Interested in AI Compute? Introducing Grayscale’s GCPU.

A message from AI's rapid growth is exposing a critical constraint: the physical infrastructure required to support it. Demand for compute continues to accelerate, while the land, power, data centers, and GPUs needed to meet it can take years to build. Grayscale AI Compute ETF (ticker: GCPU) offers exposure to a global basket of companies helping meet that demand, from GPU cloud and AI-hosting specialists to digital infrastructure operators adapting existing capacity for high-performance computing and AI workloads. Grayscale brings a 13-year track record of innovation in digital asset investing, and GCPU represents a natural extension of the firm's product suite. Many of the fund's index holdings originally began as Bitcoin mining companies building the infrastructure that supports digital assets.* As demand for AI has accelerated, a number of these Bitcoin miners have pivoted to focus on AI compute. WHY GCPU Compute is a scarce asset. Compute demand is outpacing physical supply. Data center vacancy rates are at record lows, with available capacity equal to roughly six months of demand,¹ while building a new data center can take two to five years.² Early entry and growing capital investment. Global AI investment is projected to exceed $1 trillion in 2026, with the majority directed toward data centers and other physical infrastructure. AI investment currently represents approximately 1% of GDP, compared with 2%–5% during past technology buildouts.³ Existing infrastructure has a built-in advantage. GCPU invests in companies with established hard assets—including powered, grid-connected data centers—and experience operating high-performance computing infrastructure. These assets and capabilities can help bring additional compute capacity to market faster. GCPU brings together the companies building AI's physical layer in a single investment, available today through brokerage and retirement accounts. Invest Now For more information about GCPU or any of our products, simply reply to this email or call 866-775-0313 to speak with one of our portfolio consultants. The Grayscale Team *Prior to September 22, 2026, GCPU operated as the Grayscale Bitcoin Miners ETF (MNRS), providing exposure to Bitcoin miners and the broader Bitcoin mining ecosystem. 1 CBRE, "North America Data Center Trends H1 2026," August 27, 2026. 2 McKinsey & Company, "Scaling Bigger, Faster, Cheaper Data Centers With Smarter Designs," August 1, 2025; Giga Energy, "Data Center Construction Guide: Costs, Timelines, and Equipment," March 12, 2026. 3 Goldman Sachs, "Global AI Investment Is Forecast to Exceed $1 Trillion in 2026," August 7, 2026. 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. Investing involves risk, including possible loss of principal. 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. High performance computing companies provide AI compute services, GPU cloud services, data center hosting, and related infrastructure, and may experience greater volatility than companies in a broader range of industries. Companies in AI infrastructure face intense competition, rapid product obsolescence, and depend on customer spending on AI, cloud computing, and data centers, with adoption potentially failing to develop as expected. Supply chain disruptions, power shortages, export controls, and overbuilding of AI compute capacity could limit growth, with evolving regulations on data privacy, energy usage, and data center development adding compliance risk. Digital infrastructure transition companies, including former cryptocurrency miners pivoting to AI operations, may have limited operating histories and may not successfully complete their transitions. The Indxx High Performance Computing Index is designed by Indxx (the "Index Provider") to track the performance of global companies that do business in high-performance computing, AI cloud and accelerated computing infrastructure activities and services. The index also includes companies that provide supporting infrastructure for AI and high-performance computing such as GPU cloud services data center hosting, computing infrastructure and related hardware and software solutions. 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