GRAYSCALE FUNDS TRUST NOTES TO FINANCIAL STATEMENTS December 31, 2025 (Continued)
NOTE 5 – PURCHASES AND SALES OF SECURITIES Purchases and sales of securities (excluding short-term securities and in-kind transactions) for the period ended December 31, 2025 are summarized below.
Bitcoin Adopters ETF
Bitcoin Miners ETF
Purchases: U.S.Government ............................................... $ Other .........................................................
— $
—
2,218,497 5,167,943
Total Purchases ..................................................
$2,218,497 $5,167,943
Sales: U.S.Government ............................................... $ Other ......................................................... Total Sales ......................................................
— $
—
1,983,223 4,934,526
$1,983,223 $4,934,526 For the period ended December 31, 2025, the Bitcoin Adopters ETF had $4,852,382 of creations in-kind and $1,687,641 of redemptions in-kind. For the period ended December 31, 2025, the Bitcoin Miners ETF had $16,895,921 of creations in-kind and $5,365,570 of redemptions in-kind. NOTE 6 – INCOME TAX INFORMATION The tax character of distributions paid to shareholders were as follows:
Bitcoin Adopters ETF
Bitcoin Covered Call ETF
Bitcoin Premium Income ETF
Ethereum Covered Call ETF
Bitcoin Miners ETF
Ordinary income . . . . . . . . . . . . . . . . . . . . Long Term Capital Gain . . . . . . . . . . . . . . Return of Capital. . . . . . . . . . . . . . . . . . . .
$102,366 $
— $53,752 $ — $
— —
— — — —
— 9,494,720
— 757,370 1,965,920
Total Distributions Paid. . . . . . . . . . . . . . . $102,366 $9,494,720 $53,752 $757,370 $1,965,920 The components of distributable earnings (accumulated deficit) and cost basis of investments for federal income tax purposes at December 31, 2025 were as follows:
Bitcoin Adopters ETF
Bitcoin Covered Call ETF
Bitcoin Premium Income ETF
Ethereum Covered Call ETF
Bitcoin Miners ETF
Tax cost of investments. . . . . . . . . . . . . . . $3,978,970 $23,950,716 $11,652,747 $3,916,261 $6,276,056 Gross tax unrealized appreciation . . . . . . . $ 405,431 $ 586,912 $ 1,590,246 $ 67,811 $ 392,586 Gross tax unrealized depreciation. . . . . . . (994,191) (586,911) (3,067,067) (67,811) (392,585) Net tax unrealized appreciation (depreciation) .................... (588,760) 1 (1,476,821) — 1 Undistributed ordinary income. . . . . . . . . — — — — — Undistributed long-term capital gains. . . . — — — — — Other accumulated gain/(loss) . . . . . . . . . (227,277) — (1,682,996) — — Distributable earnings (accumulated deficit).......................... $ (816,037) $ 1 $ (3,159,817) $ — $ 1 The difference between book and tax basis unrealized is primarily attributable to deferral of losses on wash sales, mark-to-market elections made for passive foreign investment companies, basis adjustments of partnerships, and mark-to-market on certain option contracts.
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