# EDGAR Filing Document

**Accession Number:** 0001976672
**File Stem:** 0000894189-25-016516
**Filing Date:** 2025-12
**Character Count:** 27529
**Document Hash:** 59df5355501f4f420a8330296330fda2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-016516.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000894189-25-016516

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23876
- **FILM NUMBER:** 251540410

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Grayscale Bitcoin Adopters ETF** | **Grayscale Bitcoin Adopters ETF** | **Grayscale Bitcoin Adopters ETF** | **Grayscale Bitcoin Adopters ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.7%** | **COMMON STOCKS - 99.7%** | **Shares** | **Value**  |
| **Communication Services - 10.5%** | **Communication Services - 10.5%** | **Communication Services - 10.5%** | |
| Boyaa Interactive International Ltd. | Boyaa Interactive International Ltd. | 67000 | $57524 |
| Jasmine International PCL - NVDR <sup>(a)</sup> | Jasmine International PCL - NVDR <sup>(a)</sup> | 199800 | 8817 |
| Nexon Co. Ltd. | Nexon Co. Ltd. | 9100 | 200073 |
| Rumble, Inc. <sup>(a)</sup> | Rumble, Inc. <sup>(a)</sup> | 1300 | 9412 |
| Trump Media & Technology Group Corp. <sup>(a)</sup> | Trump Media & Technology Group Corp. <sup>(a)</sup> | 11725 | 192525 |
| Wemade Co. Ltd. <sup>(a)</sup> | Wemade Co. Ltd. <sup>(a)</sup> | 456 | 8661 |
|  |  |  | 477012 |
| **Consumer Discretionary - 36.1%<sup>(b)</sup>** | **Consumer Discretionary - 36.1%<sup>(b)</sup>** | **Consumer Discretionary - 36.1%<sup>(b)</sup>** |  |
| Cango, Inc. - ADR <sup>(a)</sup> | Cango, Inc. - ADR <sup>(a)</sup> | 1773 | 7518 |
| Convano, Inc. <sup>(a)</sup> | Convano, Inc. <sup>(a)</sup> | 5700 | 8182 |
| Empery Digital, Inc. <sup>(a)</sup> | Empery Digital, Inc. <sup>(a)</sup> | 7829 | 58874 |
| GameStop Corp. - Class A <sup>(a)</sup> | GameStop Corp. - Class A <sup>(a)</sup> | 7707 | 210247 |
| MercadoLibre, Inc. <sup>(a)</sup> | MercadoLibre, Inc. <sup>(a)</sup> | 84 | 196303 |
| Metaplanet, Inc. <sup>(a)</sup> | Metaplanet, Inc. <sup>(a)</sup> | 51800 | 201679 |
| NET Holding AS <sup>(a)</sup> | NET Holding AS <sup>(a)</sup> | 8373 | 8619 |
| Tesla, Inc. <sup>(a)</sup> | Tesla, Inc. <sup>(a)</sup> | 2113 | 939693 |
|  |  |  | 1631115 |
| **Energy - 1.1%** | **Energy - 1.1%** | **Energy - 1.1%** |  |
| Alliance Resource Partners LP | Alliance Resource Partners LP | 2003 | 50646 |
| **Financials - 14.5%** | **Financials - 14.5%** | **Financials - 14.5%** |  |
| Block, Inc. <sup>(a)</sup> | Block, Inc. <sup>(a)</sup> | 2667 | 192744 |
| Coinbase Global, Inc. - Class A <sup>(a)</sup> | Coinbase Global, Inc. - Class A <sup>(a)</sup> | 622 | 209919 |
| Galaxy Digital, Inc. - Class A <sup>(a)</sup> | Galaxy Digital, Inc. - Class A <sup>(a)</sup> | 6118 | 206967 |
| Virtu Financial, Inc. - Class A | Virtu Financial, Inc. - Class A | 1359 | 48245 |
|  |  |  | 657875 |
| **Health Care - 4.1%** | **Health Care - 4.1%** | **Health Care - 4.1%** |  |
| Kindly MD, Inc. <sup>(a)</sup> | Kindly MD, Inc. <sup>(a)</sup> | 83872 | 89743 |
| Semler Scientific, Inc. <sup>(a)</sup> | Semler Scientific, Inc. <sup>(a)</sup> | 2711 | 81330 |
| USBC, Inc. <sup>(a)</sup> | USBC, Inc. <sup>(a)</sup> | 10024 | 13432 |
|  |  |  | 184505 |
| **Industrials - 1.4%** | **Industrials - 1.4%** | **Industrials - 1.4%** |  |
| Aker ASA - Class A | Aker ASA - Class A | 691 | 54226 |
| Bitcoin Depot, Inc. <sup>(a)</sup> | Bitcoin Depot, Inc. <sup>(a)</sup> | 2526 | 8487 |
|  |  |  | 62713 |
| **Information Technology - 32.0%<sup>(b)</sup>** | **Information Technology - 32.0%<sup>(b)</sup>** | **Information Technology - 32.0%<sup>(b)</sup>** |  |
| Bit Digital, Inc. <sup>(a)</sup> | Bit Digital, Inc. <sup>(a)</sup> | 2191 | 6573 |
| Bitdeer Technologies Group <sup>(a)</sup> | Bitdeer Technologies Group <sup>(a)</sup> | 384 | 6563 |
| Bitfarms Ltd. <sup>(a)</sup> | Bitfarms Ltd. <sup>(a)</sup> | 2241 | 6320 |
| BitFuFu, Inc. - Class A <sup>(a)</sup> | BitFuFu, Inc. - Class A <sup>(a)</sup> | 1738 | 6518 |
| BitMine Immersion Technologies, Inc. <sup>(a)</sup> | BitMine Immersion Technologies, Inc. <sup>(a)</sup> | 124 | 6439 |
| Canaan, Inc. - ADR <sup>(a)</sup> | Canaan, Inc. - ADR <sup>(a)</sup> | 23756 | 20943 |
| Capital B <sup>(a)</sup> | Capital B <sup>(a)</sup> | 22489 | 27746 |
| Cipher Mining, Inc. <sup>(a)</sup> | Cipher Mining, Inc. <sup>(a)</sup> | 770 | 9694 |
| Cleanspark, Inc. <sup>(a)</sup> | Cleanspark, Inc. <sup>(a)</sup> | 6885 | 99832 |
| Core Scientific, Inc. <sup>(a)(c)</sup> | Core Scientific, Inc. <sup>(a)(c)</sup> | 914 | 16397 |
| Exodus Movement, Inc. - Class A <sup>(a)</sup> | Exodus Movement, Inc. - Class A <sup>(a)</sup> | 326 | 9056 |
| Hive Digital Technologies Ltd. <sup>(a)</sup> | Hive Digital Technologies Ltd. <sup>(a)</sup> | 1801 | 7258 |
| Hut 8 Corp. <sup>(a)</sup> | Hut 8 Corp. <sup>(a)</sup> | 1988 | 69202 |
| MARA Holdings, Inc. <sup>(a)</sup> | MARA Holdings, Inc. <sup>(a)</sup> | 6249 | 114107 |
| Next Technology Holding, Inc. <sup>(a)(c)</sup> | Next Technology Holding, Inc. <sup>(a)(c)</sup> | 567 | 14111 |
| Phoenix Group PLC <sup>(a)</sup> | Phoenix Group PLC <sup>(a)</sup> | 17670 | 6543 |
| Remixpoint, Inc. <sup>(a)</sup> | Remixpoint, Inc. <sup>(a)</sup> | 7600 | 17342 |
| Riot Platforms, Inc. <sup>(a)</sup> | Riot Platforms, Inc. <sup>(a)</sup> | 6552 | 124685 |
| Strategy, Inc. - Class A <sup>(a)</sup> | Strategy, Inc. - Class A <sup>(a)</sup> | 2730 | 879633 |
|  |  |  | 1448962 |
| **TOTAL COMMON STOCKS** (Cost $4,193,412) | **TOTAL COMMON STOCKS** (Cost $4,193,412) | **TOTAL COMMON STOCKS** (Cost $4,193,412) | 4512828 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.3%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 12188 | 12188 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $12,188) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $12,188) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $12,188) | 12188 |
| **MONEY MARKET FUNDS - 0.1%** | **MONEY MARKET FUNDS - 0.1%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.05%<sup>(d)</sup> | 4110 | 4110 |
| **TOTAL MONEY MARKET FUNDS** (Cost $4,110) | **TOTAL MONEY MARKET FUNDS** (Cost $4,110) | **TOTAL MONEY MARKET FUNDS** (Cost $4,110) | 4110 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $4,209,710**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $4,209,710**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $4,209,710**)** | 4529126 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (6404) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $4522722 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets.<br>The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services, LLC. | Percentages are stated as a percent of net assets.<br>The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services, LLC. | Percentages are stated as a percent of net assets.<br>The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services, LLC. | –% |

---

---

| |
|:---|
| ADR - American Depositary Receipt<br> ASA - Advanced Subscription Agreement |
| LP - Limited Partnership |
| NVDR - Non-Voting Depositary Receipt |
| PCL - Public Company Limited |
| PLC - Public Limited Company |

---

(a) Non-income producing security.

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

(c) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $12,399.

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

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $4512828 | $– | $– | $4512828 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending | 12188 | – | – | 12188 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4110 | – | – | 4110 |
| Total Investments | $4529126 | $– | $– | $4529126 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** STAMFORD

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06902

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5926523.89

**Total Liabilities:** $707268.01

**Net Assets:** $5219255.88

**Cash Not Reported:** $797.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259407 | 0.94%                | -5.84%               | 11.77%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $450110.68               | $-465892.09                                |
| Month 2  | $-33.85                  | $-277357.00                                |
| Month 3  | $-38.93                  | $471156.18                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cipher Mining Inc              | Cipher Mining Inc                          | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |      1873 | NS      | $23581.07     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark Inc                             | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |      9610 | NS      | $139345.00    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc            | Coinbase Global Inc                        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |       706 | NS      | $238267.94    | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc            | Core Scientific Inc                        | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |       693 | NS      | $12432.42     | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Exodus Movement Inc            | Exodus Movement Inc                        | CUSIP: 30209R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1289 | NS      | $35808.42     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     17261 | NS      | $17260.69     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GameStop Corp                  | GameStop Corp                              | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |      9300 | NS      | $253704.00    | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Hive Digital Technologies Ltd  | Hive Digital Technologies Ltd              | CUSIP: 433921103<br>LEI: 5493004QCZ1QBI9FS784 | Long             | EC               | CORP              | CA        |      4172 | NS      | $16813.16     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hut 8 Corp                     | Hut 8 Corp                                 | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |      2671 | NS      | $92977.51     | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| KULR Technology Group Inc      | KULR Technology Group Inc                  | CUSIP: 50125G307<br>LEI: 213800YUOETJ427AGG25 | Long             | EC               | CORP              | US        |      2380 | NS      | $9900.80      | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc              | MARA Holdings Inc                          | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |      8463 | NS      | $154534.38    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |        89 | NS      | $207987.66    | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| JASMINE INTERNATIONAL PCL      | JASMINE INTERNATIONAL PCL                  | CUSIP: N/A<br>LEI: 529900PN5FVZ5WZLIY66       | Long             | EC               | CORP              | TH        |    236600 | NS      | $10440.92     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc             | Riot Platforms Inc                         | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     12678 | NS      | $241262.34    | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumble Inc                     | Rumble Inc                                 | CUSIP: 78137L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2264 | NS      | $16391.36     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Next Technology Holding Inc    | Next Technology Holding Inc                | CUSIP: 961884301<br>LEI: 529900KMKRM7VE8RY236 | Long             | EC               | CORP              | CN        |       316 | NS      | $7860.81      | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Metaplanet Inc                 | Metaplanet Inc                             | CUSIP: N/A<br>LEI: 3538006DGBY53D3UEV95       | Long             | EC               | CORP              | JP        |     17800 | NS      | $69302.91     | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NET Holding AS                 | NET Holding AS                             | CUSIP: N/A<br>LEI: 789000XITVOL7BUS2730       | Long             | EC               | CORP              | TR        |     11156 | NS      | $11483.19     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Remixpoint Inc                 | Remixpoint Inc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      9000 | NS      | $20536.95     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital B                      | Capital B                                  | CUSIP: N/A<br>LEI: 969500EFNNFB2DRUC163       | Long             | EC               | CORP              | FR        |     15470 | NS      | $19086.20     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd                   | Nexon Co Ltd                               | CUSIP: N/A<br>LEI: 5299005SFO0GAJFLKN43       | Long             | EC               | CORP              | JP        |     11100 | NS      | $244044.42    | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Phoenix Group PLC              | Phoenix Group PLC                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AE        |     20234 | NS      | $7492.03      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                         | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |     11610 | NS      | $392757.44    | 7.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners LP  | Alliance Resource Partners LP              | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |      3429 | NS      | $86702.27     | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitfarms Ltd/Canada            | Bitfarms Ltd/Canada                        | CUSIP: 09173B107<br>LEI: 254900YWMA64Y1RPNJ12 | Long             | EC               | CORP              | CA        |      9137 | NS      | $25766.34     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cango Inc/KY                   | Cango Inc/KY                               | CUSIP: 137586103<br>LEI: 5299003TQHBB4QUSZB86 | Long             | EC               | CORP              | CN        |      1594 | NS      | $6758.56      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategy Inc                   | Strategy Inc                               | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |      2623 | NS      | $845156.83    | 16.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc          | Semler Scientific Inc                      | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |      3213 | NS      | $96390.00     | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      3431 | NS      | $247958.37    | 4.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                  | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      3010 | NS      | $1338607.20   | 25.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc            | Virtu Financial Inc                        | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      1524 | NS      | $54102.00     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker ASA                       | Aker ASA                                   | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ10071       | Long             | EC               | CORP              | NO        |      1340 | NS      | $105155.45    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wemade Co Ltd                  | Wemade Co Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       386 | NS      | $7331.81      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitcoin Group SE               | Bitcoin Group SE                           | CUSIP: N/A<br>LEI: 3912007O3KBYO8R0SM92       | Long             | EC               | CORP              | DE        |      1079 | NS      | $49521.47     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYAA                          | Boyaa Interactive International Ltd        | CUSIP: N/A<br>LEI: 529900S38ZOYWV30WR67       | Long             | EC               | CORP              | CN        |    102000 | NS      | $87573.90     | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Bitdeer Technologies Group     | Bitdeer Technologies Group                 | CUSIP: N/A<br>LEI: 2549007M2KGWVJ9XFP20       | Long             | EC               | CORP              | SG        |       629 | NS      | $10749.61     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc                | Bit Digital Inc                            | CUSIP: N/A<br>LEI: 2549005XLPRWS7HWCM31       | Long             | EC               | CORP              | US        |      3044 | NS      | $9132.00      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BitFuFu Inc                    | BitFuFu Inc                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |      2310 | NS      | $8662.50      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Grayscale Funds Trust

**Signature:** /s/ Allison Roberts

**Name of Signer:** Allison Roberts

**Title:** Chief Compliance Officer