GRAYSCALE FUNDS TRUST REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of Grayscale Funds Trust Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments and written options (as applicable), of each of the Funds listed below (the “Funds”), each a series of Grayscale Funds Trust, as of December 31, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.
Statements of Operations
Statements of Changes in Net Assets
Fund Name
Financial Highlights
Grayscale Bitcoin Adopters ETF
For the period from April 30, 2025 (commencement of operations) through December 31, 2025 For the period from April 2, 2025 (commencement of operations) through December 31, 2025
Grayscale Bitcoin Covered Call ETF* and Grayscale Bitcoin Premium Income ETF*
Grayscale Bitcoin Miners ETF For the period from January 30, 2025 (commencement of operations) through December 31, 2025 Grayscale Ethereum Covered Call ETF* For the period from September 4, 2025 (commencement of operations) through December 31, 2025 * The financial statements referred to throughout are consolidated. Basis for Opinion These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. We have served as the auditor of one or more Grayscale Advisors, LLC investment companies since 2022.
COHEN & COMPANY, LTD. Milwaukee, Wisconsin February 26, 2026
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