Grayscale Funds Trust: Prospectus Supplement

Supplement Dated July 30, 2025

Purpose

This document provides updates to the Summary Prospectus and Prospectus for Grayscale Funds Trust, specifically for funds listed in Schedule A.

Funds Affected

Key Strategy and Distribution Updates

The supplement details changes to the investment strategy, stating that the Funds will invest in exchange-traded options contracts referencing a Bitcoin ETP (Exchange-Traded Product). This includes utilizing traditional and FLEX options on Bitcoin ETPs like GBTC and BTC.

A synthetic covered call strategy is employed, involving purchasing and selling call and put options on Bitcoin ETPs to generate income and potentially participate in Bitcoin's returns.

Additionally, the Funds intend to make bi-weekly distribution payments to shareholders.

Additional Information

The document also outlines fund fees, provides an expense example for the Grayscale Bitcoin Covered Call ETF, and discusses various investment risks associated with digital assets and ETPs.

For more details, investors can visit the Grayscale website:

http://etfs.grayscale.com/btcc

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