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.
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