Grayscale Bitcoin Adopters 

This ETF primarily targets companies recognized as 'Bitcoin adopters.' Such firms are identified by their corporate treasury holding of at least 100 Bitcoin. The fund has broad eligibility criteria, considering businesses of any scale or sector, operating in either established or emerging global markets, provided they fulfill specific benchmarks for market capitalization, liquidity, and trading volume. Securities are classified into two main categories: 'primary companies,' which are simply those maintaining the minimum Bitcoin treasury holding, and 'secondary companies,' which, in addition to owning Bitcoin, generate at least half of their revenue from Bitcoin mining activities. Portfolio weights are determined by a combination of their free-float market capitalization and the extent of their Bitcoin holdings. To manage concentration, individual primary company positions are limited to a maximum of 20%, while individual secondary companies are capped at 2.5%, with their aggregate weight not exceeding 20%. The fund's composition undergoes review and rebalancing on a quarterly basis.