Grayscale Bitcoin Miners ETF MNRS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about the Grayscale Bitcoin Miners ETF for the period of January 30, 2025 (commencement of operations), to December 31, 2025. You can find additional information about the Fund at https://etfs.grayscale.com/mnrs. You can also request this information by contacting us at 1-866-775-0131.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)*
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment**
Fund Name
Grayscale Bitcoin Miners ETF
$60
0.59%
* Costs included are for the period January 30, 2025 through December 31, 2025. Costs would be higher if the full twelve month period was included. ** Annualized
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? For the period January 30, 2025 to December 31, 2025 (the“reporting period”), the Fund’s NAV total return was 19.18%. The Fund seeks to track the Indxx Bitcoin Miners Index which had a total return of 19.19% over the same period. During the second and third quarters of 2025 the Fund benefited from rising bitcoin prices and increased valuations of bitcoin mining-related holdings. During the fourth quarter of 2025, declines in bitcoin prices and broader equity market volatility negatively impacted mining-related securities, resulting in a reduction of gains achieved earlier in the year. HOW DID THE FUND PERFORM SINCE INCEPTION?* The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
Since Inception (01/30/2025)
Grayscale Bitcoin Miners ETF NAV
19.18 19.19 14.72
Indxx Bitcoin Miners Index
S&P 500 TR Index
Visit https://etfs.grayscale.com/mnrs for more recent performance information. * The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
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KEY FUND STATISTICS (as of December 31, 2025) Net Assets
$9,900,917
Number of Holdings Net Advisory Fee Portfolio Turnover
27
$42,671
65%
WHAT DID THE FUND INVEST IN? (% of net assets as of December 31, 2025) Security Type (%) Common Stocks 100.6% Investments Purchased with Proceeds from Securities Lending 1.6% Money Market Funds 0.6% Cash & Other -2.8% Top 10 Issuers IREN Ltd.
(%)
14.5% 11.6% 9.8% 4.5% 4.3% 4.2% 4.2% 4.2% 4.2% 4.2%
Applied Digital Corp. Cipher Mining, Inc.
Bitdeer Technologies Group
Core Scientific, Inc. Riot Platforms, Inc.
Terawulf, Inc.
Cango, Inc.
Hive Digital Technologies Ltd.
MARA Holdings, Inc.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://etfs.grayscale.com/mnrs.
HOUSEHOLDING To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Grayscale Funds documents not be householded, please contact Grayscale Funds at 1-866-775-0131, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Grayscale Funds or your financial intermediary.
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