Important Disclosures
*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. For additional information, please consult https://www.sec.gov/newsroom/speeches-statements/spch121714laa.
**Represents the applicable product's private placement offering price and is calculated using non-GAAP methodology. For additional information, see the applicable product's private placement offering memorandum and other offering documents.
Grayscale Products issue shares continuously or periodic basis. Investments in the Products are speculative investments that involve high degrees of risk, including a partial or total loss of invested funds. Grayscale Products are not suitable for any investor who cannot afford loss of the entire investment. The information herein is only provided with respect to shares purchased directly from the Product, and prospective investors are not to construe the contents of this document as a recommendation to purchase the shares of the Product on any secondary market, including, without limitation, OTC Markets.
For private placement shares, each Product uses the applicable digital asset(s)'s Digital Asset Reference Rate to calculate its Digital Asset Holdings, which is the aggregate U.S. Dollar value of the applicable digital asset(s) in the Product, calculated using the Digital Asset Reference Rate, less the U.S. Dollar value of its liabilities and expenses. Digital Asset Holdings is calculated using non-GAAP methodology. Digital Asset NAV per Share is calculated by dividing Digital Asset Holdings by the number of shares currently outstanding.
Restricted Shares - Qualified accredited investors are eligible to directly invest in the Product and purchase shares at the daily Digital Asset NAV per Share (as described below). Shares purchased from the Product are restricted shares and subject to significant limitations on resale.
The shares of each Product are intended to reflect the price of the digital asset(s) held by such Product (based on digital asset(s) per share), less such Product's expenses and other liabilities. 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.
The Product will not generate any income and regularly sells/distributes the digital assets it holds to pay for its ongoing expenses. Therefore, the amount of the applicable digital asset represented by each share will gradually decline over time. This and other information can be found in each Product's private placement memorandum, which may be obtained from Grayscale.
The Products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC). SIPC coverage does not apply to crypto asset products or services mentioned.
© 2025 Grayscale Operating, LLC. All rights reserved. The GRAYSCALE and GRAYSCALE
INVESTMENTS logos, graphics, icons, trademarks, service marks and headers are registered and unregistered trademarks of Grayscale Operating, LLC in the United States.
