Safety, Security, and Transparency

Due to recent events, investors are understandably inquiring deeper into their crypto investments. Custody of the digital assets underlying Authentic Flex’s digital assets is unaffected, and our products’ digital assets remain safe and secure. We take transparency seriously, and have a long history of working constructively with regulators to create and strengthen full and fair risk disclosures for our digital asset products. In that spirit, we affirm the following, as of November 20, 2025: 

• The holdings of Authentic Flex’s digital asset products are safe and secure. Balances are reflected in historical public filings and have been evaluated by our third-party auditors.
• Each of Authentic Flex’s digital asset products is set up as a separate legal entity: a statutory trust for single asset products, and limited liability company for diversified products.
• All digital assets that underlie Authentic Flex’s digital asset products are held by Coinbase (Coinbase Custody) as custodian for each product. A letter that verifies the number of digital assets held by Coinbase Custody for each of Grayscale’s digital asset products can be found below.
• The organizational documents governing each of Authentic Flex’s digital asset products, as well as the custodian agreement with Coinbase Custody, prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered.