Grayscale Advisors LLC

Item 5 – Fees and Compensation

     A. Fees for Advisory Services

Grayscale Advisors charges an annual advisory fee that is agreed upon with each client and set forth in an advisory
agreement executed by the Firm and the client.

Grayscale Funds Trust

Pursuant to the Advisory Agreement between GFT, on behalf of each Grayscale ETF, and the Advisor, the Grayscale ETF
pays a unified management fee to the Advisor, which is calculated daily and paid monthly. The fees associated with the
investment advisory services are subject to approval by the Board. Each Grayscale ETF’s prospectus sets forth the
applicable advisory fee, which will range. The management fee for each of the Grayscale ETFs is available in each
Grayscale ETF’s prospectus.

The Advisor agrees to pay all expenses incurred by the Grayscale ETFs except for (i) the fee paid to the Advisor pursuant
to the Advisory Agreement, (ii) interest charges on any borrowings, (iii) dividend and other expenses on securities sold
short, (iv) taxes, (v) brokerage commissions and other expenses incurred in placing orders for the purchase and sale of
securities and other investment instruments, (vi) acquired fund fees and expenses, (vii) accrued deferred tax liability, (viii)
litigation and litigation-related indemnification expenses, (ix) distribution fees and expenses paid by the Grayscale ETFs
under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, (x) compensation payable to a party not
affiliated with the Advisor in connection with the recovery of tax reclaims, and (xi) other extraordinary or non-routine
expenses (collectively, “Excluded Expenses”).

For each of the Grayscale Privacy ETF, Grayscale Bitcoin Miners ETF, Grayscale Bitcoin Adopters ETF, Grayscale Bitcoin
Covered Call ETF, Grayscale Bitcoin Premium Income ETF, and Grayscale Ethereum Covered Call ETF, Vident Asset
Management (“Vident”) is responsible for trading portfolio securities for each Grayscale ETF, including selecting broker-
dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the applicable
index, subject to the supervision of the Advisor and the Board. For its services, Vident is paid a fee by the Advisor, which
fee is calculated daily and paid monthly, at an annual rate of each Grayscale ETF’s average daily net assets of 0.055% on
the first $250 million in assets; 0.045% on the next $250 million in assets and 0.035% on all assets thereafter, subject to a
minimum annual fee of $30,000, $40,000, $40,000, and $65,000 and $65,000, respectively.

Private Funds

Pursuant to the terms of the Single Asset Private Funds Amended and Restated Trust Agreements, the Single Asset Private
Funds will pay the Firm an annual rate of 2.5% of the aggregate value of the digital assets held by Single Asset Private
Funds or such other rate agreed to with the investors (the “Sponsor’s Fee”). The Firm may also assess certain investors of
the Single Asset Private Funds a structuring fee, as further described below.

     B. Private Fund Fees

With respect to its Private Fund clients, the Firm receives fees as set forth in the offering documents of the Private Funds
(the “Private Fund Offering Documents”). The Single Asset Private Funds fees generally consist of a management fee, and
as applicable, a structuring fee. A management fee is a fee a firm charges on private fund assets and is generally deducted
from an investor’s capital account monthly, in arrears. A performance fee is a fee based on a share of capital gains on, or
capital appreciation of, the assets of a fund. Performance fees are generally deducted from an investor’s capital account

GRAYSCALE ADVISORS, LLC                                                                               Part 2A Firm Brochure

annually, at the end of every calendar year, but may also be deducted quarterly. Any such performance fees will comply
with the applicable requirements of the Advisers Act and specifically Section 205-3 thereof (otherwise referred to as the
“Performance Fee Rule”). A structuring fee is a fee related to the estimated fees and expenses associated with the formation
and organization of the Private Fund. Private Funds are not appropriate for all investors.

     C. Model Portfolio Strategies

The Firm manages the Model Portfolio Strategies pursuant to IMAs with its clients and charges a Management Fee. To
mitigate the potential impact of and conflicts arising as part of the fee layering associated with the Model Portfolio
Strategies’ investments in the Grayscale ETPs, the Management Fee charged by the Advisor is reduced by 100% of the
amount of the Grayscale ETP’s Sponsor’s Fee for any Model Portfolio Strategies account assets invested in Grayscale ETPs.
This fee reduction is intended to reduce the overall costs borne by clients in connection with investments in affiliated
products. In addition, GSIS will earn staking related compensation (“Staking Consideration”) as a direct result of the Model
Portfolio Strategies’ investment in the Grayscale ETPs. Staking Consideration is earned at the ETP level by GSIS as ETP
sponsor and is separate from, and in addition to, the Sponsor’s Fee subject to the fee offset mechanism described above. As
a result, any Model Portfolio Strategies client will indirectly bear the economic effect of Staking Consideration earned by
GSIS through the Model Portfolio Strategies’ investment in the applicable Grayscale ETP, and such Staking Consideration
is not subject to offset against the Management Fee. The receipt of Staking Consideration by GSIS represents a conflict of
interest, as GSIS may have an incentive to cause Grayscale ETPs to engage in Staking activities in order to earn such
compensation. While the Firm cannot entirely eliminate this conflict, the Firm seeks to mitigate this conflict through its fee
offset structure, its product selection review process, and the controls described in Item 10.
...

Item 7 – Types of Clients

Grayscale Advisors offers investment advisory services to registered investment companies, private funds, and Model
Portfolio Strategy accounts. The Firm also provides model portfolios to financial intermediaries through its model delivery
program.
The Firm manages Model Portfolio Strategies that invest in digital asset ETPs listed on U.S. national securities exchanges.
Model Portfolio Strategies may include Grayscale ETPs as well as ETPs sponsored by unaffiliated third parties, selected on
the basis of relative fees and costs as well as investment factors described in this Brochure. Initial capital for the Model
Portfolio Strategies has been provided by GSO, the Firm’s parent company. All transactions within the Model Portfolio
Strategies are executed on the secondary market through a designated broker-dealer (See Item 12 for information regarding
the Firm’s selection of broker-dealers). Prospective clients and financial intermediaries may request performance
information from the Firm using the contact information on the cover page of this Brochure.

The Firm also provides model delivery services to Model Recipients who implement the model portfolios in their clients’
accounts at their own discretion. The Firm does not exercise investment discretion over Model Recipient client accounts,
does not charge a direct fee to Model Recipients or their clients, and does not have a direct advisory relationship with or
owe a fiduciary duty to the end clients of Model Recipients. Financial intermediaries are solely responsible for suitability
determinations and best interest obligations with respect to their own clients. See Item 5 – Fees and Compensation and Item
10 – Other Financial Industry Activities and Affiliations for additional information regarding the compensation structure
and related conflicts of interest.
Investors in the Private Funds are required to adhere to the eligibility criteria established in the applicable Private Fund
Offering Documents.

GRAYSCALE ADVISORS, LLC                                                                                  Part 2A Firm Brochure