Founded in 2013, Grayscale has deep expertise as a leading crypto asset manager. Investors, advisors, and allocators turn to Grayscale’s diverse suite of future-forward investment products to access the digital economy and transformative technologies.

Grayscale is headquartered in Stamford, Connecticut.

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Grayscale offers multiple types of investment products, all of which can be found in the All Products page of our website. 

The following FAQs apply to our digital asset investment products only. FAQs about our other products can be found on their respective product pages.

Grayscale’s digital asset investment products (Products) include single-asset trusts, which provide investors with exposure to a singular cryptocurrency, and diversified funds, which provide investors with exposure to a basket of cryptocurrencies. The diversified funds track thematic indices and are rebalanced on a quarterly basis. 

Each Product is intended to follow a four-stage life cycle — with the ultimate goal of uplisting the Product to an ETF*. As a Product progresses through this intended lifecycle, there is a correlated increase in investor access and transparency.

Stage 1: Private Placement

Grayscale Products first launch as private placements, allowing accredited investors to gain crypto exposure through a familiar investment vehicle structure.

Shares purchased in the private placements are initially restricted for one year.

Stage 2: Public Quotation

Grayscale pioneered obtaining public quotations for unrestricted shares of our private placements. This provides liquidity to existing private placement investors by allowing them to continue to hold their shares in their brokerage account or sell them through their broker in the public market.

This also allows all investors —accredited or not — to access Grayscale products through certain brokerage or retirement accounts, regardless of investment size or holding period.

Due to the lack of an ongoing redemption program, publicly traded shares may trade premiums or discounts to the value of their underlying assets.

Stage 3: SEC Reporting

Grayscale Products are the first SEC-reporting companies in the industry. The requirements of being SEC-reporting exceed the standard of reporting already met by these Products as OTC Markets public quotations, including heightened levels of disclosure to offer even greater transparency for investors, and subjects the Products to additional regulatory oversight.

This also reduces the initial one year holding period of the private placement to six months.

Stage 4: ETF

Grayscale believes its SEC-reporting Products present a strong case for uplisting when permitted by the U.S. regulatory environment.

In connection with ETF uplisting, products would have ongoing creation and redemptions, and the arbitrage mechanism inherent to ETFs would help the product more closely track the value of its underlying Bitcoin holdings, after deduction of expenses.

*We use the generic term “ETF” to refer to exchange-traded investment vehicles, including those that are required to register under the Investment Company Act of 1940, as amended (the “‘40 Act”), as well as other exchange-traded products, or “ETPs”, which are not subject to the registration requirements of the ‘40 Act.

*We use the generic term “ETF” to cover exchange-traded investment vehicles that are required to register under the Investment Company Act of 1940, as amended (the “‘40 Act”), also commonly referred to as “exchange-traded funds” or “ETFs”. The term “ETF” also encompasses “exchange-traded products” or “ETPs”, like GBTC would be, that are not subject to the registration requirements of the ‘40 Act. ETFs trade in line with NAV as a result of the simultaneous creation and redemption mechanism available.

What is a private placement?

Shares of Grayscale Products are offered to institutional and individual accredited investors* in private placement transactions exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Rule 506(c) thereunder.

Each Product’s investment objective is for the value of its shares (based on digital assets per share) to reflect the price performance of such Product’s underlying digital asset(s), less fees and expenses.** Modeled after popular commodity investment products, each Product was created for investors seeking exposure to digital assets through a familiar investment vehicle.

*Grayscale’s private placements are only available to Accredited Investors as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended. Most individuals are not Accredited Investors. An individual must earn more than $200,000 a year (or $300,000 per year with a spouse or spousal equivalent), have a net worth over $1 million either alone or together with a spouse or spousal equivalent, excluding their primary residence, or hold in good standing their Series 7, Series 65, or Series 82 professional certifications. Entities must have $5 million in liquid assets or all beneficial owners must be Accredited Investors.

**Because each Product does not currently operate a redemption program, there can be no assurance that the value of such Product’s shares will reflect the value of the assets held by such Product, less such Product’s expenses and other liabilities, and the shares of such Product, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the assets held by such Product, less such Product’s expenses and other liabilities, and such Product may be unable to meet its investment objective.

What is a public quotation?

Shares of certain Products are publicly quoted on OTC Markets. Shares that have become unrestricted in accordance with SEC Rule 15c2-11 may be bought and sold by retail investors throughout the day via their brokerage accounts.

Investors of Grayscale’s public quotation Products receive annual and quarterly reports and financial statements pursuant to OTC Markets’ Alternative Reporting Standards (ARS).

What is an SEC Reporting Company?

An SEC reporting company is an issuer of securities that is subject to the periodic and current reporting requirements of the Securities Exchange Act of 1934, as amended (the Exchange Act).

The Exchange Act contains ongoing disclosure requirements designed to keep investors informed on a current basis of information concerning material changes in the financial condition or operations of the issuer. The requirements include an obligation to file annual reports and financial statements on Form 10-K, quarterly reports and financial statements on Form 10-Q, and current reports on Form 8-K with the SEC.

For more information, please refer to the SEC public filing documents.

What is an exchange-traded fund (ETF)?

ETFs are a basket of assets which can track a particular index, sector, commodity, or other underlying asset, and its shares can be purchased or sold on a national stock exchange. ETFs are able to track the price of their underlying assets because of an arbitrage mechanism which allows market participants to create shares when there is a premium and redeem shares when there is a discount, thus allowing shares of the fund to trade closely in line with their net asset value. 

Per Grayscale’s four-stage Product life cycle, Products are designed to be uplisted to ETFs when permitted by the U.S. regulatory environment.

Each Product’s investment objective is for the value of its shares (based on digital assets per share) to reflect the price performance of such Product’s underlying digital asset(s), less fees and expenses. Modeled after popular commodity investment products, each Product was created for investors seeking exposure to digital assets through a familiar investment vehicle.

Because each Product does not currently operate a redemption program, there can be no assurance that the value of such Product’s shares will reflect the value of the assets held by such Product, less such Product’s expenses and other liabilities. The shares of such Product, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the assets held by such Product, less such Product’s expenses and other liabilities, and such Product may be unable to meet its investment objective.

Each Product charges an annual management fee, which includes the costs associated with administration and safekeeping. The fee is charged based on the total amount of tokens underlying the trust, and accrues daily. The ratio of digital asset(s) to shares will decay by this management fee over the course of a year. We expect this fee to be the only ordinary recurring expense for each Product. There is no performance fee. For further details on each Product’s fees, please review each Offered Product’s Private Placement Memorandum or each Product’s annual and quarterly reports, as applicable. 

Each Product’s assets are stored in offline storage, or “cold” storage, with Coinbase Custody Trust Company, LLC, as (the “Custodian”). The Custodian is a fiduciary under § 100 of the New York Banking Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6) under the Investment Advisers Act of 1940, as amended.

The SEC has recently released proposed amendments to rule 206(4)-2 that, if enacted as proposed, would amend the definition of a “qualified custodian” under Rule 206(4)-2(d)(6). Executive officers of the Custodian’s parent company have made public statements indicating that the Custodian will remain a qualified custodian under the proposed SEC rule, if enacted as currently proposed. However, there can be no assurance that the Custodian would continue to qualify as a “qualified custodian” under a final rule.

For more information about the Custodian, please visit their site.

Today, there are many different ways for investors to buy and hold crypto, including through a self-custodied wallet or via a crypto exchange. However, while these methods have become simpler over time, many investors prioritize the ease, accessibility, and familiarity of being able to gain exposure to crypto within their existing portfolios, on platforms where they already do their banking and investing.

Grayscale Products are familiar investment vehicles that investors can access in major brokerage accounts such as Charles Schwab, Robinhood, and Fidelity, and similar to other retail investments, investors may buy and sell shares of Grayscale Products without needing to manage the crypto underlying it directly. 

You can access Grayscale’s publicly-quoted Products through a brokerage account and through certain tax-advantaged accounts (e.g. IRAs, Self-Directed IRAs).

To purchase, simply search for the ticker symbol in your brokerage account or investment platform.

If you do not see Grayscale Products available, you may consider consulting your Financial Advisor.

Yes, you can access Grayscale Products in certain tax-advantaged accounts (e.g. IRAs, Self-Directed IRAs).

For additional information, speak with your IRA or tax-advantaged account provider. Please note that Grayscale does not and will not provide any advice or recommendation regarding investment in any Product and that you should consult your own advisers before making any decision to purchase shares in a Product.

For Products that are single-asset crypto trusts:

Each single-asset crypto trust intends to take the position that it is a grantor trust for U.S. federal income tax purposes. Assuming that such Product is a grantor trust, shareholders generally will be treated as if they directly owned their pro rata shares of the underlying assets held in such Product. Shareholders also will be treated as if they directly received their respective pro rata shares of such Product’s income, and directly incurred their pro rata shares of such Product’s expenses. Most state and local tax authorities follow U.S. income tax rules in this regard. Prospective investors in such Product should discuss the tax consequences of an investment in such Product with their tax advisors.

For Products that are multi-asset crypto funds:

For U.S. federal income tax purposes, each multi-asset Product may be a passive foreign investment company (a “PFIC”) and, in certain circumstances, may be a controlled foreign corporation (a “CFC”). The Product will make available a PFIC Annual Information Statement that will include information required to permit each eligible shareholder to make a “qualified electing fund” election (a “QEF Election”) with respect to the Product. Each shareholder that is a taxable U.S. person for U.S. federal income tax purposes is urged to make a QEF Election with respect to the Product.

This should not be considered tax advice and investors should discuss the U.S. federal income tax consequences of an investment in the Product with their tax advisors, including the consequences to them of an investment in a PFIC or CFC.

All tax documents can be found in the Resources of the Grayscale website. 

Investments in Grayscale Products are considered speculative investments that involve high degrees of risk, including loss of invested funds. Grayscale Products are not suitable for any investor that cannot afford loss of the entire investment.

It is recommended that investors carefully consider each Product’s investment objectives, risk factors, fees and expenses before investing. This and other information can be found in each Product’s private placement memorandum, which may be obtained from Grayscale, and for each Product registered with the SEC and/or listed on the OTC Markets, such Product’s annual report or information statement, which may be obtained by visiting the SEC’s website for Products that are SEC reporting or the OTC Markets website for Products that are quoted on OTC Markets. Reports on OTC Markets are not prepared in accordance with SEC requirements and may not contain all information that is useful for an informed investment decision. Read these documents carefully before investing.

• Staking is the process of locking up cryptocurrency as collateral to support network security in return for earning tokens. Some blockchain networks, such as Ethereum and Solana, use a model known as “Proof-of-Stake" (PoS) to secure the network. In this model, participants called validators stake (or lock) their tokens on the network as collateral and help propose and validate new blocks. Importantly, token holders who stake retain ownership of their assets while participating in staking through trusted providers.
• When these validators operate correctly, the protocol pays them staking rewards in the form of additional tokens, which provides a direct incentive to support the network.

Yes, Grayscale has begun staking in some of its products. Long-term, staking a portion of the assets within these funds will generate additional income, which passively benefits investors in these funds over time.

So far, Grayscale has introduced staking into Grayscale Ethereum Trust ETF (Ticker: ETHE), Grayscale Ethereum Mini Trust ETF (Ticker: ETH), and Grayscale Solana Trust (Ticker: GSOL). Grayscale intends to stake assets from more products over time.

ETHE and ETH are exchange traded products that are not registered under the Investment Company Act of 1940 (the “40 Act”) and therefore are not subject to the same regulations and protections as 40 Act-registered ETFs and mutual funds. An investment in ETHE and ETH involves significant risk, including possible loss of principal. ETHE and ETH hold digital assets; however, an investment in ETHE and ETH is not a direct investment in digital assets. GSOL is not an ETP and is quoted on OTC Markets Group.

• For ETHE: most of the staking rewards will be distributed to investors in the form of cash.
• For ETH: most of the staking rewards will accrue to shareholders, increasing the amount of token each share represents.
• For GSOL: most of the staking rewards will accrue to shareholders, increasing the amount of token each share represents.

• There is no action required by investors to benefit from the value generated from staking, and all operational complexity is handled by Grayscale and its service providers.
• Importantly, the investment objective for funds that are now staking remains intact: to be solely and passively invested in the underlying asset. And now, investors can more comprehensively experience the value of investing in proof-of-stake protocols.
• For the Ether staked in ETHE and ETH, and the Solana staked in GSOL, the assets remain in our cold storage framework. Grayscale continues to maintain the security and safeguarding of fund assets as a top priority.

• Staking rewards are currently considered ordinary income as they are received.
• Grayscale will present staking reward proceeds as a separate item on the annual tax letter posted for each Trust to the Grayscale website.
• For U.S. investors, please refer to Grayscale 8K page 7 section titled Tax Consequences to U.S. Holders for additional information as it relates to tax consequences for U.S. investors.
• For non-U.S. investors, please refer to Grayscale 8K page 9 section titled Tax Consequences to Non-U.S. Holders for additional information as it relates to tax consequences for non-U.S. investors.

• The amount staked in each fund will vary with market conditions, including the time it takes to unstake assets for the relevant protocol, potential creation or redemption activity, and other considerations.
• The approximate percentage staked for each fund is available daily on each fund’s website, under “Key Fund Information,” and you can also find Grayscale’s ETP Staking Policy under “Documents” on relevant fund webpages.

• On a net basis, staking will generate additional value for investors, but there are some costs associated with it. For example, Grayscale relies on service provider partners to help access the infrastructure needed to stake assets. We have been able to use our stature and connectivity in the industry to minimize these costs. • A portion of staking rewards will be retained by Grayscale in connection with the services involved in arranging and managing staking within each respective fund. • On a net basis, approximately 94% of all staking rewards accrue to ETH investors and approximately 77% of all staking rewards accrue to ETHE and GSOL investors.

• Annual reward rates are currently about 2-3 percent for Ethereum and 6-7 percent for Solana, as of October 2025. Rates are not guaranteed and vary based on the number of validators online and network activity, among other factors. The funds will not stake all of their assets in order to retain sufficient primary market liquidity, so investors should expect staking-related reward rates under these base percentages.
• The percentage of the fund staked can be found on the website under “Key Fund Information” as “Staked %.”*
• Subject to the Grayscale’s Staking Policy (link below), ETHE is intended to return net rewards to shareholders in the form of a distribution, while ETH and GSOL will reinvest and compound rewards over time. For more information, see “Distributions of Staking Rewards to Shareholders” in the Grayscale Digital Asset ETP Staking Policy & Procedures (the “Staking Policy”) available here.

*Staked assets include Ether that has been posted to the Ethereum proof-of-stake network but may be in the activation or exit (unbonding) queue. During these periods, assets are locked onchain and do not earn rewards until validator activation or are no longer earning rewards once in the exit queue. These mechanisms are integral to Ethereum’s proof-of-stake design, ensuring validator stability and orderly participation across the network.

• Slashing is a risk introduced by staking. Slashing occurs when assets are forfeited in response to unwanted validator behavior. [The funds and Custodian maintain insurance against slashing (although not in the full amount of fund assets).
• The likelihood that slashing occurs among institutional staking service providers is extremely low; as part of the initial and ongoing due diligence process in connection with the staking program, the Sponsor has evaluated the track record of selected staking providers and found no instances of slashing in past performance.

• Staking is conducted through a non-custodial staking framework, meaning assets remain in our Qualified Custodian’s cold storage solution at all times, even while staking. The custodian retains control of private keys, and assets are not transferred to external wallets or platforms.
• During the unstaking process, assets may only be returned to the wallet address from which they originated.
• Although staking introduces more third-party touchpoints for the funds, all of our service providers have been heavily vetted and are industry leaders.

Grayscale single asset trusts, which include both Exchange Traded Products and Private Placement products include the following vehicles:

• Grayscale Space and Time Trust (SXT)
• Grayscale DeepBook Trust (DEEP)
• Grayscale Walrus Trust (WAL)
• Grayscale Story Trust (IP)
• Grayscale AAVE Trust (AAVE)
• Grayscale Pyth Trust (PYTH)
• Grayscale Lido DAO Trust (LDO)
• Grayscale Optimism Trust (OP)
• Grayscale Bittensor Trust (TAO)
• Grayscale Near Trust (NEAR)
• Grayscale Stacks Trust (STX)
• Grayscale Basic Attention Token Trust (BAT)
• Grayscale Decentraland Trust (MANA)
• Grayscale Filecoin Trust (FIL)
• Grayscale Livepeer Trust (LPT)
• Grayscale Bitcoin Cash Trust (BCH)
• Grayscale Ethereum Classic Trust (ETC)
• Grayscale Horizen Trust (ZEN)
• Grayscale Litecoin Trust (LTC)
• Grayscale Stellar Lumens Trust (XLM)
• Grayscale Zcash Trust (ZEC)
• Grayscale Bitcoin Trust ETF
• Grayscale Bitcoin Mini Trust ETF
• Grayscale Ethereum Staking ETF
• Grayscale Ethereum Staking Mini ETF
• Grayscale Solana Staking ETF
• Grayscale Dogecoin Trust ETF
• Grayscale XRP Trust ETF
• Grayscale SUI Staking ETF
• Grayscale Chainlink Trust ETF
• Grayscale Avalanche Staking ETF

Grayscale single asset trusts are treated as grantor trusts for U.S. federal income tax purposes. Shareholders are generally taxed as if they directly owned the trust’s assets, including their pro-rata share of income and expenses. Many U.S. local tax authorities follow this rule. Consult a tax advisor for federal, state, and local tax consequences.

Sponsor fees accrue daily and are satisfied by transferring or selling underlying assets of the trust - these transfers or sales are taxable events even if an investor did not direct a sale of the shares. The 1099 may provide proceeds, cost, gain/loss and holding period. Typically, the tax basis is determined by the cost basis in the shares, and proceeds are based on the asset value at the time of the transaction.

In some instances, a broker/custodian may not have the cost basis for the shares in which case they may provide zero as cost basis on the Form 1099. This typically occurs when shares are transferred to the custodian/broker without the cost basis or when the shares were purchased in-kind. A broker may also provide a cost basis factor or other method for a shareholder to compute their own basis.

In some instances, a broker/custodian may not have the acquisition date for the shares in which case they may leave this field blank on Form 1099. This typically occurs when shares are transferred to the custodian/broker without the cost basis or when the shares were purchased in-kind. An investor should use an acquisition date that reflects the date when they acquired shares in the Trust which also determines long term and short term character of the gain/loss.

In-kind contributions are generally non-taxable. An investor’s basis in trust shares equals their pre-contribution basis in the digital assets. Upon selling the shares, gain or loss typically equals the difference between sale proceeds and the adjusted basis. An annual “tax letter” is published to the Grayscale site that provides a step-by-step procedure for determining gain/loss on assets contributed in-kind. For most Grayscale trusts, the tax letter is published to the Grayscale website (https://www.grayscale.com/resources/tax-center). In some instances, these letters are published to Slate (Grayscale’s File Transfer Protocol site) for direct download by investors.

Similar to computation of gain/loss, the step-by-step procedure included in the annual “tax letter” provides a method to determine adjusted cost basis for assets contributed in-kind.

No. Grayscale does not provide tax advice or verify individual tax calculations. Grayscale cannot provide guidance on which forms should or should not be included with an investor’s own tax return. Please consult a tax advisor.

The following vehicles are UK Reporting Funds. Grayscale published the UK Reporting Fund relevant data to the Grayscale website (https://www.grayscale.com/resources/tax-center).

• Grayscale Bitcoin Trust ETF
• Grayscale Bitcoin Mini Trust ETF
• Grayscale Ethereum Staking ETF
• Grayscale Ethereum Staking Mini ETF
• Grayscale Solana Staking ETF
• Grayscale Coindesk Crypto 5 ETF (foreign LLC, Non-Single Asset Trust)

Certain activities or events may generate UBTI. Grayscale believes none of its private placement trusts has generated UBTI in the current year, but tax-exempt investors should consult their tax advisors concerning potential UBTI recognition.

If a Grayscale ETP undertakes a reverse share split, a shareholder may receive a fractional share. Since fractional shares cannot trade on NYSE Arca, the ETP is expected to redeem them for cash at the split‑adjusted NAV—this redemption may trigger a gain or loss. Otherwise, a reverse split is not expected to be a taxable event, and no transaction fees will apply to the redemption of fractional shares.

Grayscale foreign corps/LLCs include the following vehicles:

• Grayscale Coindesk Crypto 5 ETF
• Grayscale Decentralized AI Fund
• Grayscale Smart Contract Fund LLC
• Grayscale Decentralized Finance (DeFi) Fund LLC

These vehicles are Cayman Islands limited liability companies that are treated as corporations for U.S. federal income tax purposes. They may be classified as a passive foreign investment company (PFIC) depending on their income and assets in any given year.

A PFIC is a non-U.S. corporation that meets certain thresholds of passive income or assets. PFIC status can result in complex U.S. tax treatment for investors, including ordinary income taxation and interest charges, unless specific elections are made. PFIC status is determined annually.

Yes. U.S. taxpayers who are direct or indirect shareholders of a PFIC may be required to file IRS Form 8621 annually. This form requires income reporting and disclosure of any PFIC-related elections. Investors should discuss their  filing obligations with a tax advisor.

Under the PFIC regime, there are two elections that can be made by U.S. investors that determine the annual treatment of income earned by the investor in the PFIC. These are known as the “QEF” or “MTM” elections, under §1293 and §1296, respectively, of the IRS code. In the event an election is not made, a U.S. taxpayer would default into the “excess distribution” regime under IRC §1291.

Without making a QEF or mark-to-market (MTM) election, a U.S. investor would default into the “excess distribution” regime. Under this regime, gains from the sale of PFIC shares or certain distributions would be taxed as ordinary income and may also trigger a punitive interest charge.

A QEF election allows an investor to include their share of a PFIC’s annual earnings (both ordinary income and capital gains) in their current taxable income, whether the fund distributes anything. Making this election may mitigate some of the more punitive aspects of default PFIC taxation. Losses may be limited.

Yes. Grayscale has historically, and intends to continue, to make available PFIC Annual Information Statements that contain the data necessary to support a QEF election. Investors should confirm with their tax advisor whether this information meets their needs.

A MTM election allows investors to recognize gains and certain losses annually based on the fair market value of their shares, even if they have not sold them. Gains are taxed as ordinary income, and losses may be limited.

Possibly. Investors who do not make a QEF or MTM election in their first year of ownership may be able to make a “purging election” in a later year. This typically results in a taxable event and requires careful consideration and professional tax guidance.

If shares are held through an intermediary entity, any PFIC elections may need to be made by that entity. The rules can be complex, and entity-level tax considerations should be reviewed with a qualified advisor.

Investors should be aware of the tax complexity that may accompany PFIC investments, including additional reporting obligations, annual elections, and potential for adverse tax treatment. It is strongly recommended that investors consult with a tax advisor to evaluate whether investing in a PFIC is appropriate for their situation.

Typically, non-U.S. investors are not subject to the PFIC rules in the same way U.S. investors would be. It is important for all investors to evaluate what an investment in GDLC means to them as it relates to reporting and tax realizations, both in the U.S. and their country of tax domicile.

Typically, U.S. tax exempt investors may not be subject to the PFIC rules in the same way U.S. investors would be. It is important for all investors to evaluate what an investment in GDLC means to them as it relates to reporting and tax realizations

Grayscale Regulated Investment Fund (RIC) vehicles include the following entities:

• Grayscale Bitcoin Covered Call ETF
• Grayscale Bitcoin Premium Income ETF
• Grayscale Ethereum Covered Call ETF
• Grayscale Bitcoin Adopters ETF
• Grayscale Bitcoin Miners ETF

Generally speaking, distributions are taxable to the extent they are in excess of basis or represent corporate earnings and profits which is computed annually. Therefore, true taxability of distributions cannot be determined until corporate year-end.

Form 1099, which is distributed annually by custodian/brokers provides the breakout between ordinary income, and capital gains.