GRAYSCALE BITCOIN MINERS ETF SCHEDULE OF INVESTMENTS December 31, 2025
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COMMON STOCKS - 100.6% Consumer Discretionary - 4.2% Cango, Inc. - Class A (a)(b) ............. 278,141 $ 417,211
MONEY MARKET FUNDS - 0.6% First American Government Obligations Fund - Class X, 3.67% (d) ........... TOTAL MONEY MARKET FUNDS (Cost$54,161).................. TOTAL INVESTMENTS - 102.8% (Cost $11,550,956). . . . . . . . . . . . . . . Liabilities in Excess of Other Assets-(2.8)%.................
54,161 $ 54,161
Financials - 3.2% Block, Inc. (a) ..................... Information Technology - 93.2% (c) American Bitcoin Corp. (a) ............ Applied Digital Corp. (a) ..............
54,161
4,910
319,592
$10,175,913
98,564
167,559
46,772 1,146,849
(274,996)
Bit Digital, Inc. (a) .................. 214,061
404,575 447,055 401,373 34,225 242,950 967,223 397,311 424,832 105,022 111,598 43,483 411,768 395,497
Bitdeer Technologies Group (a) ..........
39,880
TOTAL NET ASSETS - 100.0% . . . . . . .
$ 9,900,917
Bitfarms Ltd. (a) ................... 170,797
BitFuFu, Inc. - Class A (a) .............
12,964
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 (a) Non-income producing security. (b) All or a portion of this security is on loan as of December 31, 2025. The fair value of these securities was $159,875, representing 1.61% of net assets. (c) 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. (d) The rate shown represents the 7-day annualized yield as of December 31, 2025.
Canaan, Inc. - ADR (a) ............... 352,102
Cipher Mining, Inc. (a) ............... Cleanspark, Inc. (a) ................. Core Scientific, Inc. (a) ...............
65,530 39,260 29,178
Crypto Flow Technology Ltd. (a) ......... 312,000
Digi Power X, Inc. (a) ................ Exodus Movement, Inc. - Class A (a) . . . . . .
43,764
2,940
Hive Digital Technologies Ltd. (a) ........ 159,600
Hut 8 Corp. (a) .................... IREN Ltd. (a) ..................... MARA Holdings, Inc. (a) .............. Northern Data AG (a) ................ NVIDIACorp..................... Riot Platforms, Inc. (a) ............... Soluna Holdings, Inc. (a) .............. Terawulf, Inc. (a) ................... The9 Ltd. - ADR (a) .................
8,609
37,890 1,431,105
45,819 22,139
411,455 404,319 314,253 418,617 66,819 417,857
1,685
33,040 57,110 36,367
9,139
58,215 9,223,960
TOTAL COMMON STOCKS (Cost $11,335,806). . . . . . . . . . . . . . .
9,960,763
SHORT-TERM INVESTMENTS INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.6% First American Government Obligations Fund - Class X, 3.67% (d) ........... 160,989
160,989
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost$160,989).................
160,989
4 The accompanying notes are an integral part of these financial statements.
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