2025 MNRS Annual Report

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.

Grayscale Bitcoin Miners ETF

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