: $29.00 (a)(b) ..................................................... $(4,433,480) (1,580) $(55,300) TOTAL WRITTEN OPTIONS (Premiums received $142,573). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(55,300)

Percentages are stated as a percent of net assets. (a) Exchange-traded. (b) 100 shares per contract.

8 The accompanying notes are an integral part of these financial statements.

GRAYSCALE FUNDS TRUST STATEMENTS OF ASSETS AND LIABILITIES December 31, 2025

Grayscale Bitcoin Covered Call ETF (Consolidated)

Grayscale Bitcoin Premium Income ETF (Consolidated)

Grayscale Ethereum Covered Call ETF (Consolidated)

Grayscale Bitcoin Adopters ETF

Grayscale Bitcoin Miners ETF

ASSETS: Investments, at value . . . . . . . . . . . . . . . . . . . $3,390,216 $24,245,506 $10,175,913 $3,937,490 $6,331,357 Foreign currency, at value . . . . . . . . . . . . . . . 539 — 1,411 — — Cash................................ — — — 12,024 — Receivable for investments sold . . . . . . . . . . 641,705 — 2,150,526 — — Dividends receivable . . . . . . . . . . . . . . . . . . . 1,507 2,738 118 417 999 Dividend tax reclaims receivable. . . . . . . . . . 93 — 384 — — Security lending income receivable. . . . . . . . 36 — 4,406 — — Total assets ........................ 4,034,096 24,248,244 12,332,758 3,949,931 6,332,356

LIABILITIES: Written option, at value . . . . . . . . . . . . . . . . . Payable for investments purchased . . . . . . . . Distributions payable. . . . . . . . . . . . . . . . . . . Payable upon return of securities loaned. . . . PayabletoAdviser..................... Total liabilities .....................

— 294,789

— 21,229

55,300

618,625 100,592

— 2,211,516 — 53,752 — 160,989

— — — — — —

5,161 1,810

14,437

5,584

2,308

3,410

726,188

309,226 2,431,841

23,537

58,710

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . $3,307,908 $23,939,018 $ 9,900,917 $3,926,394 $6,273,646

Net Assets Consists of: Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . $4,123,945 $23,939,017 $13,060,734 $3,926,394 $6,273,645 1 Total net assets . . . . . . . . . . . . . . . . . . . . . $3,307,908 $23,939,018 $ 9,900,917 $3,926,394 $6,273,646 Total distributable earnings/(accumulated losses)............................. (816,037) 1 (3,159,817) — Net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,307,908 $23,939,018 $ 9,900,917 $3,926,394 $6,273,646 Shares issued and outstanding (a) .......... 130,000 1,110,000 330,000 130,000 330,000 Net asset value per share . . . . . . . . . . . . . . . . $ 25.45 $ 21.57 $ 30.00 $ 30.20 $ 19.01 Cost: Investments, at cost . . . . . . . . . . . . . . . . . . $3,943,396 $23,751,215 $11,550,956 $3,882,215 $6,026,044 Foreign currency, at cost . . . . . . . . . . . . . . $ 545 $ — $ 1,398 $ — $ — Proceeds: Written options premium received. . . . . . . $ — $ 387,410 $ — $ 33,765 $ 142,573 Loaned Securities: at value (included in investments). . . . . . . $ 5,126 $ — $ 159,875 $ — $ —

(a)

Unlimited shares authorized.

9 The accompanying notes are an integral part of these financial statements.

GRAYSCALE FUNDS TRUST STATEMENTS OF OPERATIONS For the Period Ended December 31, 2025

Grayscale Bitcoin Covered Call ETF (Consolidated) (b)

Grayscale Bitcoin Premium Income ETF (Consolidated) (b)

Grayscale Ethereum Covered Call ETF (Consolidated) (d)

Grayscale Bitcoin Adopters ETF (a)

Grayscale Bitcoin Miners ETF (c)

INVESTMENT INCOME: Dividend income . . . . . . . . . . . . . . . . . . . . . . $ 8,170 $ 20,519 $ 9,165 $ 4,473 $ 3,145 Less: issuance fees. . . . . . . . . . . . . . . . . . . . . (475) — (2,673) — — Less: dividend withholding taxes. . . . . . . . . . (1,474) — (851) — — Interest income. . . . . . . . . . . . . . . . . . . . . . . . — 483,538 — 112,826 63,691 Securities lending income . . . . . . . . . . . . . . . 90,240 — 62,883 — — Total investment income ............. 96,461 504,057 68,524 117,299 66,836

EXPENSES: Investment advisory fee. . . . . . . . . . . . . . . . . Total expenses . . . . . . . . . . . . . . . . . . . . . . Net investment income .................

15,230 15,230 81,231

97,858 97,858 406,199

42,671 42,671 25,853

22,474 22,474 94,825

11,983 11,983 54,853

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments ........................ In-kind redemptions. . . . . . . . . . . . . . . . . . Written options expired or closed . . . . . . . Foreign currency transactions . . . . . . . . . .

(262,286) 719,252

(8,481,588) (1,849,260) (805,161)

(2,925,268)

— 1,421,497

—

— 870,268

— 88,114

571,046

382

— (5)

—

Net realized gain (loss) . . . . . . . . . . . . . . . . . Net change in unrealized appreciation (depreciation) on: Investments ........................ Written options. . . . . . . . . . . . . . . . . . . . . . Foreign currency translations. . . . . . . . . . . Net change in unrealized appreciation (depreciation)....................... Net realized and unrealized gain (loss) . . .

457,348 (7,611,320)

(427,768) (717,047)

(2,354,222)

(553,180)

494,291 (1,375,043)

55,275

305,313 87,273

— 92,621

— 12,536

(326)

— 135

—

(553,506) (96,158)

586,912 (1,374,908)

67,811

392,586

(7,024,408) (1,802,676) (649,236)

(1,961,636)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . . . $ (14,927) $(6,618,209) $(1,776,823) $(554,411) $(1,906,783)

(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. The Fund commenced operations on September 4, 2025.

(b)

(c)

(d)

10 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 December 31, 2025 (b)

Grayscale Bitcoin Premium Income ETF (Consolidated) Period Ended December 31, 2025 (b)

Grayscale Bitcoin Adopters ETF Period Ended December 31, 2025 (a)

Grayscale Bitcoin Miners ETF Period Ended December 31, 2025 (c)

OPERATIONS: Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . $ 81,231 $ 406,199 $ 25,853 $ 94,825 Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . 457,348 (7,611,320) (427,768) (717,047) Net change in unrealized appreciation (depreciation). . . . . (553,506) 586,912 (1,374,908) 67,811 Net increase (decrease) in net assets from operations . . . . (14,927) (6,618,209) (1,776,823) (554,411)

DISTRIBUTIONS TO SHAREHOLDERS: From earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . From return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . Total distributions to shareholders ............... CAPITAL TRANSACTIONS: Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ETF transaction fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net increase (decrease) in net assets from capital transactions ................................ Net increase (decrease) in net assets ................

(102,366)

— (53,752)

—

— (9,494,720)

— (757,370)

(102,366) (9,494,720)

(53,752)

(757,370)

5,103,431 46,907,017 17,207,519 8,414,328 (1,678,607) (6,870,468) (5,476,027) (3,178,896)

377

15,398

— 2,743

3,425,201 40,051,947 11,731,492 5,238,175 3,307,908 23,939,018 9,900,917 3,926,394

NET ASSETS: Beginning of the period. . . . . . . . . . . . . . . . . . . . . . . . . . — — — — End of the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,307,908 $23,939,018 $ 9,900,917 $ 3,926,394

SHARES TRANSACTIONS Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total increase (decrease) in shares outstanding . . . . .

180,000 1,360,000

520,000 (190,000)

210,000 (80,000) 130,000

(50,000)

(250,000)

130,000 1,110,000

330,000

(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)

11 The accompanying notes are an integral part of these financial statements.

GRAYSCALE FUNDS TRUST STATEMENTS OF CHANGES IN NET ASSETS (Continued)

Grayscale Ethereum Covered Call ETF

(Consolidated) Period Ended December 31, 2025 (a)

OPERATIONS: Net investment income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net change in unrealized appreciation (depreciation). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net increase (decrease) in net assets from operations .................................. DISTRIBUTIONS TO SHAREHOLDERS: From return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total distributions to shareholders ................................................. CAPITAL TRANSACTIONS: Shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ETF transaction fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net increase (decrease) in net assets from capital transactions .......................... Net increase (decrease) in net assets .................................................. NET ASSETS: Beginning of the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . End of the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SHARES TRANSACTIONS Shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total increase (decrease) in shares outstanding ......................................

$ 54,853 (2,354,222)

392,586

(1,906,783)

(1,965,920) (1,965,920)

13,378,242 (3,236,457)

4,564

10,146,349 6,273,646

—

$ 6,273,646

440,000 (110,000) 330,000

(a)

The Fund commenced operations on September 4, 2025.

12 The accompanying notes are an integral part of these financial statements.

GRAYSCALE BITCOIN ADOPTERS ETF FINANCIAL HIGHLIGHTS Period Ended December 31, 2025 (a)

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

0.66 0.27 0.93

(0.79) (0.79)

0.00 (d)

$25.45

3.64%

$3,308

0.59% 3.15%

55%

(a)

The 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.

13 The accompanying notes are an integral part of these financial statements.

GRAYSCALE BITCOIN COVERED CALL ETF CONSOLIDATED FINANCIAL HIGHLIGHTS Period Ended December 31, 2025 (a)

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: Return of capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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

0.59

(0.31)

0.28

(13.73) (13.73)

0.02

$ 21.57

−5.06%

$23,939

0.65% 2.70%

—%

(a)

The 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.

14 The accompanying notes are an integral part of these financial statements.

GRAYSCALE BITCOIN MINERS ETF FINANCIAL HIGHLIGHTS Period Ended December 31, 2025 (a)

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 ..................................................................... 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

0.09 4.76 4.85

(0.16) (0.16)

$30.00

19.18%

$9,901

0.59% 0.36%

65%

(a)

The 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.

15 The accompanying notes are an integral part of these financial statements.

GRAYSCALE BITCOIN PREMIUM INCOME ETF CONSOLIDATED FINANCIAL HIGHLIGHTS Period Ended December 31, 2025 (a)

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: Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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

0.79 0.32 1.11

(5.92) (5.92)

0.02

$30.20

0.47%

$3,926

0.65% 2.74%

—%

(a)

The 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.

16 The accompanying notes are an integral part of these financial statements.

GRAYSCALE ETHEREUM COVERED CALL ETF CONSOLIDATED FINANCIAL HIGHLIGHTS Period Ended December 31, 2025 (a)

PER SHARE DATA: Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35.01

INVESTMENT OPERATIONS: Net investment income (b) ................................................................. Net realized and unrealized gain (loss) on investments (c) ........................................ Total from investment operations ........................................................ LESS DISTRIBUTIONS FROM: Return of capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total distributions .....................................................................

0.23

(8.30) (8.07)

(7.95) (7.95)

ETF transaction fees per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02 Net asset value, end of period ............................................................ $ 19.01 Total return (d) .......................................................................... −25.14% SUPPLEMENTAL DATA AND RATIOS: Net assets, end of period (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,274 Ratio of expenses to average net assets (e) .................................................... 0.65% Ratio of net investment income (loss) to average net assets (e) .................................... 2.98% Portfolio turnover rate (d)(f) ................................................................ —%

(a)

The Fund commenced operations on September 4, 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.

17 The accompanying notes are an integral part of these financial statements.

GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS December 31, 2025

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 each Fund’s shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Grayscale Bitcoin Adopters ETF (the “Bitcoin Adopters ETF”), Grayscale Bitcoin Covered Call ETF (the “Bitcoin Covered Call ETF”), Grayscale Bitcoin Premium Income ETF (the “Bitcoin Premium Income ETF”), Grayscale Bitcoin Miners ETF (the “Bitcoin Miners ETF”), and the Grayscale Ethereum Covered Call ETF (the “Ethereum Covered Call 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 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 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 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 Ethereum Covered Call ETF seeks to provide and deliver current income. The Fund seeks to provide exposure to the return of one or more exchange-traded products that provide exposure to Ether, including, but not limited to, Grayscale Ethereum Staking Trust ETF (Ticker: ETHE) and Grayscale Ethereum Mini Trust ETF (Ticker: ETH) (the “Ethereum ETPs”). The Fund commenced operations on September 4, 2025. The end of the reporting period for the Funds is December 31, 2025, and the current fiscal periods are the periods from each Fund’s inception through December 31, 2025 (the “current fiscal period”). NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES The Funds are investment companies and accordingly follow 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. Exchange-traded options contracts are valued using the midpoint of quoted bid and ask spread prices, as provided by independent pricing sources. FLEX Options, which do not have readily available quoted market prices, are valued using a pricing model that incorporates observable market inputs, including the underlying reference asset or index value, strike price, time to expiration, interest rates, and implied volatility.

GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)

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 a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations. As described above, the Funds utilize various methods to measure the fair value of their 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 Funds’ investments as of the end of the current fiscal period: Grayscale Bitcoin Adopters ETF Level 1 Level 2 Level 3 Total Assets^ Common Stocks . . . . . . . . . . . . . . . . . . . . . . . $ 3,297,274 $ — $ — $ 3,297,274

Investments Purchased with Proceeds from Securities Lending . . . . . . . . . . . . . . . . . . . Short-Term Investments . . . . . . . . . . . . . . . . .

87,781 5,161

— — 87,781 — — 5,161

Total Investments ....................... $ 3,390,216 $

— $

— $ 3,390,216

GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)

Grayscale Bitcoin Covered Call ETF

Level 1

Level 2

Level 3

Total

Assets Purchased Options . . . . . . . . . . . . . . . . . . . . . $ Money Market Funds . . . . . . . . . . . . . . . . . . .

— $ 4,322,872 $

— $ 4,322,872

19,922,634

— — 19,922,634

Total Investments ....................... $19,922,634 $ 4,322,872 $

— $24,245,506

Liabilities WrittenOptions ....................... $ Total Written Options ................... $

— $ (294,789) $ — $ (294,789) $

— $ (294,789) — $ (294,789)

Grayscale Bitcoin Miners ETF

Level 1

Level 2

Level 3

Total

Assets^ Common Stocks . . . . . . . . . . . . . . . . . . . . . . . $ 9,960,763 $

— $

— $ 9,960,763

Investments Purchased with Proceeds from Securities Lending . . . . . . . . . . . . . . . . . . . Short-Term Investments . . . . . . . . . . . . . . . . .

160,989 54,161

— — 160,989 — — 54,161

Total Investments ....................... $10,175,913 $

— $

— $10,175,913

Grayscale Bitcoin Premium Income ETF

Level 1

Level 2

Level 3

Total

Assets Purchased Options . . . . . . . . . . . . . . . . . . . . . $ Money Market Funds . . . . . . . . . . . . . . . . . . .

— $ 461,550 $

— $ 461,550

3,475,940

— — 3,475,940

Total Investments ....................... $ 3,475,940 $ 461,550 $

— $ 3,937,490

Liabilities Written Options. . . . . . . . . . . . . . . . . . . . . . . . $ Total Written Options .................... $

— $ (21,229) $ — $ (21,229) $

— $ (21,229) — $ (21,229)

Grayscale Ethereum Covered Call ETF

Level 1

Level 2

Level 3

Total

Assets: Purchased Options . . . . . . . . . . . . . . . . . . . . . $ Money Market Funds . . . . . . . . . . . . . . . . . . .

— $ 1,192,900 $

— $ 1,192,900

5,138,457

— — 5,138,457

Total Investments ....................... $ 5,138,457 $ 1,192,900 $

— $ 6,331,357

Liabilities: Written Options. . . . . . . . . . . . . . . . . . . . . . . . $ Total Written Options .................... $

— $ (55,300) $ — $ (55,300) $

— $ (55,300) — $ (55,300)

^ 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.

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