Grayscale
Grayscale Investments is one of the most active and influential digital currency investment institutions in the world. It operates through compliant fund structures to serve institutional investors and high-net-worth qualified investors. At present, Grayscale has issued 35 cryptocurrency funds, including 8 ETFs (GBTC, ETHF, and GDLC have been converted from trusts to ETFs), 14 public funds, and 13 private funds. It supports 31 single-asset funds and 4 diversified funds containing mainstream cryptocurrencies. Investors can subscribe using crypto or fiat currency. Grayscale charges management fees and issues equivalent trust/fund shares to investors. Shares have a fixed lock-up period, after which they can be traded on the secondary market (OTCMarkets).
As of Dec 8, 2025, data shows that the total Assets Under Management of Grayscale are $26.60B, including $25.62B in ETFs, $914.73M in public funds, and $65.37M in private funds. GBTC holdings are $15.19B, accounting for 57.12% of the total, and GETH holdings are $2.92B, accounting for 10.98%.
Grayscale ETF & Trust Fund Products
| Product Name | AUM | Holding Coins | Holding Per Share 1D/1Mon | Market Price 1D/1Mon | Premium | Last Update |
|---|
GBTC Grayscale Bitcoin Trust ETF | $15.19B | 167.33K BTC | $71.02 1.63%-4.17% | $70.99 1.56%-6.28% | -0.04% | Dec 8, 2025 |
BTC Grayscale Bitcoin Mini Trust ETF | $4.42B | 48.63K BTC | $40.19 1.64%-4.05% | $40.20 1.64%-5.96% | 0.02% | Dec 8, 2025 |
ETHE Grayscale Ethereum Trust ETF | $2.92B | 931.14K ETH | $25.74 3.75%-6.80% | $25.76 3.79%3.43% | 0.08% | Dec 8, 2025 |
ETH Grayscale Ethereum Mini Trust ETF | $2.24B | 713.30K ETH | $29.58 3.75%-6.61% | $29.59 3.75%4.04% | 0.03% | Dec 8, 2025 |
GDLC Grayscale CoinDesk Crypto 5 ETF | $559.66M | Diversified | $43.33 2.07%-5.30% | $43.29 1.93%-% | -0.09% | Dec 8, 2025 |
BCHG Grayscale Bitcoin Cash Trust | $225.19M | 387.98K BCH | $4.78 3.02%0.44% | $4.47 2.52%6.58% | -6.49% | Dec 8, 2025 |
GXRP Grayscale XRP Trust | $217.92M | 104.38M XRP | $40.50 3.13%-11.37% | $40.54 3.13%-% | 0.10% | Dec 8, 2025 |
LTCN Grayscale Litecoin Trust | $167.63M | 2.00M LTC | $6.91 4.86%-11.98% | $6.81 3.65%-28.25% | -1.45% | Dec 8, 2025 |
ZCSH Grayscale Zcash Trust | $161.08M | 394.14K ZEC | $33.35 13.94%20.71% | $29.00 12.40%896.13% | -13.04% | Dec 8, 2025 |
GSOL Grayscale Solana Trust ETF | $154.49M | 1.15M SOL | $9.79 1.14%-9.82% | $9.79 1.24%-% | <0.01% | Dec 8, 2025 |
ETCG Grayscale Ethereum Classic Trust | $148.32M | 11.00M ETC | $10.60 3.41%-14.05% | $7.50 3.45%-29.35% | -29.25% | Dec 8, 2025 |
GLNK Grayscale Chainlink Trust | $71.81M | 5.20M LINK | $12.25 1.66%-23.78% | $12.27 1.83%-69.39% | 0.16% | Dec 8, 2025 |
GXLM Grayscale Stellar Lumens Trust | $28.31M | 116.59M XLM | $20.38 1.39%-16.87% | $20.59 0.88%-45.85% | 1.03% | Dec 8, 2025 |
-- Grayscale Story Trust | $14.56M | 6.80M IP | $6.36 -1.85%-40.77% | $- -%-% | -% | Dec 8, 2025 |
-- Grayscale Bittensor Trust | $10.72M | 36.25K TAO | $5.70 8.37%-37.85% | $- -%-% | -% | Dec 8, 2025 |
HZEN Grayscale Horizen Trust | $8.46M | 950.91K ZEN | $0.7400 5.71%-9.62% | $1.000 11.11%47.56% | 35.14% | Dec 8, 2025 |
-- Grayscale Avalanche Trust | $7.85M | 575.92K AVAX | $6.60 2.17%-18.71% | $- -%-% | -% | Dec 8, 2025 |
-- Grayscale Walrus Trust | $6.72M | 41.70M WAL | $3.18 4.95%-27.89% | $- -%-% | -% | Dec 8, 2025 |
GBAT Grayscale Basic Attention Token Trust | $6.53M | 25.27M BAT | $2.29 4.57%72.92% | $2.02 0.50%9.09% | -11.79% | Dec 8, 2025 |
-- Grayscale DeepBook Trust | $5.92M | 139.78M DEEP | $2.51 5.91%-40.13% | $- -%-% | -% | Dec 8, 2025 |
-- Grayscale Space and Time Trust | $5.74M | 201.63M SXT | $2.79 -5.42%-28.29% | $- -%-% | -% | Dec 8, 2025 |
GSUI Grayscale Sui Trust | $4.99M | 3.09M SUI | $23.43 3.95%-35.58% | $23.79 32.17%-% | 1.54% | Dec 8, 2025 |
MANA Grayscale Decentraland Trust | $4.42M | 29.20M MANA | $1.34 0.75%-26.60% | $1.41 -1.40%-38.40% | 5.22% | Dec 8, 2025 |
GDOG Grayscale Dogecoin Trust | $4.30M | 29.95M DOGE | $16.89 3.81%-19.63% | $16.89 3.81%-% | <0.01% | Dec 8, 2025 |
-- Grayscale Pyth Trust | $3.58M | 51.59M PYTH | $3.40 2.41%-28.57% | $- -%-% | -% | Dec 8, 2025 |
FILG Grayscale Filecoin Trust | $3.38M | 2.25M FIL | $1.33 2.31%8.21% | $2.44 -0.81%-34.57% | 83.46% | Dec 8, 2025 |
-- Grayscale Smart Contract Fund | $3.03M | Diversified | $9.77 2.73%-25.76% | $- -%-% | -% | Dec 8, 2025 |
DEFG Grayscale Decentralized Finance (DeFi) Fund | $3.02M | Diversified | $12.63 2.93%-12.80% | $14.09 <0.01%-55.87% | 11.56% | Dec 8, 2025 |
GLIV Grayscale Livepeer Trust | $2.31M | 607.53K LPT | $3.38 2.42%-11.93% | $3.54 -6.60%-41.72% | 4.73% | Dec 8, 2025 |
-- Grayscale Aave Trust | $1.33M | 6.92K AAVE | $18.61 4.14%-17.76% | $- -%-% | -% | Dec 8, 2025 |
GSNR Grayscale Near Trust | $1.04M | 593.84K NEAR | $2.54 4.96%-11.15% | $4.33 -5.87%-% | 70.47% | Dec 8, 2025 |
-- Grayscale Decentralized AI Fund | $695.37K | Diversified | $2.84 5.19%-25.49% | $- -%-% | -% | Dec 8, 2025 |
STCK Grayscale Stacks Trust | $541.64K | 1.80M STX | $1.45 3.57%-23.88% | $1.91 -4.50%-% | 31.72% | Dec 8, 2025 |
-- Grayscale Lido DAO Trust | $157.77K | 264.24K LDO | $2.91 3.56%-22.99% | $- -%-% | -% | Dec 8, 2025 |
-- Grayscale Optimism Trust | $81.59K | 255.57K OP | $1.56 6.85%-16.92% | $- -%-% | -% | Dec 8, 2025 |
Total Assets Under Management of Grayscale Holdings
ALL
Note: GBTC was converted to an ETF on 2024-01-11, ETHE on 2024-07-23, GDLC on 2025-09-19, and GSOL on 2025-10-29.
Historical Premium Of Grayscale Trust Funding
What is Grayscale?
Grayscale was founded in 2013 and is one of the largest and most institutionally adopted digital asset management companies globally. It operates regulated funds, providing institutional and high-net-worth investors with a safe, transparent, and compliant way to invest in digital assets.
What digital asset investment products does Grayscale offer?
Grayscale's products mainly include:
1. Single-Asset Trusts, such as BTC, ETH, SOL, LINK, FIL, BAT, providing exposure to a single cryptocurrency.
2. Diversified Funds, which consist of multiple cryptocurrencies in a single portfolio, offering investors diversified exposure.
What are the stages and types of Grayscale fund products?
Grayscale funds generally go through the following stages:
1. Private Placement: Available to accredited investors with a typical one-year lock-up period.
2. Public Quotation: Private shares can be traded on secondary markets once unlocked.
3. SEC Reporting: Funds submit reports to the U.S. SEC, enhancing transparency and regulatory oversight.
4. ETF Stage: If allowed by regulations, funds may list on stock exchanges and enable creation/redemption of shares.
Does Grayscale actually hold the cryptocurrencies?
Yes. For spot trusts, Grayscale holds the cryptocurrencies corresponding to the fund shares, which are securely custodied by regulated third parties (e.g., Coinbase Custody). Each fund operates independently, separate from Grayscale's own assets, and some products undergo audits and SEC reporting.
Why do publicly quoted Grayscale products have a premium or discount?
Publicly quoted products cannot be redeemed directly, so supply and demand in the secondary market may cause the trading price to be above (premium) or below (discount) the net asset value of the underlying assets (after fees).
Why does the premium or discount tend to zero after a Grayscale fund converts to an ETF?
ETFs have daily creation and redemption mechanisms. Arbitrageurs can adjust market prices by creating or redeeming shares, keeping the ETF price close to net asset value, and quickly eliminating premiums or discounts.
How is a Grayscale product different from directly buying cryptocurrencies?
Grayscale provides indirect access to cryptocurrencies. Investors do not need to manage wallets or private keys, suitable for traditional or institutional investors. Directly buying cryptocurrencies requires managing the assets and keys but avoids management fees.
What is the Assets Under Management (AUM) of Grayscale funds?
AUM refers to the total value of all digital assets currently managed by Grayscale funds. It is calculated as: AUM = quantity of crypto held by each trust × current market price − fund fees. AUM reflects the scale, liquidity, and market influence of the fund.