Please read the prospectus carefully before investing in Grayscale GDOG Trust ETF (“GDOG” or the “Fund”). This material must be preceded or accompanied by a prospectus.

GDOG, an exchange traded product, is not registered under the Investment Company Act of 1940 (or the 40 Act) and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. Investing involves risk, including possible loss of principal. An investment is subject to a high degree of risk and heightened volatility.

Foreside Fund Services, LLC is the Marketing Agent and Grayscale Investments Sponsors, LLC (“Grayscale”) is the sponsor of GDOG. Grayscale is not registered as an investment adviser under the Investment Advisers Act of 1940 and the Fund is not registered under the Investment Company Act of 1940. The Fund is subject to the rules and regulations of the Securities Act of 1933.

As a non-diversified and single industry fund, the value of the shares may fluctuate more than shares invested in a broader range of industries. There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of the Fund. The value of the Fund relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

The Fund relies on third party service providers to perform certain functions essential to the affairs of the funds and the replacement of such service providers could pose a challenge to the safekeeping of the digital asset and to the operations of the Fund. NAV per share is not calculated in accordance with GAAP.

NAV per share is not intended to be a substitute for the Fund's Principal Market NAV per share calculated in accordance with GAAP.

Digital Asset Risk Disclosures

Extreme volatility of trading prices that many digital assets have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the Fund and the shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets. The value of the Fund relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

A substantial direct investment in digital assets may require expensive and sometimes complicated arrangements in connection with the acquisition, security and safekeeping of the digital asset and may involve the payment of substantial acquisition fees from third party facilitators through cash payments of U.S. dollars. Because the value of the Fund is correlated with the value of GDOG, it is important to understand the investment attributes of, and the market for the underlying digital asset. Please consult with a financial professional.

Grayscale does not store, hold, or maintain custody of the Fund’s digital assets, but instead has entered into a Custodian Agreement on behalf of the Fund with a third party custodian to facilitate the security of the Fund’s digital assets. The custodian controls and secures the Fund’s digital asset account, a segregated custody account to store private keys, which allow for the transfer of ownership or control of the digital asset, on the Fund’s behalf. If the custodian resigns or is removed by Grayscale or otherwise, without replacement, it could trigger early termination of the Fund.

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