GRAYSCALE BITCOIN ADOPTERS ETF SCHEDULE OF INVESTMENTS December 31, 2025
Shares Value
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
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.
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