Grayscale Bitcoin Miners ETF MNRS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Grayscale Bitcoin Miners ETF (the“Fund”) for the period of January 30, 2025 to June 30, 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 LAST SIX MONTHS? (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
$24
0.59%
* Costs included are for the period January 30, 2025 (commencement of operations) through June 30, 2025. Costs would be higher if the full six month period was included. ** Annualized
KEY FUND STATISTICS (as of June 30, 2025) Net Assets
$6,518,732
Number of Holdings Portfolio Turnover
28
16%
Visit https://etfs.grayscale.com/mnrs for more recent performance information.
WHAT DID THE FUND INVEST IN? (% of net assetsas ofJune 30, 2025) Top Sectors* (%) Information Technology 94.8% Financials 2.8% Consumer Discretionary 2.2% Cash & Other 0.2%
Top 10 Issuers
(%)
MARA Holdings, Inc. Core Scientific, Inc. Riot Platforms, Inc.
14.4% 14.3% 12.2% 5.2% 4.7% 4.6% 4.4% 4.1% 3.8%
IREN Ltd.
Cipher Mining, Inc. Cleanspark, Inc.
Terawulf, Inc. Hut 8 Corp.
Bitdeer Technologies Group
Applied Digital Corp. 3.6% * 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.
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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