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 9 ETFs (GBTC, ETHF, and GDLC have been converted from trusts to ETFs), 13 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 29, 2025, data shows that the total Assets Under Management of Grayscale are $25.22B, including $24.38B in ETFs, $783.28M in public funds, and $52.24M in private funds. GBTC holdings are $14.42B, accounting for 57.19% of the total, and GETH holdings are $2.61B, accounting for 10.36%.
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 | $14.42B | 165.60K BTC | $68.06 -0.48%-17.00% | $68.05 -0.51%-16.45% | -0.01% | Dec 29, 2025 |
BTC Grayscale Bitcoin Mini Trust ETF | $4.22B | 48.43K BTC | $38.54 -0.49%-16.90% | $38.55 -0.49%-16.19% | 0.03% | Dec 29, 2025 |
ETHE Grayscale Ethereum Trust ETF | $2.61B | 892.53K ETH | $24.01 -0.04%-21.37% | $24.00 -0.17%-30.34% | -0.04% | Dec 29, 2025 |
ETH Grayscale Ethereum Mini Trust ETF | $2.13B | 729.06K ETH | $27.63 -0.04%-21.21% | $27.62 -0.18%-29.97% | -0.04% | Dec 29, 2025 |
GDLC Grayscale CoinDesk Crypto 5 ETF | $535.85M | Diversified | $41.10 -0.39%-17.93% | $41.10 -0.44%-% | <0.01% | Dec 29, 2025 |
BCHG Grayscale Bitcoin Cash Trust | $230.91M | 387.43K BCH | $4.90 -0.61%0.44% | $4.37 -1.13%6.58% | -10.82% | Dec 29, 2025 |
GXRP Grayscale XRP Trust | $224.40M | 121.45M XRP | $35.85 -0.31%-13.94% | $35.96 -0.06%-% | 0.31% | Dec 29, 2025 |
ZCSH Grayscale Zcash Trust | $214.70M | 393.58K ZEC | $44.46 22.24%20.71% | $34.99 18.01%896.13% | -21.30% | Dec 29, 2025 |
GSOL Grayscale Solana Trust ETF | $158.01M | 1.28M SOL | $9.03 0.78%-26.52% | $9.03 0.78%-% | <0.01% | Dec 29, 2025 |
LTCN Grayscale Litecoin Trust | $155.36M | 1.99M LTC | $6.41 1.26%-11.98% | $6.07 1.34%-28.25% | -5.30% | Dec 29, 2025 |
ETCG Grayscale Ethereum Classic Trust | $130.62M | 10.99M ETC | $9.33 0.86%-14.05% | $6.60 -2.08%-29.35% | -29.26% | Dec 29, 2025 |
GLNK Grayscale Chainlink Trust | $73.45M | 5.99M LINK | $10.89 0.46%-23.78% | $10.91 0.74%-69.39% | 0.18% | Dec 29, 2025 |
GXLM Grayscale Stellar Lumens Trust | $25.12M | 116.43M XLM | $18.09 0.78%-16.87% | $19.21 0.73%-45.85% | 6.19% | Dec 29, 2025 |
-- Grayscale Story Trust | $10.41M | 6.79M IP | $4.55 6.06%-40.77% | $- -%-% | -% | Dec 29, 2025 |
HZEN Grayscale Horizen Trust | $8.92M | 949.54K ZEN | $0.7800 18.18%-9.62% | $0.9400 5.62%47.56% | 20.51% | Dec 29, 2025 |
GTAO Grayscale Bittensor Trust | $7.92M | 36.20K TAO | $4.21 0.96%-37.85% | $7.75 33.39%-% | 84.09% | Dec 29, 2025 |
-- Grayscale Avalanche Trust | $7.14M | 575.09K AVAX | $6.00 0.50%-18.71% | $- -%-% | -% | Dec 29, 2025 |
GBAT Grayscale Basic Attention Token Trust | $5.25M | 25.24M BAT | $1.84 -3.16%72.92% | $1.60 <0.01%9.09% | -13.04% | Dec 29, 2025 |
-- Grayscale Space and Time Trust | $4.95M | 201.34M SXT | $2.41 -1.23%-28.29% | $- -%-% | -% | Dec 29, 2025 |
-- Grayscale DeepBook Trust | $4.95M | 139.58M DEEP | $2.10 1.45%-40.13% | $- -%-% | -% | Dec 29, 2025 |
-- Grayscale Walrus Trust | $4.89M | 41.64M WAL | $2.32 -1.28%-27.89% | $- -%-% | -% | Dec 29, 2025 |
GSUI Grayscale Sui Trust | $4.43M | 3.08M SUI | $20.80 2.77%-35.58% | $20.00 4.99%-% | -3.85% | Dec 29, 2025 |
GDOG Grayscale Dogecoin Trust | $3.81M | 31.12M DOGE | $14.39 0.21%-19.53% | $14.40 0.21%-% | 0.07% | Dec 29, 2025 |
MANA Grayscale Decentraland Trust | $3.55M | 29.16M MANA | $1.08 3.85%-26.60% | $1.07 -0.93%-38.40% | -0.93% | Dec 29, 2025 |
FILG Grayscale Filecoin Trust | $3.05M | 2.27M FIL | $1.19 8.18%8.21% | $2.03 -0.98%-34.57% | 70.59% | Dec 29, 2025 |
-- Grayscale Pyth Trust | $3.03M | 51.51M PYTH | $2.88 -1.71%-28.57% | $- -%-% | -% | Dec 29, 2025 |
-- Grayscale Smart Contract Fund | $2.73M | Diversified | $8.78 0.46%-25.76% | $- -%-% | -% | Dec 29, 2025 |
DEFG Grayscale Decentralized Finance (DeFi) Fund | $2.71M | Diversified | $11.33 -0.09%-12.80% | $12.11 0.92%-55.87% | 6.88% | Dec 29, 2025 |
GLIV Grayscale Livepeer Trust | $1.73M | 606.66K LPT | $2.53 0.80%-11.93% | $2.39 -4.02%-41.72% | -5.53% | Dec 29, 2025 |
-- Grayscale Aave Trust | $1.03M | 6.91K AAVE | $14.45 -3.73%-17.76% | $- -%-% | -% | Dec 29, 2025 |
GSNR Grayscale Near Trust | $897.36K | 592.99K NEAR | $2.18 -0.91%-11.15% | $3.15 -10.00%-% | 44.50% | Dec 29, 2025 |
-- Grayscale Decentralized AI Fund | $552.97K | Diversified | $2.26 1.80%-25.49% | $- -%-% | -% | Dec 29, 2025 |
STCK Grayscale Stacks Trust | $459.14K | 1.79M STX | $1.23 1.65%-23.88% | $1.90 <0.01%-% | 54.47% | Dec 29, 2025 |
-- Grayscale Lido DAO Trust | $153.82K | 263.86K LDO | $2.84 3.65%-22.99% | $- -%-% | -% | Dec 29, 2025 |
-- Grayscale Optimism Trust | $68.70K | 255.20K OP | $1.31 0.77%-16.92% | $- -%-% | -% | Dec 29, 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.