BCOR

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (866)-775-0313 or visit our website at etfs.grayscale.com/bcor. Read the prospectus or summary prospectus carefully before investing.

Investing involves risk and possible loss of principal. Shares of ETFs may trade at a premium or discount to their net asset value. Grayscale Bitcoin Adopters ETF (“BCOR” or the “Fund”) is distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser.

The Fund will not invest in digital assets directly or through the use of derivatives. The Fund also will not invest in initial coin offerings. The Fund may, however, have indirect exposure to digital assets by virtue of its investments in companies that use one or more digital assets as part of their business activities or that hold digital assets as proprietary investments. Because the Fund will not invest directly in any digital assets, it will not track price movements of any digital assets.

The Indxx Bitcoin Adopters Index (the “Index”) is designed by Indxx (the “Index Provider”) to consist of U.S. and non-U.S. equity securities of companies that have been classified by the Index Provider as having adopted Bitcoin as an asset for corporate treasury management (collectively, “Bitcoin Adopters”). In constructing the Index, the Index Provider identifies Bitcoin Adopters through a proprietary process that relies on extensive research to generate a preliminary list based on information obtained from annual and quarterly reports, financial statements, and other publicly available financial documents.

Concentration in Bitcoin Adopters Companies Risk. The Index, and consequently the Fund, is expected to concentrate its investments (i.e., hold more than 25% of its total assets) in the securities of Bitcoin Adopters Companies. As a result, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

Bitcoin Adopters Companies Risk. Bitcoin Adopters Companies face unique risks as a result of holding bitcoin in their corporate treasury. The speculative perception of bitcoin may overshadow the fundamentals of such companies, leading to exaggerated price movements based on hype or fear.

Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets.

Foreign Investing Risk. Investments in foreign securities may involve risks such as exchange-rate fluctuations and different regulatory and taxation schemes.

New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision.

Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

Passive Management Risk. The Fund is passively managed and attempts to mirror the composition and performance of the Index. The Fund’s returns may not match due to expenses incurred by the Fund or lack of precise correlation with the Index.

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