2025 Annual Financial Statements

GRAYSCALE BITCOIN COVERED CALL ETF CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS December 31, 2025

Notional Amount

Contracts

Value

WRITTEN OPTIONS - (1.2)% Call Options - (1.2)% Grayscale Bitcoin Trust ETF, Expiration: 01/09/2026; Exercise Price: $69.91 (a)(b) ..................................................... $(18,751,148) (2,743) $(294,789) TOTAL WRITTEN OPTIONS (Premiums received $387,410). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(294,789)

Percentages are stated as a percent of net assets. (a) Exchange-traded. (b) 100 shares per contract.

3 The accompanying notes are an integral part of these financial statements.

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