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.
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