BTCC

Investment Strategy

The Grayscale Bitcoin Covered Call ETF (“the Fund”) is designed to maximize income generation via systematic covered call writing.

The Fund's secondary strategy is to participate in the returns of Bitcoin through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin.

Reasons to Consider BTCC

• High Income Potential

  Bitcoin is a unique asset with differentiated sources of volatility. Covered call writing on Bitcoin delivers an uncorrelated and potentially significant source of income for investors.

• Monthly Distributions

  BTCC follows a monthly distribution schedule, prioritizing a consistent cadence of distributions to investors.

• Systematic Options Management

  BTCC writes, rolls, and rebalances call options on Bitcoin ETPs, saving investors the time, operational hurdles, and expenses of doing so on their own.

Fund Details

*The Fund intends to pay out dividends from net investment income, if any, and distribute any net realized capital gains to its shareholders at least annually.

Distributions

BTCC seeks to harness the volatility characteristics of Bitcoin in an effort to deliver investors with a significant and differentiated source of income. BTCC is designed to distribute every month, providing a consistent stream of cash flows for investors.

Performance History

As of 06/30/2025

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call (866) 775-0313 or visit the Fund's website at etfs.grayscale.com/btcc.

Holdings

Holdings are subject to change without notice.

The Grayscale Bitcoin Covered Call ETF is designed to maximize income generation via systematic covered call writing.

Important Information & Risks

This material must be preceded or accompanied by a prospectus. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (866)-775-0313 or click here for BTCC. Read the prospectus or summary prospectus carefully before investing.

Grayscale Bitcoin Covered Call ETF (the "Fund" or "BTCC") will not invest in digital assets directly. The Fund also will not invest in initial coin offerings. The Fund will, however, have indirect exposure to digital assets by virtue of its investments in derivatives on exchange-traded vehicles that hold digital assets as investments. Because the Fund will not invest directly in any digital assets, it may not track price movements of any digital assets.

Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Fund is considered to be non-diversified. The Fund is actively managed and its performance reflects the investment decisions that the Adviser makes for the Fund.

Derivative Instruments

The Fund will invest in options and derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices than conventional securities, which can result in greater losses for the Fund.

Options Risk

The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions and depends on the ability of the Fund's portfolio managers to forecast market movements correctly. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument. The effective use of options also depends on the Fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price.

Covered Call Option Writing Risk

By writing covered call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the security above the exercise prices of such options, but will continue to bear the risk of declines in the value of the underlying security. The premiums received from the options may not be sufficient to offset any losses sustained from the volatility of the underlying stocks over time.

Digital Assets Risk

Digital assets, such as bitcoin, are assets designed to be a medium of exchange, though some arguably have not achieved that purpose. Digital assets are an emerging asset class and are subject to significant risk and heightened volatility.

Bitcoin ETPs Investment Risk

The Fund intends to obtain investment exposure to Bitcoin, indirectly via synthetic exposure to Bitcoin ETPs through derivatives. The price of Bitcoin ETPs shares may not directly correspond to the price of any digital currency and are highly volatile. The shares of Bitcoin ETPs are not registered under the 1940 Act, or any state securities laws, and therefore such an investment will not benefit from the protections and restrictions of such laws.

Affiliate Sponsorship

Of the Bitcoin ETPs, GBTC and BTC are sponsored by an affiliate of the Fund's Adviser that receives a fee in exchange for assuming certain administrative and marketing expenses of GBTC and BTC. While the Fund does not invest directly in GBTC and BTC, the Fund's strategy may result in additional purchases of shares of in GBTC and BTC by options holders, which will benefit the Adviser and its affiliate in terms of fee being received on these products.

Liquidity Risk

The market for Bitcoin ETP options is still developing and may be subject to a period of illiquidity.

Subsidiary Investment Risk

By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act; therefore, the Fund will not receive all of the protections offered to investors in registered investment companies.

Issuer Risk

The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition of an issuer of those securities may cause the value of the securities to decline.

New Fund Risk

The Fund is a recently organized investment company with no operating history.