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 5 ETFs (GBTC, ETHF, and GDLC have been converted from trusts to ETFs), 15 public funds, and 15 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 Nov 18, 2025, data shows that the total Assets Under Management of Grayscale are $26.71B, including $25.63B in ETFs, $990.56M in public funds, and $92.97M in private funds. GBTC holdings are $15.70B, accounting for 58.77% of the total, and GETH holdings are $3.02B, accounting for 11.32%.
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 | $15.70B | 169.19K BTC | $72.63 1.00%-4.17% | $72.64 -%-6.28% | 0.01% | Nov 18, 2025 |
BTC Grayscale Bitcoin Mini Trust ETF | $4.22B | 45.47K BTC | $41.07 1.01%-4.05% | $41.07 -%-5.96% | <0.01% | Nov 18, 2025 |
ETHE Grayscale Ethereum Trust ETF | $3.02B | 967.87K ETH | $25.64 4.02%-6.80% | $25.64 -%3.43% | <0.01% | Nov 18, 2025 |
ETH Grayscale Ethereum Mini Trust ETF | $2.12B | 679.74K ETH | $29.43 4.03%-6.61% | $29.41 -%4.04% | -0.07% | Nov 18, 2025 |
GDLC Grayscale CoinDesk Crypto 5 ETF | $564.25M | Diversified | $44.26 1.79%-5.30% | $44.27 -%-% | 0.02% | Nov 18, 2025 |
ZCSH Grayscale Zcash Trust | $249.39M | 394.68K ZEC | $51.64 -1.07%405.48% | $41.35 2.07%848.48% | -19.93% | Nov 18, 2025 |
BCHG Grayscale Bitcoin Cash Trust | $204.41M | 388.52K BCH | $4.34 6.90%-2.59% | $3.98 6.99%<0.01% | -8.29% | Nov 18, 2025 |
LTCN Grayscale Litecoin Trust | $190.67M | 2.00M LTC | $7.86 3.56%-10.19% | $7.60 3.40%-8.87% | -3.31% | Nov 18, 2025 |
ETCG Grayscale Ethereum Classic Trust | $161.74M | 11.02M ETC | $11.56 2.85%-13.16% | $7.90 3.81%-20.34% | -31.66% | Nov 18, 2025 |
GSOL Grayscale Solana Trust ETF | $96.79M | 685.75K SOL | $10.28 8.44%-9.82% | $10.29 -%-% | 0.10% | Nov 18, 2025 |
GXLM Grayscale Stellar Lumens Trust | $30.13M | 116.75M XLM | $21.69 4.58%-17.00% | $22.13 2.93%-20.03% | 2.03% | Nov 18, 2025 |
-- Grayscale Story Trust | $19.27M | 6.81M IP | $8.42 0.60%-49.14% | $- -%-% | -% | Nov 18, 2025 |
GLNK Grayscale Chainlink Trust | $18.13M | 1.31M LINK | $12.33 4.85%-19.84% | $17.80 1.42%-24.84% | 44.36% | Nov 18, 2025 |
HZEN Grayscale Horizen Trust | $16.60M | 952.21K ZEN | $1.45 9.85%60.00% | $1.64 19.71%81.82% | 13.10% | Nov 18, 2025 |
-- Grayscale XRP Trust | $13.42M | 6.02M XRP | $43.28 3.71%-11.37% | $- -%-% | -% | Nov 18, 2025 |
-- Grayscale Bittensor Trust | $11.59M | 34.60K TAO | $6.46 7.49%58.71% | $- -%-% | -% | Nov 18, 2025 |
-- Grayscale Avalanche Trust | $8.45M | 574.92K AVAX | $7.12 2.30%-38.91% | $- -%-% | -% | Nov 18, 2025 |
-- Grayscale Walrus Trust | $7.86M | 41.76M WAL | $3.72 3.62%-43.10% | $- -%-% | -% | Nov 18, 2025 |
-- Grayscale Space and Time Trust | $7.66M | 201.90M SXT | $3.73 0.81%-18.56% | $- -%-% | -% | Nov 18, 2025 |
-- Grayscale DeepBook Trust | $7.62M | 139.97M DEEP | $3.23 3.86%-34.22% | $- -%-% | -% | Nov 18, 2025 |
MANA Grayscale Decentraland Trust | $5.80M | 29.24M MANA | $1.76 4.14%-20.39% | $1.80 -7.22%-29.41% | 2.27% | Nov 18, 2025 |
-- Grayscale Sui Trust | $5.22M | 3.09M SUI | $24.54 6.28%-26.77% | $- -%-% | -% | Nov 18, 2025 |
-- Grayscale Pyth Trust | $4.56M | 51.66M PYTH | $4.33 5.87%-29.23% | $- -%-% | -% | Nov 18, 2025 |
GBAT Grayscale Basic Attention Token Trust | $4.41M | 25.31M BAT | $1.55 2.65%16.13% | $1.62 12.50%-24.68% | 4.52% | Nov 18, 2025 |
FILG Grayscale Filecoin Trust | $4.33M | 2.21M FIL | $1.74 -5.43%-30.93% | $3.22 9.90%-43.98% | 85.06% | Nov 18, 2025 |
DEFG Grayscale Decentralized Finance (DeFi) Fund | $3.51M | Diversified | $14.70 6.37%-20.55% | $15.75 -0.94%-23.36% | 7.14% | Nov 18, 2025 |
-- Grayscale Smart Contract Fund | $3.18M | Diversified | $10.25 6.11%-14.99% | $- -%-% | -% | Nov 18, 2025 |
GLIV Grayscale Livepeer Trust | $2.73M | 608.36K LPT | $3.98 2.05%-21.83% | $5.00 -10.55%-16.15% | 25.63% | Nov 18, 2025 |
-- Grayscale Dogecoin Trust | $1.80M | 11.14M DOGE | $18.99 5.97%-19.63% | $- -%-% | -% | Nov 18, 2025 |
GSNR Grayscale Near Trust | $1.31M | 569.66K NEAR | $3.32 4.40%-19.31% | $6.50 -2.99%-% | 95.78% | Nov 18, 2025 |
-- Grayscale Aave Trust | $1.24M | 6.93K AAVE | $17.39 7.81%-17.28% | $- -%-% | -% | Nov 18, 2025 |
-- Grayscale Decentralized AI Fund | $806.78K | Diversified | $3.51 4.15%-10.13% | $- -%-% | -% | Nov 18, 2025 |
STCK Grayscale Stacks Trust | $626.96K | 1.80M STX | $1.68 4.35%-27.17% | $2.70 -21.51%-% | 60.71% | Nov 18, 2025 |
-- Grayscale Lido DAO Trust | $194.56K | 264.60K LDO | $3.59 6.53%-22.43% | $- -%-% | -% | Nov 18, 2025 |
-- Grayscale Optimism Trust | $97.93K | 255.92K OP | $1.87 6.86%-40.37% | $- -%-% | -% | Nov 18, 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.