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Grayscale Bitcoin ETFs: Prospectus Supplement and Strategy Update

This document serves as a supplement to the Summary Prospectus and Prospectus for Grayscale Funds Trust, specifically addressing updates for the Grayscale Bitcoin Covered Call ETF and the Grayscale Bitcoin Premium Income ETF.

Key disclosures are updated regarding the principal investment strategy and dividend/distribution policies for these funds.

The Grayscale Bitcoin Premium Income ETF, trading under the symbol BPI, aims to provide current income and capital appreciation by investing in options on Bitcoin exchange-traded products (ETPs), such as Grayscale Bitcoin Trust ETF (GBTC) and Grayscale Bitcoin Mini Trust ETF (BTC).

This supplement, dated July 2025, supersedes previous information and outlines changes to the funds' strategies, including the use of exchange-traded options and bi-weekly distribution payments.

For more detailed information, investors can visit the Grayscale website at http://etfs.grayscale.com/bpi.

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