Grayscale Investments ^{Filed, US Offering, NYSE: GRAY}

Grayscale is the largest digital asset-focused investment platform in the world, with approximately $35 billion in assets under management as of September 30, 2025. Our mission is to make digital asset investing simple and open to every investor. Founded in 2013, we have pioneered regulated access to the digital asset class. Our platform spans the full spectrum of institutional-grade solutions, providing investors with the broadest and most diverse suite of digital asset-focused investment products in the United States based on number of products. Today, we are operating from a position of strength due to our highly differentiated position in the digital asset investment ecosystem. We believe that Grayscale is the smart way to invest in the digital asset class, just as investing in our products is a smart way to invest in digital assets. The inherent operating leverage underlying our platform has the potential to deliver superior returns relative to digital assets when market values appreciate, while also providing us the flexibility to maintain financial discipline, control costs and opportunistically invest in our growth initiatives should digital asset prices depreciate for sustained periods of time.