# EDGAR Filing Document

**Accession Number:** 0001976672
**File Stem:** 0001145549-25-056080
**Filing Date:** 2025-8
**Character Count:** 13748
**Document Hash:** 883d287c52fb5d2c717231fb48e09fdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056080.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-056080

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Grayscale Funds Trust
- **CENTRAL INDEX KEY:** 0001976672

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23876
- **FILM NUMBER:** 251274376

**BUSINESS ADDRESS:**
- **STREET 1:** 290 HARBOR DRIVE, 4TH FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 1-212-668-1427

**MAIL ADDRESS:**
- **STREET 1:** 290 HARBOR DRIVE, 4TH FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

## Series and Classes Contracts Data

### Grayscale Bitcoin Adopters ETF (Series ID: S000091689)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000259407 | Grayscale Bitcoin Adopters ETF | BCOR            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Grayscale Funds Trust

- **b. Investment Company Act file number:** 811-23876

- **c. CIK number of Registrant:** 0001976672

- **d. LEI of Registrant:** 529900BDKAD1PSUGAR56

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 290 HARBOR DRIVE

  - **City:** STAMFORD

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06902

  - **Telephone number:** 1-212-668-1427

**Item A.2. Information about the Series.**

- **a. Name of Series:** Grayscale Bitcoin Adopters ETF

- **b. EDGAR series identifier (if any):** S000091689

- **c. LEI of Series:** 529900GJB9534SUEZW56

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $6349227.26

**Total Liabilities:** $1108128.80

**Net Assets:** $5241098.46

**Cash Not Reported:** $3447.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259407 | -0.74%               | 16.54%               | 11.93%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-578.40                 | $-8018.36                                  |
| Month 2  | $-15.80                  | $402048.53                                 |
| Month 3  | $18.09                   | $443309.56                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alliance Resource Partners LP  | Alliance Resource Partners LP              | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |      6848 | NS      | $179006.72    | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitfarms Ltd/Canada            | Bitfarms Ltd/Canada                        | CUSIP: 09173B107<br>LEI: 254900YWMA64Y1RPNJ12 | Long             | EC               | CORP              | CA        |      4767 | NS      | $4005.23      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      2287 | NS      | $155355.91    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker ASA                       | Aker ASA                                   | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ10071       | Long             | EC               | CORP              | NO        |      3855 | NS      | $249515.80    | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitcoin Group SE               | Bitcoin Group SE                           | CUSIP: N/A<br>LEI: 3912007O3KBYO8R0SM92       | Long             | EC               | CORP              | DE        |      2160 | NS      | $103955.86    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYAA                          | Boyaa Interactive International Ltd        | CUSIP: N/A<br>LEI: 529900S38ZOYWV30WR67       | Long             | EC               | CORP              | CN        |    192000 | NS      | $135745.22    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitdeer Technologies Group     | Bitdeer Technologies Group                 | CUSIP: N/A<br>LEI: 2549007M2KGWVJ9XFP20       | Long             | EC               | CORP              | SG        |       382 | NS      | $4385.36      | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Bit Digital Inc                | Bit Digital Inc                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2193 | NS      | $4802.67      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       109 | NS      | $284885.67    | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MicroStrategy Inc              | MicroStrategy Inc                          | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |      2771 | NS      | $1120121.33   | 21.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Metaplanet Inc                 | Metaplanet Inc                             | CUSIP: N/A<br>LEI: 3538006DGBY53D3UEV95       | Long             | EC               | CORP              | JP        |     65600 | NS      | $749350.96    | 14.30%            |  |  |  | No            |                  1 | On Loan: No      |
| NET Holding AS                 | NET Holding AS                             | CUSIP: N/A<br>LEI: 789000XITVOL7BUS2730       | Long             | EC               | CORP              | TR        |     22832 | NS      | $25934.04     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Canaan Inc                     | Canaan Inc                                 | CUSIP: 134748102<br>LEI: 254900OEOGK9ALNMUN24 | Long             | EC               | CORP              | SG        |      3343 | NS      | $2066.98      | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Cango Inc/KY                   | Cango Inc/KY                               | CUSIP: 137586103<br>LEI: 5299003TQHBB4QUSZB86 | Long             | EC               | CORP              | CN        |      1489 | NS      | $7221.65      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipher Mining Inc              | Cipher Mining Inc                          | CUSIP: 17253J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2113 | NS      | $10100.14     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark Inc                             | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |     11025 | NS      | $121605.75    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc            | Coinbase Global Inc                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       718 | NS      | $251651.82    | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Exodus Movement Inc            | Exodus Movement Inc                        | CUSIP: 30209R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1726 | NS      | $49760.58     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    158190 | NS      | $158189.58    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hive Digital Technologies Ltd  | Hive Digital Technologies Ltd              | CUSIP: 433921103<br>LEI: 5493004QCZ1QBI9FS784 | Long             | EC               | CORP              | CA        |      2369 | NS      | $4264.20      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                     | Hut 8 Corp                                 | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |      5311 | NS      | $98784.60     | 1.88%             |  |  |  | No            |                  1 | On Loan: —       |
| KULR Technology Group Inc      | KULR Technology Group Inc                  | CUSIP: 50125G307<br>LEI: 213800YUOETJ427AGG25 | Long             | EC               | CORP              | US        |      2090 | NS      | $14899.92     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc              | MARA Holdings Inc                          | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |      6286 | NS      | $98564.48     | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| JASMINE INTERNATIONAL PCL      | JASMINE INTERNATIONAL PCL                  | CUSIP: N/A<br>LEI: 529900PN5FVZ5WZLIY66       | Long             | EC               | CORP              | TH        |    272000 | NS      | $10960.74     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc             | Riot Platforms Inc                         | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |      9695 | NS      | $109553.50    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc          | Semler Scientific Inc                      | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |      2875 | NS      | $111377.50    | 2.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Tesla Inc                      | Tesla Inc                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2291 | NS      | $727759.06    | 13.89%            |  |  |  | No            |                  1 | On Loan: No      |
| Remixpoint Inc                 | Remixpoint Inc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      8000 | NS      | $30129.11     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wemade Co Ltd                  | Wemade Co Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       705 | NS      | $17865.29     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd                   | Nexon Co Ltd                               | CUSIP: N/A<br>LEI: 5299005SFO0GAJFLKN43       | Long             | EC               | CORP              | JP        |     16000 | NS      | $322337.22    | 6.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                         | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |     10528 | NS      | $230080.59    | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** Grayscale Funds Trust

**Signature:** /s/ Susan Lively

**Name of Signer:** Susan Lively

**Title:** President