# EDGAR Filing Document

**Accession Number:** 0001976672
**File Stem:** 0000894189-25-016513
**Filing Date:** 2025-12
**Character Count:** 21439
**Document Hash:** 7938fb5361718ff6d41d1456b93f38af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-016513.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000894189-25-016513

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 251540407

**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 Miners ETF (Series ID: S000089870)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000256698 | Grayscale Bitcoin Miners ETF | MNRS            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Grayscale Bitcoin Miners ETF** | **Grayscale Bitcoin Miners ETF** | **Grayscale Bitcoin Miners ETF** | **Grayscale Bitcoin Miners ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.9%** | **COMMON STOCKS - 99.9%** | **Shares** | **Value**  |
| **Consumer Discretionary - 2.7%** | **Consumer Discretionary - 2.7%** | **Consumer Discretionary - 2.7%** | |
| Cango, Inc. - ADR <sup>(a)</sup> | Cango, Inc. - ADR <sup>(a)</sup> | 52573 | $222909 |
| **Financials - 2.8%** | **Financials - 2.8%** | **Financials - 2.8%** |  |
| Block, Inc. <sup>(a)</sup> | Block, Inc. <sup>(a)</sup> | 3147 | 227434 |
| **Information Technology - 94.4%<sup>(b)</sup>** | **Information Technology - 94.4%<sup>(b)</sup>** | **Information Technology - 94.4%<sup>(b)</sup>** |  |
| American Bitcoin Corp. <sup>(a)(c)</sup> | American Bitcoin Corp. <sup>(a)(c)</sup> | 39947 | 269241 |
| Applied Digital Corp. <sup>(a)</sup> | Applied Digital Corp. <sup>(a)</sup> | 14118 | 323867 |
| Bit Digital, Inc. <sup>(a)</sup> | Bit Digital, Inc. <sup>(a)</sup> | 101594 | 304782 |
| Bitdeer Technologies Group <sup>(a)</sup> | Bitdeer Technologies Group <sup>(a)</sup> | 19220 | 328470 |
| Bitfarms Ltd. <sup>(a)</sup> | Bitfarms Ltd. <sup>(a)</sup> | 112435 | 317067 |
| BitFuFu, Inc. - Class A <sup>(a)</sup> | BitFuFu, Inc. - Class A <sup>(a)</sup> | 5346 | 20047 |
| BitMine Immersion Technologies, Inc. <sup>(a)</sup> | BitMine Immersion Technologies, Inc. <sup>(a)</sup> | 20222 | 1050128 |
| Canaan, Inc. - ADR <sup>(a)</sup> | Canaan, Inc. - ADR <sup>(a)</sup> | 121505 | 107119 |
| Cipher Mining, Inc. <sup>(a)</sup> | Cipher Mining, Inc. <sup>(a)</sup> | 24726 | 311300 |
| Cleanspark, Inc. <sup>(a)</sup> | Cleanspark, Inc. <sup>(a)</sup> | 25122 | 364269 |
| Core Scientific, Inc. <sup>(a)(c)</sup> | Core Scientific, Inc. <sup>(a)(c)</sup> | 20104 | 360666 |
| Crypto Flow Technology Ltd. <sup>(a)</sup> | Crypto Flow Technology Ltd. <sup>(a)</sup> | 88000 | 44337 |
| Digi Power X, Inc. <sup>(a)</sup> | Digi Power X, Inc. <sup>(a)</sup> | 10771 | 24666 |
| Exodus Movement, Inc. - Class A <sup>(a)</sup> | Exodus Movement, Inc. - Class A <sup>(a)</sup> | 1217 | 33808 |
| Hive Digital Technologies Ltd. <sup>(a)</sup> | Hive Digital Technologies Ltd. <sup>(a)</sup> | 75579 | 304583 |
| Hut 8 Corp. <sup>(a)</sup> | Hut 8 Corp. <sup>(a)</sup> | 9115 | 317293 |
| IREN Ltd. <sup>(a)</sup> | IREN Ltd. <sup>(a)</sup> | 29075 | 1364490 |
| MARA Holdings, Inc. <sup>(a)</sup> | MARA Holdings, Inc. <sup>(a)</sup> | 44945 | 820696 |
| Neptune Digital Assets Corp. <sup>(a)</sup> | Neptune Digital Assets Corp. <sup>(a)</sup> | 37173 | 27785 |
| Northern Data AG <sup>(a)</sup> | Northern Data AG <sup>(a)</sup> | 8921 | 183963 |
| Riot Platforms, Inc. <sup>(a)</sup> | Riot Platforms, Inc. <sup>(a)</sup> | 19725 | 375367 |
| Terawulf, Inc. <sup>(a)</sup> | Terawulf, Inc. <sup>(a)</sup> | 30042 | 343080 |
| The9 Ltd. - ADR <sup>(a)</sup> | The9 Ltd. - ADR <sup>(a)</sup> | 3770 | 40075 |
|  |  |  | 7637099 |
| **TOTAL COMMON STOCKS** (Cost $6,385,322) | **TOTAL COMMON STOCKS** (Cost $6,385,322) | **TOTAL COMMON STOCKS** (Cost $6,385,322) | 8087442 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.4%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 764105 | 764105 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $764,105) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $764,105) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $764,105) | 764105 |
| **MONEY MARKET FUNDS - 0.1%** | **MONEY MARKET FUNDS - 0.1%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 5752 | 5752 |
| **TOTAL MONEY MARKET FUNDS** (Cost $5,752) | **TOTAL MONEY MARKET FUNDS** (Cost $5,752) | **TOTAL MONEY MARKET FUNDS** (Cost $5,752) | 5752 |
| **TOTAL INVESTMENTS - 109.4% (**Cost $7,155,179**)** | **TOTAL INVESTMENTS - 109.4% (**Cost $7,155,179**)** | **TOTAL INVESTMENTS - 109.4% (**Cost $7,155,179**)** | 8857299 |
| Liabilities in Excess of Other Assets - (9.4)% | Liabilities in Excess of Other Assets - (9.4)% | Liabilities in Excess of Other Assets - (9.4)% | (764613) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $8092686 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets.<br>The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services, LLC. | Percentages are stated as a percent of net assets.<br>The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services, LLC. | Percentages are stated as a percent of net assets.<br>The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services, LLC. | –% |

---

ADR - American Depositary Receipt<br>

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(c) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $771,045.

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Grayscale Bitcoin Miners ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $8087442 | $– | $– | $8087442 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 764105 | – | – | 764105 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5752 | – | – | 5752 |
| Total Investments | $8857299 | $– | $– | $8857299 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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 Miners ETF

- **b. EDGAR series identifier (if any):** S000089870

- **c. LEI of Series:** 529900BZFTXJ1V63T131

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $13727836.43

**Total Liabilities:** $3206164.11

**Net Assets:** $10521672.32

**Cash Not Reported:** $1.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256698 | 7.24%                | 12.67%               | 33.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $85978.73                | $387444.08                                 |
| Month 2  | $374653.86               | $435758.65                                 |
| Month 3  | $-3.05                   | $2022399.66                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Bitfarms Ltd/Canada            | Bitfarms Ltd/Canada                        | CUSIP: 09173B107<br>LEI: 254900YWMA64Y1RPNJ12 | Long             | EC               | CORP              | CA        |    213683 | NS      | $602586.06    | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Canaan Inc                     | Canaan Inc                                 | CUSIP: 134748102<br>LEI: 254900OEOGK9ALNMUN24 | Long             | EC               | CORP              | SG        |    174826 | NS      | $154126.60    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cango Inc/KY                   | Cango Inc/KY                               | CUSIP: 137586103<br>LEI: 5299003TQHBB4QUSZB86 | Long             | EC               | CORP              | CN        |     29971 | NS      | $127077.04    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipher Mining Inc              | Cipher Mining Inc                          | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |     63998 | NS      | $805734.82    | 7.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark Inc                             | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |     26950 | NS      | $390775.00    | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc            | Core Scientific Inc                        | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     54610 | NS      | $979703.40    | 9.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Digi Power X Inc               | Digi Power X Inc                           | CUSIP: 25380B102<br>LEI: 5299001U7RVW74W46M33 | Long             | EC               | CORP              | US        |     12631 | NS      | $28924.99     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Exodus Movement Inc            | Exodus Movement Inc                        | CUSIP: 30209R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3799 | NS      | $105536.22    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    769857 | NS      | $769856.57    | 7.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hive Digital Technologies Ltd  | Hive Digital Technologies Ltd              | CUSIP: 433921103<br>LEI: 5493004QCZ1QBI9FS784 | Long             | EC               | CORP              | CA        |     86079 | NS      | $346898.37    | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                     | Hut 8 Corp                                 | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     14524 | NS      | $505580.44    | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      8121 | NS      | $272459.55    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc              | MARA Holdings Inc                          | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     59781 | NS      | $1091601.06   | 10.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      2692 | NS      | $194550.84    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Digital Assets Corp    | Neptune Digital Assets Corp                | CUSIP: 64073L101<br>LEI: 254900B1OFE1IYHGC444 | Long             | EC               | CORP              | CA        |     54406 | NS      | $40665.69     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitdeer Technologies Group     | Bitdeer Technologies Group                 | CUSIP: N/A<br>LEI: 2549007M2KGWVJ9XFP20       | Long             | EC               | CORP              | SG        |     21502 | NS      | $367469.18    | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc                | Bit Digital Inc                            | CUSIP: N/A<br>LEI: 2549005XLPRWS7HWCM31       | Long             | EC               | CORP              | US        |     97808 | NS      | $293424.00    | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BitFuFu Inc                    | BitFuFu Inc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |      7791 | NS      | $29216.25     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| IREN Ltd                       | IREN Ltd                                   | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |     23167 | NS      | $1087227.31   | 10.33%            |  |  |  | No            |                  1 | On Loan: No      |
| American Bitcoin Corp          | American Bitcoin Corp                      | CUSIP: 02462A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4914 | NS      | $33119.01     | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Digital Corp           | Applied Digital Corp                       | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |     23481 | NS      | $538654.14    | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1191 | NS      | $222216.78    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc             | Riot Platforms Inc                         | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     70340 | NS      | $1338570.20   | 12.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Terawulf Inc                   | Terawulf Inc                               | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Long             | EC               | CORP              | US        |     64853 | NS      | $740621.26    | 7.04%             |  |  |  | No            |                  1 | On Loan: No      |
| The9 Ltd                       | The9 Ltd                                   | CUSIP: 88337K401<br>LEI: 529900PMX9KSG4W5TA36 | Long             | EC               | CORP              | CN        |      5500 | NS      | $58465.00     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Data AG               | Northern Data AG                           | CUSIP: N/A<br>LEI: 391200LB6JA3HAQWTS32       | Long             | EC               | CORP              | DE        |      7704 | NS      | $158866.82    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** Grayscale Funds Trust

**Signature:** /s/ Allison Roberts

**Name of Signer:** Allison Roberts

**Title:** Chief Compliance Officer