# EDGAR Filing Document

**Accession Number:** 0001976672
**File Stem:** 0001213900-26-072486
**Filing Date:** 2026-6
**Character Count:** 7569
**Document Hash:** 75e1cc5e2ef612a4ee483ddd6ca607df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-072486.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001213900-26-072486

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**EFFECTIVENESS DATE**: 20260626

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-271770
- **FILM NUMBER:** 261126657

**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 Covered Call ETF (Series ID: S000084446)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| Grayscale Bitcoin Covered Call ETF | BTCC          | C000248829 |

---

### Grayscale Ethereum Covered Call ETF (Series ID: S000089961)

---

|  |  |  |
|:---|:---|:---|
| Class Name                          | Ticker Symbol | Class ID   |
| Grayscale Ethereum Covered Call ETF | ETCO          | C000256829 |

---

### Grayscale Bitcoin Premium Income ETF (Series ID: S000090980)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| Grayscale Bitcoin Premium Income ETF | BPI           | C000258369 |

---

## Series and Classes Contracts Data

### Grayscale Bitcoin Covered Call ETF (Series ID: S000084446)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000248829 | Grayscale Bitcoin Covered Call ETF | BTCC            |

### Grayscale Ethereum Covered Call ETF (Series ID: S000089961)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000256829 | Grayscale Ethereum Covered Call ETF | ETCO            |

### Grayscale Bitcoin Premium Income ETF (Series ID: S000090980)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000258369 | Grayscale Bitcoin Premium Income ETF | BPI             |

?xml version='1.0' encoding='ASCII'?

**GRAYSCALE FUNDS TRUST**

**SUPPLEMENT DATED JUNE 26, 2026**

**TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION** 

**FOR EACH OF THE FUNDS LISTED IN SCHEDULE A**

**(EACH, A "FUND," AND TOGETHER, THE "FUNDS")**

This Supplement updates and amends certain information contained in each Fund's currently effective Summary Prospectus, Prospectus and Statement of Additional Information ("SAI") and should be read in conjunction with those documents.

**<u>Removal of the Cayman Subsidiaries</u>**

The Board of Trustees (the "Board") of Grayscale Funds Trust (the "Trust") has approved certain changes to the principal investment strategies and related disclosure of each of the Funds. Effective June 26, 2026 (the "Effective Date"), each Fund will cease obtaining its exposure to options that reference one or more digital asset exchange-traded products or an index of digital asset exchange-traded products through a wholly-owned subsidiary organized under the laws of the Cayman Islands (each, a "Subsidiary"), and on and after the Effective Date each Fund will hold its options contracts directly. Each Subsidiary will be liquidated and dissolved as soon as practicable following the Effective Date.

For each Fund, the Fund's Summary Prospectus and Prospectus are hereby supplemented as follows, effective as of the Effective Date.

***Changes to Principal Investment Strategy***

The following disclosure replaces and supersedes, in its entirety, the paragraph in the section titled "Principal Investment Strategy" in each Fund's Summary Prospectus, and the corresponding paragraph in the section titled "Additional Information About the Fund — Principal Investment Strategy" in each Fund's Prospectus, in each case beginning with the words "The Fund seeks to gain fully synthetic exposure":

"The Fund will hold its options contracts directly. The Fund will no longer seek to obtain exposure to options contracts through a wholly-owned subsidiary organized under the laws of the Cayman Islands. Pending completion of the wind-up of the Subsidiary, any residual interest in the Subsidiary is expected to relate solely to the liquidation and dissolution of the Subsidiary and not to the Fund's options exposure."

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The following disclosure replaces and supersedes, in its entirety, the sentence in the section titled "Principal Investment Strategy" in each Fund's Summary Prospectus, and the corresponding sentence in the section titled "Additional Information About the Fund — Principal Investment Strategy" in each Fund's Prospectus, in each case beginning with the words "Due to certain tests that must be met in order to qualify as a [RIC]":

"The Fund may utilize reverse repurchase agreements to help maintain the desired level of exposure to its options contracts, subject to the Fund's investment policies and applicable limitations under the 1940 Act."

Any other reference in any Fund's Summary Prospectus or Prospectus to the Fund's investment in or through a wholly-owned Cayman Islands subsidiary, the approximate allocation of the Fund's assets to such subsidiary, or the inclusion of the subsidiary's investment strategies and risks within those of the Fund, is hereby deleted solely to the extent such reference relates to the Fund's former investment in or through the Subsidiary.

***Changes to Principal Investment Risks***

The risk factor titled "Subsidiary Investment Risk" is deleted in its entirety from each Fund's Summary Prospectus and Prospectus, including from the section titled "Additional Information About the Fund — Principal Investment Risks" in each Fund's Prospectus. Except as expressly provided in this Supplement, all other principal risk disclosure in each Fund's Summary Prospectus and Prospectus remains unchanged, in each case, as applicable to the Subsidiary. Except as expressly provided in this Supplement, the SAI disclosure regarding each Fund's qualification as a regulated investment company and the risks associated with such qualification remains unchanged.

***Changes to Statement of Additional Information***

The SAI of each Fund is correspondingly amended to delete all references to the Fund's wholly-owned Cayman Islands subsidiary solely to the extent such references relate to the Fund's former investment in or through the Subsidiary, including, without limitation, references in the sections addressing the Fund's investment policies, taxation, custody, audit, and management of the Trust.

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**SCHEDULE A**

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Date of Summary Prospectus, Prospectus<br> and SAI** |
| &nbsp;&nbsp;Grayscale Bitcoin Covered Call ETF | &nbsp;&nbsp;May 1, 2026 |
| &nbsp;&nbsp;Grayscale Bitcoin Premium Income ETF | &nbsp;&nbsp;May 1, 2026 |
| &nbsp;&nbsp;Grayscale Ethereum Covered Call ETF | &nbsp;&nbsp;May 1, 2026 |

---

**Other**

Except as set forth above, each Fund's Summary Prospectus, Prospectus and Statement of Additional Information remain unchanged and in full force and effect.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.**

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