# EDGAR Filing Document

**Accession Number:** 0001976672
**File Stem:** 0001145549-25-056079
**Filing Date:** 2025-8
**Character Count:** 12134
**Document Hash:** 03039700f9cbb748396ef7cc0e36ff33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056079.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-056079

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23876
- **FILM NUMBER:** 251274375

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** STAMFORD

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06902

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $8196140.41

**Total Liabilities:** $1426470.55

**Net Assets:** $6769669.86

**Cash Not Reported:** $124.02

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256698 | 6.93%                | 14.62%               | 24.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-60580.51               | $359150.81                                 |
| Month 2  | $-69607.78               | $740283.88                                 |
| Month 3  | $260.79                  | $1277060.22                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SBI Holdings Inc               | SBI Holdings Inc                           | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |      5200 | NS      | $181079.30    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Terawulf Inc                   | Terawulf Inc                               | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Long             | EC               | CORP              | US        |     66377 | NS      | $290731.26    | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| The9 Ltd                       | The9 Ltd                                   | CUSIP: 88337K401<br>LEI: 529900PMX9KSG4W5TA36 | Long             | EC               | CORP              | CN        |      3613 | NS      | $28109.14     | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Digital Corp           | Applied Digital Corp                       | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |     30060 | NS      | $302704.20    | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitfarms Ltd/Canada            | Bitfarms Ltd/Canada                        | CUSIP: 09173B107<br>LEI: 254900YWMA64Y1RPNJ12 | Long             | EC               | CORP              | CA        |    160152 | NS      | $134559.71    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitdeer Technologies Group     | Bitdeer Technologies Group                 | CUSIP: N/A<br>LEI: 2549007M2KGWVJ9XFP20       | Long             | EC               | CORP              | SG        |     21255 | NS      | $244007.40    | 3.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Bit Digital Inc                | Bit Digital Inc                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     71396 | NS      | $156357.24    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Canaan Inc                     | Canaan Inc                                 | CUSIP: 134748102<br>LEI: 254900OEOGK9ALNMUN24 | Long             | EC               | CORP              | SG        |    158562 | NS      | $98038.88     | 1.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Cipher Mining Inc              | Cipher Mining Inc                          | CUSIP: 17253J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72864 | NS      | $348289.92    | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark Inc                             | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |     28565 | NS      | $315071.95    | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc            | Core Scientific Inc                        | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |     57204 | NS      | $976472.28    | 14.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Digi Power X Inc               | Digi Power X Inc                           | CUSIP: 25380B102<br>LEI: 5299001U7RVW74W46M33 | Long             | EC               | CORP              | US        |     11544 | NS      | $32438.64     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1192224 | NS      | $1192223.72   | 17.61%            |  |  |  | No            |                  1 | On Loan: No      |
| Hive Digital Technologies Ltd  | Hive Digital Technologies Ltd              | CUSIP: 433921103<br>LEI: 5493004QCZ1QBI9FS784 | Long             | EC               | CORP              | CA        |     70840 | NS      | $127512.00    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                     | Hut 8 Corp                                 | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |     16494 | NS      | $306788.40    | 4.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Intel Corp                     | Intel Corp                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      6192 | NS      | $138700.80    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc              | MARA Holdings Inc                          | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |     60611 | NS      | $950380.48    | 14.04%            |  |  |  | No            |                  1 | On Loan: —       |
| GMO internet group Inc         | GMO internet group Inc                     | CUSIP: N/A<br>LEI: 529900BFZEY3BESHBW90       | Long             | EC               | CORP              | JP        |      2900 | NS      | $72417.18     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1276 | NS      | $201595.24    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc             | Riot Platforms Inc                         | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     72345 | NS      | $817498.50    | 12.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      2458 | NS      | $166971.94    | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Digital Assets Corp    | Neptune Digital Assets Corp                | CUSIP: 64073L101<br>LEI: 254900B1OFE1IYHGC444 | Long             | EC               | CORP              | CA        |     37373 | NS      | $39440.91     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                         | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |      7009 | NS      | $153175.80    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Data AG               | Northern Data AG                           | CUSIP: N/A<br>LEI: 391200LB6JA3HAQWTS32       | Long             | EC               | CORP              | DE        |      7846 | NS      | $221040.03    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BitFuFu Inc                    | BitFuFu Inc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |      7318 | NS      | $23637.14     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| IREN Ltd                       | IREN Ltd                                   | CUSIP: N/A<br>LEI: 254900FZF02RB3NNGB71       | Long             | EC               | CORP              | AU        |     29757 | NS      | $433559.49    | 6.40%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** Grayscale Funds Trust

**Signature:** /s/ Susan Lively

**Name of Signer:** Susan Lively

**Title:** President