# EDGAR Filing Document

**Accession Number:** 0001976672
**File Stem:** 0001133228-25-009591
**Filing Date:** 2025-9
**Character Count:** 109365
**Document Hash:** 1ec6019f5cdf50ca999d61fd4565a216
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009591.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001133228-25-009591

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23876
- **FILM NUMBER:** 251299687

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

### Grayscale Bitcoin Miners ETF (Series ID: S000089870)

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-07-03192638_GrayscaleBitcoinAdoptersETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-23876

**Grayscale Funds Trust**

(Exact name of registrant as specified in charter)

290 Harbor Drive

Stamford, CT 06902

(Address of principal executive offices) (Zip code)

Edward McGee

Grayscale Advisors, LLC

290 Harbor Drive, 4<sup>th</sup> Floor

Stamford, CT 06902

(Name and address of agent for service)

(212) 668-1427

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img505832_202508061152436.jpg) | **Grayscale Bitcoin Adopters ETF**  | ![image](img62491_202412310925527.jpg) |
| ![image](img505832_202508061152436.jpg) | BCOR (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img62491_202412310925527.jpg) |
| ![image](img505832_202508061152436.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62491_202412310925527.jpg) |

---

This semi-annual shareholder report contains important information about the Grayscale Bitcoin Adopters ETF (the "Fund") for the period of April 30, 2025 to June 30, 2025. You can find additional information about the Fund at https://etfs.grayscale.com/bcor. 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)\*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Grayscale Bitcoin Adopters ETF | $11 | 0.59% |

---

\* Costs included are for the period April 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** | $4258397 |
| **Number of Holdings** | 38 |
| **Portfolio Turnover** | 24% |

---

Visit https://etfs.grayscale.com/bcor for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 36.7% |
|  Consumer Discretionary  | 32.7% |
|  Financials  | 16.9% |
|  Communication Services  | 6.7% |
|  Health Care  | 2.5% |
|  Industrials  | 2.1% |
|  Energy  | 1.8% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  MicroStrategy, Inc.  | 21.1% |
|  Tesla, Inc.  | 19.0% |
|  Galaxy Digital, Inc.  | 5.0% |
|  Coinbase Global, Inc.  | 4.8% |
|  MercadoLibre, Inc.  | 4.7% |
|  Block, Inc.  | 4.6% |
|  GameStop Corp.  | 4.5% |
|  Nexon Co. Ltd.  | 4.5% |
|  Metaplanet, Inc.  | 4.1% |
|  Next Technology Holding, Inc.  | 2.9% |

---

\* 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/bcor.

**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 Adopters ETF PAGE 1 TSR-SAR-38963H503

------

---

| | | |
|:---|:---|:---|
| ![image](img505830_820250806114691.jpg) | **Grayscale Bitcoin Covered Call ETF**  | ![image](img62491_202412310925527.jpg) |
| ![image](img505830_820250806114691.jpg) | BTCC (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img62491_202412310925527.jpg) |
| ![image](img505830_820250806114691.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62491_202412310925527.jpg) |

---

This semi-annual shareholder report contains important information about the Grayscale Bitcoin Covered Call ETF (the "Fund") for the period of April 2, 2025 to June 30, 2025. You can find additional information about the Fund at https://etfs.grayscale.com/btcc. 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)\*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Grayscale Bitcoin Covered Call ETF | $17 | 0.65% |

---

\* Costs included are for the period April 2, 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** | $7819715 |
| **Number of Holdings** | 3 |
| **Portfolio Turnover** | 0% |

---

Visit https://etfs.grayscale.com/btcc for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Money Market Funds  | 83.7% |
|  Purchased Options  | 17.8% |
|  Written Options  | -1.5% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  First American Government Obligations Fund - Class X  | 83.7% |
|  Grayscale Bitcoin Trust ETF, Expiration: 12/19/2025; Exercise Price: $66.00  | 17.8% |
|  Grayscale Bitcoin Trust ETF, Expiration: 07/11/2025; Exercise Price: $85.00  | -1.5% |

---

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/btcc.

**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 Covered Call ETF PAGE 1 TSR-SAR-38963H305

------

---

| | | |
|:---|:---|:---|
| ![image](img505828_202508061135102.jpg) | **Grayscale Bitcoin Miners ETF**  | ![image](img62491_202412310925527.jpg) |
| ![image](img505828_202508061135102.jpg) | MNRS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img62491_202412310925527.jpg) |
| ![image](img505828_202508061135102.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62491_202412310925527.jpg) |

---

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)\*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| 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** | $6518732 |
| **Number of Holdings** | 28 |
| **Portfolio Turnover** | 16% |

---

Visit https://etfs.grayscale.com/mnrs for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 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.  | 14.4% |
|  Core Scientific, Inc.  | 14.3% |
|  Riot Platforms, Inc.  | 12.2% |
|  IREN Ltd.  | 5.2% |
|  Cipher Mining, Inc.  | 4.7% |
|  Cleanspark, Inc.  | 4.6% |
|  Terawulf, Inc.  | 4.4% |
|  Hut 8 Corp.  | 4.1% |
|  Bitdeer Technologies Group  | 3.8% |
|  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 PAGE 1 TSR-SAR-38963H206

------

---

| | | |
|:---|:---|:---|
| ![image](img505834_020250806115665.jpg) | **Grayscale Bitcoin Premium Income ETF**  | ![image](img62491_202412310925527.jpg) |
| ![image](img505834_020250806115665.jpg) | BPI (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img62491_202412310925527.jpg) |
| ![image](img505834_020250806115665.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62491_202412310925527.jpg) |

---

This semi-annual shareholder report contains important information about the Grayscale Bitcoin Premium Income ETF (the "Fund") for the period of April 2, 2025 to June 30, 2025. You can find additional information about the Fund at https://etfs.grayscale.com/bpi. 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)\*

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Grayscale Bitcoin Premium Income ETF | $18 | 0.65% |

---

\* Costs included are for the period April 2, 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** | $4051336 |
| **Number of Holdings** | 3 |
| **Portfolio Turnover** | 0% |

---

Visit https://etfs.grayscale.com/bpi for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Money Market Funds  | 85.1% |
|  Purchased Options  | 15.1% |
|  Written Options  | -0.2% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  First American Government Obligations Fund - Class X  | 85.1% |
|  Grayscale Bitcoin Trust ETF, Expiration: 12/19/2025; Exercise Price: $65.00  | 15.1% |
|  Grayscale Bitcoin Trust ETF, Expiration: 07/18/2025; Exercise Price: $95.00  | -0.2% |

---

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/bpi.

**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 Premium Income ETF PAGE 1 TSR-SAR-38963H404

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

 

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](grayscale-logo.jpg)

**GRAYSCALE BITCOIN ADOPTERS ETF (BCOR)** 

**GRAYSCALE BITCOIN COVERED CALL ETF (BTCC)** 

**GRAYSCALE BITCOIN MINERS ETF (MNRS)** 

**GRAYSCALE BITCOIN PREMIUM INCOME ETF (BPI)**

Core Financial Statements

June 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi1123)<br>|  |
| &nbsp;&nbsp;&nbsp; [Grayscale Bitcoin Adopters ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Grayscale Bitcoin Covered Call ETF](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [Grayscale Bitcoin Miners ETF](#soi3) | [4](#soi3) |
| &nbsp;&nbsp;&nbsp; [Grayscale Bitcoin Premium Income ETF](#soi4) | [5](#soi4) |
| [Statements of Assets and Liabilities](#sal) | [7](#sal) |
| [Statements of Operations](#sop) | [8](#sop) |
| [Statements of Changes in Net Assets](#scna) | [9](#scna) |
| [Financial Highlights](#fihi) | [10](#fihi) |
| [Notes to the Financial Statements](#notes) | [14](#notes) |
| [Approval of Advisory Agreement and Sub-Advisory Agreement](#app) | [22](#app) |
| [Information About Portfolio Holdings](#hol) | [24](#hol) |
| [Information About Proxy Voting](#vot) | [25](#vot) |
| [Frequency Distribution of Premiums and Discounts](#fre) | [26](#fre) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE BITCOIN ADOPTERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Communication Services - 6.7%**<br>|  |  |
| Boyaa Interactive International Ltd. | 87000 | $61509  |
| Jasmine International PCL - NVDR<sup>(a)</sup> | 205000 | 8261  |
| Nexon Co. Ltd. | 9500 | 191388  |
| Rumble, Inc.<sup>(a)</sup> | 1925 | 17286  |
| Wemade Co. Ltd.<sup>(a)</sup> | 334 | 8464  |
|  |  | 286908  |
| **Consumer Discretionary - 32.7%<sup>(b)</sup>**<br>|  |  |
| Cango, Inc. - ADR<sup>(a)</sup> | 1382 | 6703  |
| GameStop Corp. - Class A<sup>(a)</sup> | 7862 | 191754  |
| MercadoLibre, Inc.<sup>(a)</sup> | 77 | 201249  |
| Metaplanet, Inc.<sup>(a)</sup> | 15200 | 173630  |
| NET Holding AS<sup>(a)</sup> | 9668 | 10982  |
| Tesla, Inc.<sup>(a)</sup> | 2544 | 808127  |
|  |  | 1392445  |
| **Energy - 1.8%**<br>|  |  |
| Alliance Resource Partners LP | 2911 | 76094  |
| **Financials - 16.9%**<br>|  |  |
| Bitcoin Group SE | 919 | 44229  |
| Block, Inc.<sup>(a)</sup> | 2900 | 196997  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 587 | 205738  |
| Galaxy Digital, Inc. - Class A<sup>(a)</sup> | 9835 | 214936  |
| Virtu Financial, Inc. - Class A | 1293 | 57913  |
|  |  | 719813  |
| **Health Care - 2.5%**<br>|  |  |
| Semler Scientific, Inc.<sup>(a)(c)</sup> | 2729 | 105721  |
| **Industrials - 2.1%**<br>|  |  |
| Aker ASA - Class A | 1134 | 73399  |
| KULR Technology Group, Inc.<sup>(a)</sup> | 2062 | 14700  |
|  |  | 88099  |
| **Information Technology - 36.7%<sup>(b)</sup>**<br>|  |  |
| Bit Digital, Inc.<sup>(a)</sup> | 2638 | 5777  |
| Bitdeer Technologies Group<sup>(a)(c)</sup> | 545 | 6257  |
| Bitfarms Ltd.<sup>(a)</sup> | 7919 | 6654  |
| BitFuFu, Inc. - Class A<sup>(a)</sup> | 2002 | 6466  |
| Blockchain Group<sup>(a)</sup> | 13085 | 66201  |
| Cipher Mining, Inc.<sup>(a)</sup> | 1623 | 7758  |
| Cleanspark, Inc.<sup>(a)</sup> | 8148 | 89872  |
| Core Scientific, Inc.<sup>(a)</sup> | 601 | 10259  |
| Exodus Movement, Inc. - Class A<sup>(a)</sup> | 1097 | 31627  |
| Hive Digital Technologies Ltd.<sup>(a)</sup> | 3616 | 6509  |
| Hut 8 Corp.<sup>(a)(c)</sup> | 2269 | 42203  |
| MARA Holdings, Inc.<sup>(a)</sup> | 7155 | 112190  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 2218 | 896582  |
| Next Technology Holding, Inc.<sup>(a)</sup> | 53882 | 123929  |
| Remixpoint, Inc.<sup>(a)</sup> | 7800 | 29376  |
| Riot Platforms, Inc.<sup>(a)</sup> | 10718 | 121113  |
|  |  | 1562773  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,845,126)** |  | 4231853  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 3.7%** | **SHORT-TERM INVESTMENTS - 3.7%** | **SHORT-TERM INVESTMENTS - 3.7%** |
|  **Investments Purchased with Proceeds from Securities Lending - 3.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 4.25%<sup>(d)</sup> | 155612 | $155612  |
| **Money Market Funds - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 4.25%<sup>(d)</sup> | 2578 | 2578  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $158,190)** |  | 158190  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.1%**<br>**(Cost $4,003,316)** |  | $4390043  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.1)% |  | (131646)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4258397 |

---

Percentages are stated as a percent of net assets.

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.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LP - Limited Partnership

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $152,285.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE BITCOIN COVERED CALL ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 17.8%** | **PURCHASED OPTIONS - 17.8%** | **PURCHASED OPTIONS - 17.8%** |  |
| **Call Options - 17.8%** | **Call Options - 17.8%** | **Call Options - 17.8%** | **Call Options - 17.8%** |
|  Grayscale Bitcoin Trust ETF, Expiration: 12/19/2025; Exercise Price: $66.00<sup>(a)(b)(c)</sup> | $5123732 | 604 | $1389200  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost$1,327,190)** |  |  | 1389200  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 83.7%** | **SHORT-TERM INVESTMENTS - 83.7%** | **SHORT-TERM INVESTMENTS - 83.7%** | **SHORT-TERM INVESTMENTS - 83.7%** |
| **Money Market Funds - 83.7%** | **Money Market Funds - 83.7%** | **Money Market Funds - 83.7%** | **Money Market Funds - 83.7%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)(e)</sup> | First American Government Obligations Fund - Class X, 4.25%<sup>(d)(e)</sup> | 6546754 | 6546754  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost$6,546,754)** | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost$6,546,754)** |  | 6546754  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.5%** <br>**(Cost $7,873,944)** | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.5%** <br>**(Cost $7,873,944)** |  | $7935954  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.5)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.5)% |  | (116239)  |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** |  | $7819715 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. 

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE BITCOIN COVERED CALL ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.5)%**  | **WRITTEN OPTIONS - (1.5)%**  | **WRITTEN OPTIONS - (1.5)%**  | **WRITTEN OPTIONS - (1.5)%**  |
| **Call Options - (1.5)%**  | **Call Options - (1.5)%**  | **Call Options - (1.5)%**  | **Call Options - (1.5)%**  |
|  Grayscale Bitcoin Trust ETF, Expiration: 07/11/2025; Exercise Price: $85.00<sup>(a)(b)</sup> | $(5123732) | (604) | $(114760)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $75,823)** |  |  | $(114760) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The written options are held in the Grayscale Bitcoin Covered Call Subsidiary.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE BITCOIN MINERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Consumer Discretionary - 2.2%**<br>|  |  |
| Cango, Inc. - ADR<sup>(a)</sup> | 29971 | $145359  |
| **Financials - 2.8%**<br>|  |  |
| Block, Inc.<sup>(a)</sup> | 2692 | 182868  |
| **Information Technology - 94.8%<sup>(b)</sup>**<br>|  |  |
| Applied Digital Corp.<sup>(a)</sup> | 23481 | 236454  |
| Bit Digital, Inc.<sup>(a)</sup> | 97808 | 214200  |
| Bitdeer Technologies Group<sup>(a)(c)</sup> | 21502 | 246843  |
| Bitfarms Ltd.<sup>(a)</sup> | 213683 | 179536  |
| BitFuFu, Inc. - Class A<sup>(a)</sup> | 7791 | 25165  |
| Canaan, Inc. - ADR<sup>(a)(c)</sup> | 174826 | 108095  |
| Cipher Mining, Inc.<sup>(a)</sup> | 63998 | 305910  |
| Cleanspark, Inc.<sup>(a)</sup> | 26950 | 297259  |
| Core Scientific, Inc.<sup>(a)</sup> | 54610 | 932193  |
| Digi Power X, Inc.<sup>(a)</sup> | 12631 | 35493  |
| Exodus Movement, Inc. - Class A<sup>(a)</sup> | 3799 | 109525  |
| Gryphon Digital Mining, Inc.<sup>(a)</sup> | 24569 | 21653  |
| Hive Digital Technologies Ltd.<sup>(a)</sup> | 86079 | 154942  |
| Hut 8 Corp.<sup>(a)(c)</sup> | 14524 | 270146  |
| Intel Corp. | 8121 | 181910  |
| IREN Ltd.<sup>(a)(c)</sup> | 23167 | 337543  |
| MARA Holdings, Inc.<sup>(a)(c)</sup> | 59781 | 937366  |
| Neptune Digital Assets Corp.<sup>(a)</sup> | 54406 | 57416  |
| Northern Data AG<sup>(a)</sup> | 7704 | 217040  |
| NVIDIA Corp. | 1191 | 188166  |
| Riot Platforms, Inc.<sup>(a)</sup> | 70340 | 794842  |
| Terawulf, Inc.<sup>(a)</sup> | 64853 | 284056  |
| The9 Ltd. - ADR<sup>(a)(c)</sup> | 5500 | 42790  |
|  |  | 6178543  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $6,759,807)** |  | 6506770  |
| **SHORT-TERM INVESTMENTS - 18.3%** | **SHORT-TERM INVESTMENTS - 18.3%** | **SHORT-TERM INVESTMENTS - 18.3%** |
|  **Investments Purchased with Proceeds from Securities Lending - 18.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> | 1189336 | 1189336  |
| **Money Market Funds - 0.0%<sup>(e)</sup>**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> | 2888 | 2888  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,192,224)** |  | 1192224  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.1%**<br>**(Cost $7,952,031)** |  | $7698994  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (18.1)% |  | (1180262)  |
| **TOTAL NET ASSETS - 100.0%** |  | $6518732 |

---

Percentages are stated as a percent of net assets.

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.

ADR - American Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $1,139,117.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Grayscale Bitcoin Premium Income ETF** 

**CONSOLIDATED Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 15.1%** | **PURCHASED OPTIONS - 15.1%** | **PURCHASED OPTIONS - 15.1%** | **PURCHASED OPTIONS - 15.1%** |
| **Call Options - 15.1%** | **Call Options - 15.1%** | **Call Options - 15.1%** | **Call Options - 15.1%** |
|  Grayscale Bitcoin Trust ETF, Expiration: 12/19/2025; Exercise Price: $65.00<sup>(a)(b)(c)</sup> | $2146199 | 253 | $612260  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $562,010)** |  |  | 612260 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 85.1%** | **SHORT-TERM INVESTMENTS - 85.1%** | **SHORT-TERM INVESTMENTS - 85.1%** | **SHORT-TERM INVESTMENTS - 85.1%** |
| **Money Market Funds - 85.1%** | **Money Market Funds - 85.1%** | **Money Market Funds - 85.1%** | **Money Market Funds - 85.1%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)(e)</sup> | First American Government Obligations Fund - Class X, 4.25%<sup>(d)(e)</sup> | 3449169 | 3449169  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,449,169)** | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,449,169)** |  | 3449169  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $4,011,179)** | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $4,011,179)** |  | $4061429  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (10093)  |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** |  | $4051336 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. 

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE BITCOIN PREMIUM INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.2)%**<br>|  |  |  |
| **CallOptions - (0.2)%**<br>|  |  |  |
|  Grayscale Bitcoin Trust ETF, Expiration: 07/18/2025; Exercise Price: $95.00<sup>(a)(b)</sup> | $(2146199) | (253) | $(8855)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $17,253)** |  |  | $(8855) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The written options are held in the Grayscale Bitcoin Premium Income Subsidiary.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE FUNDS TRUST** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Grayscale Bitcoin** <br>**Adopters ETF** | **Grayscale Bitcoin** <br>**Covered Call ETF**<br>(Consolidated) | **Grayscale Bitcoin** <br>**Miners ETF** | **Grayscale** <br>**Bitcoin** <br>**Premium** <br>**Income ETF**<br>(Consolidated)  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | &nbsp;&nbsp;&nbsp; $4390043 | &nbsp;&nbsp;&nbsp; $7935954 | &nbsp;&nbsp;&nbsp; $7698994 | $4061429  |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp; 1633136 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 769641 | —  |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp; 949926 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 241045 | —  |
| Dividends receivable | &nbsp;&nbsp;&nbsp; 4567 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 242 | —  |
| Dividend tax reclaims receivable | &nbsp;&nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 458 | —  |
| Security lending income receivable | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1605 | —  |
| Interest receivable | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp; 24 | 959  |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 124 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp;&nbsp; 6978018 | &nbsp;&nbsp;&nbsp; 7938123 | &nbsp;&nbsp;&nbsp; 8712133 | 4062388  |
| **LIABILITIES:**<br>|  |  |  |  |
| Written option contracts, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 114760 | &nbsp;&nbsp;&nbsp; — | 8855  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp; 1579588 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 750487 | —  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp; 982707 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 250729 | —  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned <br>(See Note 4) | &nbsp;&nbsp;&nbsp; 155612 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1189336 | —  |
| Payable to adviser | &nbsp;&nbsp;&nbsp; 1714 | &nbsp;&nbsp;&nbsp; 3648 | &nbsp;&nbsp;&nbsp; 2849 | 2197  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp;&nbsp; 2719621 | &nbsp;&nbsp;&nbsp; 118408 | &nbsp;&nbsp;&nbsp; 2193401 | 11052  |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $4258397 | &nbsp;&nbsp;&nbsp; $7819715 | &nbsp;&nbsp;&nbsp; $6518732 | $4051336  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $3420637 | &nbsp;&nbsp;&nbsp; $7868288 | &nbsp;&nbsp;&nbsp; $6822618 | $3633549  |
|  Total distributable earnings/(accumulated losses) | &nbsp;&nbsp;&nbsp; 837760 | &nbsp;&nbsp;&nbsp; (48573) | &nbsp;&nbsp;&nbsp; (303886) | 417787  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp;&nbsp; $4258397 | &nbsp;&nbsp;&nbsp; $7819715 | &nbsp;&nbsp;&nbsp; $6518732 | $4051336  |
| Net assets | &nbsp;&nbsp;&nbsp; $4258397 | &nbsp;&nbsp;&nbsp; $7819715 | &nbsp;&nbsp;&nbsp; $6518732 | $4051336  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 260000 | 100000  |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $32.76 | &nbsp;&nbsp;&nbsp; $35.54 | &nbsp;&nbsp;&nbsp; $25.07 | $40.51  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp;&nbsp; $4003316 | &nbsp;&nbsp;&nbsp; $7873944 | &nbsp;&nbsp;&nbsp; $7952031 | $4011179  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $124 | $—  |
| **Proceeds**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $75823 | &nbsp;&nbsp;&nbsp; $— | $17253  |
| **Loaned Securities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp;&nbsp; $152285 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1139117 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE FUNDS TRUST** 

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Grayscale Bitcoin** <br>**Adopters ETF** | **Grayscale Bitcoin** <br>**Covered Call ETF**<br>(Consolidated) | **Grayscale Bitcoin** <br>**Miners ETF** | **Grayscale** <br>**Bitcoin** <br>**Premium** <br>**Income ETF**<br>(Consolidated)  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $5423 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $8314 | &nbsp;&nbsp; $—  |
| Securities lending income (See Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3409 | &nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 37203 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp; 24544  |
| Less: dividend withholding taxes | &nbsp;&nbsp;&nbsp;&nbsp; (502) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (828) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp; 4979 | &nbsp;&nbsp;&nbsp;&nbsp; 37203 | &nbsp;&nbsp;&nbsp; 11012 | &nbsp;&nbsp; 24544  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp;&nbsp; 2953 | &nbsp;&nbsp;&nbsp;&nbsp; 7280 | &nbsp;&nbsp;&nbsp; 13685 | &nbsp;&nbsp; 5003  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 2953 | &nbsp;&nbsp;&nbsp;&nbsp; 7280 | &nbsp;&nbsp;&nbsp; 13685 | &nbsp;&nbsp; 5003  |
| **Net Investment Income/(Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 29923 | &nbsp;&nbsp;&nbsp; (2673) | &nbsp;&nbsp; 19541  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; 9001 | &nbsp;&nbsp;&nbsp;&nbsp; 491863 | &nbsp;&nbsp;&nbsp; (31662) | &nbsp;&nbsp; 468735  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp; 441808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16497) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1686  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14) | &nbsp;&nbsp; —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 450836 | &nbsp;&nbsp;&nbsp;&nbsp; 529166 | &nbsp;&nbsp;&nbsp; (48173) | &nbsp;&nbsp; 470421  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp; 386727 | &nbsp;&nbsp;&nbsp;&nbsp; 62010 | &nbsp;&nbsp;&nbsp; (253037) | &nbsp;&nbsp; 50250  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (38937) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 8398  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp; (55) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 386672 | &nbsp;&nbsp;&nbsp;&nbsp; 23073 | &nbsp;&nbsp;&nbsp; (253040) | &nbsp;&nbsp; 58648  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp;&nbsp; 837508 | &nbsp;&nbsp;&nbsp;&nbsp; 552239 | &nbsp;&nbsp;&nbsp; (301213) | &nbsp;&nbsp; 529069  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp; $839534 | &nbsp;&nbsp;&nbsp;&nbsp; $582162 | &nbsp;&nbsp;&nbsp; $(303886) | &nbsp;&nbsp; $548610 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE FUNDS TRUST** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Grayscale** <br>**Bitcoin** <br>**Adopters ETF** | **Grayscale** <br>**Bitcoin** <br>**Covered** <br>**Call ETF**<br>(Consolidated) | **Grayscale** <br>**Bitcoin** <br>**Miners ETF** | **Grayscale** <br>**Bitcoin** <br>**Premium** <br>**Income ETF**<br>(Consolidated)  |
|  | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(c)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(b)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2026 | $29923 | $(2673) | $19541  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 450836 | 529166 | (48173) | 470421  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 386672 | 23073 | (253040) | 58648  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 839534 | 582162 | (303886) | 548610  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1774) | (630735) |  | (130823)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1774) | (630735) |  | (130823)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4402967 | 7866663 | 8130937 | 4846311  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (982707) |  | (1308319) | (1213845)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) | 377 | 1625 |  | 1083  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3420637 | 7868288 | 6822618 | 3633549  |
| **Net increase (decrease) in net assets** | 4258397 | 7819715 | 6518732 | 4051336  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $4258397 | $7819715 | $6518732 | $4051336  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 160000 | 220000 | 330000 | 130000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (30000) |  | (70000) | (30000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 130000 | 220000 | 260000 | 100000 |

---

<sup>(a)</sup> The Fund commenced operations on April 30, 2025.

<sup>(b)</sup> The Fund commenced operations on April 2, 2025.

<sup>(c)</sup> The Fund commenced operations on January 30, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Grayscale Bitcoin Adopters ETF** 

**Financial Highlights** 

**Period Ended June 30, 2025<sup>(a)</sup> (Unaudited)** 

---

| | |
|:---|:---|
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | $25.31  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 7.44  |
| **Total from investment operations** | 7.46  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | (0.01)  |
| **Total distributions** | (0.01)  |
| ETF transaction fees per share | 0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | $32.76  |
| Total Return<sup>(e)</sup> | 29.48%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | $4258  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.59%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.40%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 24% |

---

<sup>(a)</sup> Fund commenced operations on April 30, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

10<br>

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**Grayscale Bitcoin Covered Call ETF** 

**CONSOLIDATED Financial Highlights** 

**Period Ended June 30, 2025<sup>(a)</sup> (Unaudited)** 

---

| | |
|:---|:---|
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | $35.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.23  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.85  |
| **Total from investment operations** | 5.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | (4.55)  |
| **Total distributions** | (4.55)  |
| ETF transaction fees per share | 0.01  |
| **Net asset value, end of period** | $35.54  |
| Total Return<sup>(d)</sup> | 15.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | $7820  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 2.67%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | —% |

---

<sup>(a)</sup> Fund commenced operations on April 2, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Grayscale Bitcoin Miners ETF** 

**Financial Highlights** 

**Period Ended June 30, 2025<sup>(a)</sup> (Unaudited)** 

---

| | |
|:---|:---|
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | $25.31  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | (0.01)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.23)  |
| **Total from investment operations** | (0.24)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net asset value, end of period | $25.07  |
| Total Return<sup>(d)</sup> | -0.94%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | $6519  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.59%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | (0.12)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 16% |

---

<sup>(a)</sup> Fund commenced operations on January 30, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Grayscale Bitcoin Premium Income ETF** 

**CONSOLIDATED Financial Highlights** 

**Period Ended June 30, 2025<sup>(a)</sup> (Unaudited)** 

---

| | |
|:---|:---|
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | $34.99  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.24  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.77  |
| **Total from investment operations** | 7.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | (1.50)  |
| **Total distributions** | (1.50)  |
| ETF transaction fees per share | 0.01  |
| **Net asset value, end of period** | $40.51  |
| Total Return<sup>(d)</sup> | 20.19%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | $4051  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 2.54%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | —% |

---

<sup>(a)</sup> Fund commenced operations on April 2, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The Grayscale Funds Trust (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated May 3, 2023. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Grayscale Bitcoin Miners ETF, Grayscale Bitcoin Covered Call ETF, Grayscale Bitcoin Premium Income ETF, and the Grayscale Bitcoin Adopters ETF (each a "Fund", and together, the "Funds"), each represent a distinct series with its own investment objective and policies within the Trust.

The Grayscale Bitcoin Miners ETF seeks investment results that track the performance (before fees and expenses) of the Indxx Bitcoin Miners Index (the "Bitcoin Miners Index"). The Fund commenced operations on January 30, 2025. The Grayscale Bitcoin Covered Call ETF seeks to provide current income. The Fund's secondary objective is to participate in the returns of Bitcoin through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin. The Fund commenced operations on April 2, 2025. The Grayscale Bitcoin Premium Income ETF seeks to provide current income while maintaining prospects for capital appreciation through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin. The Fund commenced operations on April 2, 2025. The Grayscale Bitcoin Adopters ETF seeks investment results that track the performance (before fees and expenses) of the Indxx Bitcoin Adopters Index (the "Bitcoin Adopters Index"). The Fund commenced operations on April 30, 2025.

The end of the reporting period for the Funds is June 30, 2025, and the period covered by these Notes to Financial Statements is the period ended June 30, 2025 (the "current fiscal period").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are investment companies and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. S *ecurity Valuation.* All equity securities, including domestic and foreign common stocks, preferred stocks and exchange-traded funds that are traded
 on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup>,
 and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq"), are valued at the last reported sale price
 on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing
 Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most
 recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last
 sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between
 the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents
 at the current exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Options contracts are valued using the midpoint of quoted bid and ask spread prices, as provided by independent pricing sources.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Fund's Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

14<br>

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**GRAYSCALE FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| 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 would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund's investments as of the end of the current fiscal period:

**Grayscale Bitcoin Adopters ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets^**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4231853 | $— | $— | $4231853  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 155612 |  |  | 155612  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2578 |  |  | 2578  |
| **Total Investments** | $4390043 | $— | $— | $4390043 |

---

**Grayscale Bitcoin Covered Call ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1389200 | $— | $1389200  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6546754 |  |  | 6546754  |
| **Total Investments** | $6546754 | $1389200 | $— | $7935954  |
| **Liabilities**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(114760) | $— | $(114760)  |
| **Total Investments** | $— | $(114760) | $— | $(114760) |

---

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**Grayscale Bitcoin Miners ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets^**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $6506770 | $— | $— | $6506770  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 1189336 |  |  | 1189336  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2888 |  |  | 2888  |
| **Total Investments** | $7698994 | $— | $— | $7698994 |

---

**Grayscale Bitcoin Premium Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $612260 | $— | $612260  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3449169 |  |  | 3449169  |
| **Total Investments** | $3449169 | $612260 | $— | $4061429  |
| **Liabilities**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(8855) | $— | $(8855)  |
| **Total Investments** | $| $(8855) | $— | $(8855) |

---

^ See Schedule of Investments for breakout of investments by sector.

During the current fiscal period, the Funds did not recognize any transfers to or from Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results
 of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade
 and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations
 are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains
 or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign
 currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds'
 books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise
 from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes
 in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes.* The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains
 to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and applicable state and
 local tax returns.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Funds' uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

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**GRAYSCALE FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes
 on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable tax rules and
 regulations. Interest income is recorded on an accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income and net realized gains on securities are declared and
 paid by the Funds at least annually. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from
 those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and
 other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded
 to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE")
 is closed for trading. The offering and redemption price per share of each Fund is equal to the Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;H. G *uarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred. However, based on experience, the Funds expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Consolidation of Subsidiaries.* The Grayscale Bitcoin Covered Call Subsidiary and the Grayscale Bitcoin Premium Income Subsidiary (together, the
 "Cayman Subsidiaries"), which are organized under the laws of the Cayman Islands, are wholly owned, and controlled by each of the Grayscale
 Bitcoin Premium Income ETF and the Grayscale Bitcoin Covered Call ETF, respectively (the "Options Funds"). The Cayman Subsidiaries
 act as an investment vehicle to facilitate entering into certain investments for the Options Funds, consistent with each Option Fund's
 investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the
 U.S. federal tax requirements applicable to regulated investment companies. As of June 30, 2025, the net assets of the Bitcoin Covered
 Call ETF were $7,819,715, of which $4,596,839, or approximately 58.79%, represented the Bitcoin Covered Call ETF's ownership of
 the shares of the Bitcoin Covered Call Subsidiary. As of June 30, 2025, the net assets of the Bitcoin Premium Income ETF were $4,051,336,
 of which $2,423,512, or approximately 59.82%, represented the Bitcoin Premium Income ETF's ownership of the shares of the Bitcoin
 Premium Income Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Derivatives.* The Options Funds may buy and write (sell) options on securities and other assets for the purpose of realizing its investment objectives.
 Options may settle in cash or settle by a delivery of securities or other assets underlying the options. By buying a call option, the
 Fund has the right, in return for a premium paid during the term of the option, to buy the asset underlying the option at the exercise
 price. By writing (selling) a call option the Fund becomes obligated during the term of the option to sell the asset underlying the option
 at the exercise price if the option is exercised; conversely, by buying a put option, the Fund has the right, in return for a premium
 paid during the term of the option, to sell the asset underlying the option at the exercise price. By writing a put option, the Fund becomes
 obligated during the term of the option to purchase the asset underlying the option at the exercise price if the option is exercised.

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**GRAYSCALE FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

When the Fund purchases an option, the premium paid by it is recorded as an asset of the Fund. When the Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is included in the liability section of the Fund's statement of assets and liabilities as a deferred credit. The amount of this asset or deferred credit will be subsequently marked-to-market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the current bid price. If an option purchased by the Fund expires unexercised, the Fund realizes a loss equal to the premium paid. The Bitcoin Covered Call ETF and Bitcoin Premium Income ETF invest in traditional exchange-traded options contracts.

The following tables represent a summary of the value of derivative instruments as of June 30, 2025 and the effect of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025:

**Bitcoin Covered Call ETF** 

**Statement of Assets and Liabilities - Values of Derivative Instruments as of June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives not Accounted** <br>**for as Hedging Instruments** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
| **Derivatives not Accounted** <br>**for as Hedging Instruments** | **Location** | **Value** | **Location** | **Value**  |
| Interest Rate Contracts - Options | Investments, <br>at value | $1389200 | Written option <br>contracts, at value | $114760 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not Accounted** <br>**for as Hedging Instruments** | **Amount of Realized** <br>**Gain on Derivatives** <br>**Recognized in Income** | **Derivatives** | **Change in Unrealized** <br>**Appreciation** <br>(Depreciation) on <br>**Derivatives Recognized** <br>**in Income**  |
| Interest Rate Contracts - Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37303 | Interest Rate <br>Contracts - Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($38937) |

---

The average monthly values of purchased and written options during the period ended June 30, 2025 in the Bitcoin Covered Call ETF were $1,291,945 and $(214,928), respectively.

**Bitcoin Premium Income ETF** 

**Statement of Assets and Liabilities - Values of Derivative Instruments as of June 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives not Accounted** <br>**for as Hedging Instruments**  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives**  | **Liability Derivatives**  |
| **Derivatives not Accounted** <br>**for as Hedging Instruments**  | **Location** | **Value** | **Location** | **Value**  |
| Interest Rate Contracts - Options | Investments, <br>at value | $612260 | Written option <br>contracts, at value | $8855 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives not Accounted** <br>**for as Hedging Instruments** | **Amount of Realized** <br>**Gain on Derivatives** <br>**Recognized in Income** | **Derivatives** | **Change in Unrealized** <br>**Appreciation on** <br>**Derivatives Recognized** <br>**in Income**  |
| Interest Rate Contracts - Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1686 | Interest Rate <br>Contracts - Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8398 |

---

The average monthly values of purchased and written options during the period ended June 30, 2025 in the Bitcoin Premium Income ETF were $808,383 and $(36,855), respectively.

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**GRAYSCALE FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Grayscale Advisors, LLC (the "Adviser"), serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging, in consultation with Vident Asset Management (the "Sub-Adviser"), transfer agency, custody, fund administration and accounting, and all other non-distribution related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For services provided to the Funds, each Fund pays the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.59% for the Bitcoin Miners ETF, 0.65% for the Bitcoin Covered Call ETF, 0.65% for the Bitcoin Premium Income ETF, and 0.59% for the Bitcoin Adopters ETF based on each Fund's average daily net assets. The Adviser is responsible for paying the Sub-Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator"), acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds' Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian" and "Securities Lending Agent"), an affiliate of Fund Services, serves as the Funds' Custodian.

**NOTE 4 – SECURITIES LENDING** 

The Funds may lend up to 331∕3 percent of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned, that may occur during the term of the loan, will be for the account of the Funds. The Funds have the right, under the terms of the securities lending agreement, to recall the securities from the borrower on demand.

The securities lending agreement provides that, in the event of a borrower's material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Securities Lending Agent's expense, or pay the Funds an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Funds and the Securities Lending Agent.

As of the end of the current fiscal period, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Securities Lending Agent in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agent. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide the Funds, in

19<br>

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**GRAYSCALE FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

As of the end of the current fiscal period, the value of the securities on loan and payable for collateral due to broker were as follows:

---

| | | |
|:---|:---|:---|
|  | **Value of** <br>**Securities on Loan** | **Collateral** <br>**Received\***  |
| Bitcoin Adopters ETF | &nbsp;&nbsp;&nbsp; $152285 | $155612  |
| Bitcoin Miners ETF | &nbsp;&nbsp;&nbsp; 1139117 | 1189336 |

---

\* The cash collateral received was invested in the First American Money Market Government Obligations Fund as shown on the Schedule of Investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. 

The interest income earned by the Funds on the investment of cash collateral received from the borrowers for the securities loaned to it ("Securities lending income, net") is reflected in the Funds' Statements of Operations. Net Fees and interest income earned on collateral investments and recognized by the Funds during the current fiscal period was $14 for the Bitcoin Adopters ETF and $3,409 for the Bitcoin Miners ETF.

**NOTE 5 – PURCHASES AND SALES OF SECURITIES** 

Purchases and sales of securities (excluding short-term securities and in-kind transactions) for the period ended June 30, 2025 are summarized below.

---

| | | |
|:---|:---|:---|
|  | **Bitcoin Adopters** <br>**ETF** | **Bitcoin Miners** <br>**ETF**  |
| **Purchases:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government | &nbsp;&nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 899634 | 1128432  |
| **Total Purchases** | &nbsp;&nbsp;&nbsp; $899634 | $1128432  |
| **Sales:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government | &nbsp;&nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 657564 | 881187  |
| **Total Sales** | &nbsp;&nbsp;&nbsp; $657564 | $881187 |

---

**NOTE 6 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the

20<br>

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**GRAYSCALE FUNDS TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

creation or redemption of Creation Units. The standard fixed transaction fee for the Funds is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Funds, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the Funds have equal rights and privileges.

**NOTE 7 – RISKS** 

Concentration Risk. To the extent the Funds invests more heavily in particular industries, groups of industries, or sectors of the economy, their performance will be especially sensitive to developments that significantly affect those industries, groups of industries, or sectors of the economy, and the value of shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries or sectors.

Derivative Instruments. The Options Funds will invest in options, a type of derivative instrument. Derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices than conventional securities, which can result in greater losses for the Option Funds. In addition, the prices of the derivative instruments and the prices of underlying securities, interest rates or currencies they are designed to reflect may not move together as expected. Derivatives are usually traded on margin, which may subject the Option Funds to margin calls. Margin calls may force the Options Funds to liquidate assets.

**NOTE 8 – SUBSEQUENT EVENTS** 

The Bitcoin Covered Call ETF paid distributions to shareholders as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date** | **Payable Date** | **Ordinary** <br>**Income Rate** | **Ordinary Income** <br>**Distribution Paid**  |
| 7/23/2025 | 7/23/2025 | 7/24/2025 | $1.84864458 | &nbsp;&nbsp;&nbsp;&nbsp; $924322  |
| 8/14/2025 | 8/14/2025 | 8/15/2025 | $0.74273062 | &nbsp;&nbsp;&nbsp;&nbsp; $527339  |
| 8/28/2025 | 8/28/2025 | 8/29/2025 | $1.18329488 | &nbsp;&nbsp;&nbsp;&nbsp; $993968 |

---

The Bitcoin Premium Income ETF paid distributions to shareholders as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Ex-Date** | **Payable Date** | **Ordinary** <br>**Income Rate** | **Ordinary Income** <br>**Distribution Paid**  |
| 7/23/2025 | 7/23/2025 | 7/24/2025 | $0.89241233 | &nbsp;&nbsp;&nbsp;&nbsp; $107089  |
| 8/14/2025 | 8/14/2025 | 8/14/2025 | $0.23946493 | &nbsp;&nbsp;&nbsp;&nbsp; $35920  |
| 8/28/2025 | 8/28/2025 | 8/29/2025 | $0.63546493 | &nbsp;&nbsp;&nbsp;&nbsp; $95320 |

---

Effective July 25, 2025, the frequency of distributions from the Options Funds changed from monthly to bi-weekly. This change applies to distributions declared after that date.

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other events or transactions that occurred during the period subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE FUNDS TRUST** 

**APPROVAL OF ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENT** 

**Grayscale Bitcoin Miners ETF, Grayscale Bitcoin Covered Call ETF, Grayscale Bitcoin Adopters ETF and Grayscale Bitcoin Premium Income ETF** 

At a meeting held on January 3, 2025 ("Meeting"), the Board of Trustees (the "Board") of Grayscale Funds Trust (the "Trust"), including the trustees who are not "interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered, on behalf of Grayscale Bitcoin Miners ETF, Grayscale Bitcoin Covered Call ETF, Grayscale Bitcoin Adopters ETF and Grayscale Bitcoin Premium Income ETF (each a "Fund," and together, the "Funds"), the approval of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Grayscale Advisers, LLC (the "Adviser") and the Sub-Advisory Agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") between the Trust, on behalf of the Funds, the Adviser and Vident Asset Management (the "Sub-Adviser").

In preparation for its deliberations, the Board requested and received written responses from the Adviser and Sub-Adviser to due diligence questionnaires circulated by counsel on the Board's behalf concerning the services to be provided by the Adviser and Sub-Adviser. In addition, the Board received oral presentations from the Adviser and Sub-Adviser at the Meeting. The Board, and the Independent Trustees separately, discussed the written submissions of the Adviser and Sub-Adviser with counsel at the Meeting, and the Independent Trustees were advised by independent Trustee counsel in connection with their deliberations.

In reviewing the Agreements, the Board considered, among other things, its duties under the Investment Company Act of 1940, as amended (the "1940 Act"), as well as under the general principles of state law. In this regard, the Board reviewed with counsel the fiduciary duty of investment advisors with respect to advisory agreements and advisory agreement compensation, the standards applied by courts when reviewing approvals of advisory agreements by investment company boards, and the factors to be considered by boards in voting on such agreements.

With respect to the Agreements for each Fund the Board considered, among other factors: (1) the nature, extent and quality of the services to be provided to the Fund by the Adviser and Sub-Adviser; (2) the costs of the services to be provided and profitability of the Fund to the Adviser and Sub-Adviser; (3) information concerning the advisory fee and total expense ratio of the Fund, including a comparison thereof to the fees and total expense ratios of a peer group of funds assembled by the Adviser ("Expense Group"); (4) the extent to which economies of scale may be realized as the Fund grows and how the advisory fee enables investors to share in the benefits of economies of scale; and (5) other benefits received by the Adviser and Sub-Adviser from their relationships with the Fund.

<u>Nature, Extent and Quality of Services</u>

In evaluating whether to approve the Agreements for each Fund, the Board considered the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser under the Agreements. Among other matters, the Board considered that the Adviser would be responsible for the overall management and administration of the Fund and reviewed the services to be provided by the Adviser to the Fund, including oversight of the Sub-Adviser. The Board considered that the Fund would employ an advisor/sub-advisor management structure and reviewed the services that the Sub-Adviser would provide to the Fund under the Sub-Advisory Agreement. The Board considered the experience (including for certain Funds options investing experience), qualifications, integrity and professional background of the Adviser's and Sub-Adviser's personnel, including the portfolio managers and other personnel with principal responsibility for the Fund. The Board considered also the adequacy of the Adviser's and Sub-Adviser's resources, noting the Adviser's representation that it is financially able to meet its payment obligations with respect to the Fund under the unitary fee Advisory Agreement. Because no Fund had yet to commence investment operations, the Board observed that it could not consider relevant historical investment performance. Based on the presentation and the materials provided, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services to be provided to each Fund under the Agreements.

<u>Cost of Services, Profitability and Economies of Scale</u>

The Board considered the proposed unitary fee rate payable by each Fund under the Advisory Agreement for the services to be provided. The Board noted that, under the Advisory Agreement, each Fund would pay the Adviser a unitary fee and that, from the unitary fee, the Adviser would pay all expenses of the Fund, including the Sub-Adviser's sub-advisory fee, but not including (i) the fee paid to the Adviser under the Advisory Agreement, (ii) interest charges on any borrowings, (iii) dividend and other expenses on securities sold short, (iv) taxes, (v) brokerage commissions and

22<br>

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**GRAYSCALE FUNDS TRUST** 

**APPROVAL OF ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENT(Continued)** 

other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, (vi) acquired fund fees and expenses, (vii) accrued deferred tax liability, (viii) litigation and litigation-related indemnification expenses, (ix) distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (x) compensation payable to a party not affiliated with the Adviser in connection with the recovery of tax reclaims, and (xi) other extraordinary or non-routine expenses.

The Board received and reviewed information showing the fee rates and expense ratios of funds in each Fund's Expense Group ("Peer Funds"). The Board considered how the Expense Group was assembled by the Adviser and, taking this information into account, reviewed how each Fund compared to, and differed from, the Peer Funds. The Board noted that the unitary fee rate proposed for each Fund approximated the median net expense ratio of its Expense Group. Based on its review of the information provided, including regarding the expense ratios of the Peer Funds, the Board determined that the proposed unitary advisory fee for each Fund was fair and reasonable.

The Board considered the estimated profitability of the Fund to the Adviser and Sub-Adviser at various asset levels. With respect to the Sub-Adviser, the Board considered that the Sub-Adviser would be paid by the Adviser from the Fund's unitary fee and that the sub-advisory fee rate was the product of an arm's length negotiation. The Board also considered whether economies of scale may be realized by the Fund as it grows larger. Noting that the Fund had not yet commenced operations and did not yet have any assets, the Board concluded that profitability and economies of scale were not material factors for the Board to consider in approving the Agreements.

<u>Other Benefits</u>

The Board considered other potential benefits described by each of the Adviser and Sub-Adviser that may be realized from its relationship with the Fund. Among others, the Board noted that the Adviser and Sub-Adviser may each potentially increase its market visibility because of its relationship with the Fund. Based on these and other considerations, including that the Fund had not yet commenced operations and did not yet have any assets, the Board determined that such benefits were not currently material and would not be unreasonable during the term of the Agreements.

<u>Conclusion</u>

The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. Based on its review, including consideration of each of the factors referenced above and of memoranda from counsel regarding the legal standard applicable to the Board's consideration of the Agreements, the Board, including the Independent Trustees, determined in the exercise of its reasonable business judgment, that the advisory arrangements, as set forth in the Advisory Agreement and Sub-Advisory Agreement, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the Board considered relevant.

23<br>

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**GRAYSCALE FUNDS TRUST** 

**INFORMATION ABOUT PORTFOLIO HOLDINGS (Unaudited)** 

The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Funds' Part Fs of Form N-PORT are available without charge, upon request, by calling toll-free at (800) 617-0004 or by accessing the Funds' website at https://etfs.grayscale.com. Furthermore, you may obtain Part F of Form N-PORT on the SEC's website at www.sec.gov. The Funds' portfolio holdings are posted daily on their website at https://etfs.grayscale.com.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE FUNDS TRUST** 

**INFORMATION ABOUT PROXY VOTING (Unaudited)** 

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statements of Additional Information ("SAI"). The SAIs are available without charge, upon request, by calling toll-free at (800) 617-0004, by accessing the SEC's website at www.sec.gov, or by accessing the Funds' website at https://etfs.grayscale.com.

When available, information regarding how the Funds voted proxies relating to portfolio securities during the twelve-months ending June 30 is available by calling toll-free at (800) 617-0004 or by accessing the SEC's website at www.sec.gov.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**GRAYSCALE FUNDS TRUST** 

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited)** 

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available, without charge, on the Funds' website at https://etfs.grayscale.com.

26<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

This information is included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

This information is included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-29(a)).* Filed herewith.](gft-efp17248_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308).* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](gft-efp17248_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Grayscale
 Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Susan Lively |
|  | Susan Lively, Principal Executive Officer |

---

Date <u>09/05/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Susan Lively |
|  | Susan Lively, Principal Executive Officer |

---

Date <u>09/05/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Edward McGee |
|  | Edward McGee, Principal Financial Officer |

---

Date <u>09/05/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Susan Lively, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Grayscale Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 09/05/2025 | /s/ Susan Lively |
|  |  | Susan Lively<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Edward McGee, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Grayscale Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | 09/05/2025 | /s/ Edward McGee |
|  |  | Edward McGee<br> Principal Financial Officer |

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## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Grayscale Funds Trust (the "Trust"), does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Susan Lively | /s/ Edward McGee |
| Susan Lively | Edward McGee |
| Principal Executive Officer, Grayscale Funds Trust | Principal Financial Officer, Grayscale Funds Trust |

---

Dated: <u>09/05/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Trust for purposes of Section 18 of the Securities Exchange Act of 1934.