Introducing The Stack

¹ Largest crypto-focused asset manager based on AUM as of 12/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure.

Grayscale Operating, LLC (“GSO” d/b/a Grayscale Investments) is the parent holding company of Grayscale Advisors, LLC (“GSA”), an SEC-registered investment adviser, as well Grayscale Securities, LLC (“GSS”), an SEC-registered broker/dealer and member of FINRA, and Grayscale Investments Sponsors, LLC ("GSIS", together with GSO, GSS, and GSA, "Grayscale" or “Grayscale Investments”). GSIS is not registered as an investment adviser under the Investment Advisers Act of 1940 and none of the investment products (“Products”) sponsored or managed by GSIS are registered under the Investment Company Act of 1940.

This information must be preceded or accompanied by a prospectus for the Grayscale Trusts. Click the following links to view a prospectus: BTC, GBTC, GLNK, GDLC, GDOG, ETHE, ETH, GSOL, GSUI, GXRP, GAVA.

Investing involves a high degree of risk and heightened volatility, including possible loss of principal. An investment is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment should be considered only by persons who can bear the risk of total loss associated with an investment. An investment in any Grayscale product is not a direct investment in any cryptocurrency.

Carefully consider the funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting Grayscale.com. Read the prospectus carefully before investing.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.

Private placement securities are speculative, illiquid, and entail a high level of risk, including the risk that an investor could lose their entire investment. The private placement securities are not suitable for any investor that cannot afford loss of the entire investment. The private placement securities are distributed by Grayscale Securities, LLC (Member FINRA/SIPC). SIPC coverage does not apply to the crypto asset products or services mentioned.

Actively managed funds do not seek to track an index and their performance reflects the investment decisions that the investment manager makes for the Fund. There is no guarantee the investment strategy will be successful.

COINDESK® is a trademark of CoinDesk Indices, Inc. (with its affiliates, including CC Data Limited, “CDI”), and/or its licensors. CDI or CDI's licensors own all proprietary rights in the Index. CDI is not affiliated with Grayscale and does not approve, endorse, review, or recommend any Products. CDI does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any Index and shall not be liable in any way to Grayscale, investors in or holders of any product or other third parties in respect of the use or accuracy of any Index or any data included therein.

Foreside Fund Services, LLC is the marketing agent for Grayscale ETPs and the distributor of Grayscale ETFs.

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