# GRAYSCALE SECURITIES, LLC X-17A-5 (2026-02-24) — Broker-dealer annual report - Company: GRAYSCALE SECURITIES, LLC - Form: X-17A-5 - Filed: 2026-02-24 - Period: 2025-12-31 - Accession: 0001791556-26-000001 - CIK: 1791556 - File #: 8-70437 - Type: Broker-dealer - Material weakness: No - Auditor: KPMG LLP - Auditor location: Stamford, CT - Contact: Jordan Palmer - Phone: 347-244-2903 - Email: iordan@grayscale.com - Website: grayscale.com - Signed by: Jordan Palmer (Chief Executive Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1791556/000179155626000001/gssauditpublic.pdf --- {0}------------------------------------------------ ## C Grayscale Securities, LLC Statement of Financial Condition as of December 31, 2024 With Report of Independent Registered Public Accounting Firm # GRAYSCALE® SECURITIES {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 ### ANNUAL REPORTS FORM X-17A-5 PART III | SEC FILE NUMBER | 8-70437 | | |-----------------|---------|--| | | | | | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FACING PAGE | | | |-----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------|--------------------------------------------| | FILING FOR THE PERIOD BEGINNING 01/01/2025 AND ENDING 12/31/2025 | | | | | | MM/DD/YY | | MM/DD/YY | | | A. REGISTRANT IDENTIFICATION | | | | NAME OF FIRM: Grayscale Securities, LLC | | | | | TYPE OF REGISTRANT (check all applicable boxes):
1 Broker-dealer
Check here if respondent is also an OTC derivatives dealer | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | 290 Harbor Drive, 4th Floor | | | | | | (No. and Street) | | | | Stamford | CT | | 06902 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Jordan Palmer | 347-244-2903 | | iordan@grayscale.com | | (Name) | (Area Code - Telephone Number) | (Email Address) | | | | B. ACCOUNTANT DENTIFICATION | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
KPMG LLP | | | | | | (Name - if individual, state last, first, and middle name) | | | | 677 Washington Blvd | Stamford | | 06901 | | (Address)
10/20/2003 | (City) | (State)
185 | (Zip Code) | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | FOR OFFICIAL USE ONLY | | | \* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ #### OATH OR AFFIRMATION | Jordan Palmer | swear (or affirm) that, to the best of my knowledge and belief, the | | |---------------------------------------------------------------------|---------------------------------------------------------------------|--| | "nancial report pertaining to the firm of Grayscale Securities, LLC | as of | | | LAAMIAMI 'II
AAA | | | February 24 2 026 , is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Signature: Jordan Palmer Title: Chief Executive Officer #### This filing \*\* contains (check all applicable boxes): - Z (a) Statement of financial condition. - 2 (b) Notes to consolidated statement of financial condition. - [c] Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - [ (d) Statement of cash flows. - [e] Statement of changes in stockholders' or partners' or sole proprietor's equity. - [f) Statement of changes in liabilities subordinated to claims of creditors. - [ (g) Notes to consolidated financial statements. - [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - [] Computation for determination of customer reserve requirements pursuant to Exhibit A to 1/ CFK 240.15c3-3. - [ [k] Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [n] Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - | (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - | (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - 2 (q) Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [r] Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - 2 (t) Independent public accountant's report based on an examination of the statement of financial condition. - [ [u] Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - [ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [w] Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - [ (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - □ (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(2), as 17 CFR 240.18c-7(d)(2), as applicable. {3}------------------------------------------------ #### Grayscale Securities, LLC Table of Contents |
1 | | |-------|--| | | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) KPMG LLP 677 Washington Boulevard Stamford, CT 06901 #### Report of Independent Registered Public Accounting Firm To the Member Grayscale Securities, LLC: #### Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Grayscale Securities, LLC (the Company) as of December 31, 2025, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with U.S. generally accepted accounting principles. #### Basis for Opinion opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. ![](_page_4_Picture_9.jpeg) Stamford, Connecticut February 24, 2026 {5}------------------------------------------------ #### Grayscale Securities, LLC Statement of Financial Condition December 31, 2025 | Grayscale Securities, LLC
Statement of Financial Condition | | |---------------------------------------------------------------|-----------------| | December 31, 2025 | | | Assets | | | Cash and Cash Equivalents | \$
2,840,056 | | Accounts Receivable from Related Parties, Net | 60,096 | | Investments, at Fair Value | 619,697 | | Prepaid Expenses | 29,404 | | Total Assets | \$
3,549,253 | | Liabilities and
Member's
Equity | | | Liabilities | | | Accounts Payable and Accrued Expenses | \$
99,146 | | Total Liabilities | \$
99,146 | | Commitments and Contingencies (See Note 5) | | | Equity | | | Member's
Equity | \$
3,450,107 | | Total Liabilities and
Member's
Equity | \$
3,549,253 | See accompanying notes to financial statement. {6}------------------------------------------------ #### 1. Organization Grayscale Securities, LLC ("Grayscale Securities" or the "Company") was formed as a limited liability company under the laws of the State of Delaware on June 14, 2018. On January 1, 2025, Grayscale Investments, LLC ("Grayscale Investments"), an indirect wholly owned subsidiary of Digital Currency Group, Inc. ("DCG") and the former parent company of the Grayscale Securities, consummated an internal corporate reorganization, pursuant to which Grayscale Investments merged with and into Grayscale Operating, LLC ("GSO" or the "Parent"), a Delaware limited liability company and an indirect wholly owned subsidiary of DCG, with GSO continuing as the surviving company (the "Merger"). As a result of the Merger, GSO succeeded by operation of law to all the rights, powers, privileges and franchises and became subject to all of the obligations, liabilities, restrictions and disabilities of Grayscale Investments, including with respect to the Expense Allocation Agreement, all as provided under the Delaware Limited Liability Company Act. As of December 31, 2025, the Company is a wholly owned subsidiary of GSO. the Securities and Exchange Commission ("SEC") and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company was approved to commence operations The Company is headquartered in Stamford, Connecticut and is a broker-dealer registered with pursuant to its FINRA Membership Agreement on November 19, 2021. The Company did not begin operations until October 3, 2022, since which time the Company has served as an authorized participant for Grayscale Aave Trust (AAVE), Grayscale Avalanche Trust (AVAX), Grayscale Basic Attention Token Trust (BAT) (OTCQB: GBAT), Grayscale Bitcoin Cash Trust (BCH) (OTCQX: BCHG), Grayscale Bittensor Trust (TAO) (OTCQX: GTAO), Grayscale Decentraland Trust (MANA) (OTCQX: MANA), Grayscale DeepBook Trust (DEEP), Grayscale Ethereum Classic Trust (ETC) (OTCQX: ETCG), Grayscale Filecoin Trust (FIL) (OTCQB: FILG), Grayscale Horizen Trust (ZEN) (OTCQX: HZEN), Grayscale Lido DAO Trust (LDO), Grayscale Litecoin Trust (LTC) (OTCQX: LTCN), Grayscale Livepeer Trust (LPT) (OTCQB: GLIV), Grayscale NEAR Trust (NEAR) (OTCQB: GSNR), Grayscale Optimism Trust (OP), Grayscale Pyth Trust (PYTH), Grayscale Space and Time Trust (SXT), Grayscale Stacks Trust (STX) (OTCQB: STCK), Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM), Grayscale Story Trust (IP), Grayscale Sui Trust (SUI) (OTCQB: GSUI), Grayscale Walrus Trust (WAL), Grayscale Zcash Trust (ZEC) (OTCQX: ZCSH), Grayscale Decentralized AI Fund LLC, Grayscale Decentralized Finance (DeFi) Fund LLC (OTCQB: DEFG), and Grayscale Smart Contract Fund LLC (collectively, the "Grayscale Products"), each of which is an affiliate of the Company. agreement (the "Distribution and Marketing Agreement") with Grayscale to assist in distributing the content on the Grayscale Products' websites, and executing the marketing plan for the exchange traded products registered under the Securities Act of 1933 ("ETPs") that are also Act of 1940 ("ETFs") that are managed by Grayscale Advisors, LLC, an affiliate of the In addition, effective October 3, 2022, the Company entered into a distribution and marketing the shares of the Grayscale Products, developing an ongoing marketing plan for the Grayscale Products, preparing marketing materials regarding shares of the Grayscale Products, including Grayscale Products. Effective August 2024, the Company became the broker wholesaler of sponsored by Grayscale and exchange traded funds registered under the Investment Company Company. {7}------------------------------------------------ #### 2. Summary of Significant Accounting Policies These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as determined by the Financial Accounting Standards Board (the "FASB") within its Accounting Standards Codification ("ASC"). The following is a summary of significant accounting and reporting policies used in preparing the financial statements. Management's Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from these estimates. #### Cash and Cash Equivalents Cash and cash equivalents include short-term highly liquid investments with original maturities of three months or less and money market funds. The Company maintains its cash and cash equivalents in bank deposit and brokerage accounts whose balances may exceed federally insured limits. #### Prepaid Expenses Prepaid expenses primarily include prepaid amounts relating to various dues, fees for professional services, as well as amounts paid to regulators. #### Accounts Payable and Accrued Expenses Accounts Payable and Accrued Expenses are comprised of amounts related to accounting and legal fees accrued but not yet paid. #### Investments, at Fair Value The Company's investments, at fair value are comprised of shares in Grayscale Products. As an authorized participant in the Grayscale Products, the Company may be required to purchase shares to round a creation order to a basket of 100 shares. Following a one-year holding period, Grayscale intends to have shares of the Grayscale Products quoted on a secondary market. As a practical expedient, investments in Grayscale Products that are not yet quoted on a secondary market are carried at net asset value ("NAV") on the Statement of Financial Condition. Investments are recorded at fair value, with net unrealized gains and losses recognized as a component of Unrealized Gains (Losses) on Investments, Net in the Statement of Operations. liability (i.e., the 'exit price') in an orderly transaction between market participants at the #### Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a measurement date. U.S. GAAP utilizes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the {8}------------------------------------------------ most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Level 1 – Valuations based on unadjusted quoted prices in active markets for identical Level 2 – Valuations based on quoted prices in markets that are not active or for which Level 3 – Valuations based on inputs that are unobservable and significant to the The fair value hierarchy is categorized into three levels based on the inputs as follows: - assets or liabilities that the Company has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, these valuations do not entail a significant degree of judgment. - significant inputs are observable, either directly or indirectly. - overall fair value measurement. The availability of valuation techniques and observable inputs can vary by investment and is affected by a wide variety of factors including the type of investment, whether the investment is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuations are based on sources that are less observable or unobservable in the market, the determination of fair value requires more judgment. Fair value estimates do not necessarily represent the amounts that may be ultimately realized by the Company. Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, and The net difference between the tax bases and the reported amounts of the Company's assets and As a practical expedient, the Company estimates the fair value of certain investments in Grayscale Products that are not quoted on a secondary market by using the NAV per share of the investment as of the measurement date. #### Income Taxes The Company is a single member limited liability company treated as a disregarded entity for federal, state and local income tax purposes. The Company adopted FASB Accounting Standards therefore does not calculate income taxes as a separate legal entity. liabilities under FASB ASC Topic 740, Income Taxes, is \$131,150, primarily related to unrealized losses on investments, net. #### Current Expected Credit Losses As prescribed under the FASB ASC Topic 326, Financial Instruments, Credit Losses, management establishes an allowance of current expected credit losses against customer contract assets and receivables, and other receivables including security deposits to reflect the net amount the Company expects to collect. Current expected credit losses for an individual or portfolio of financial instruments are measured at each reporting date based on expected credit losses over the expected life of the financial instrument and considers all available relevant, reasonable {9}------------------------------------------------ supportable information about the collectability of cash flows, including information about past events, current conditions, and future forecasts. The risk of losses is always considered, even when that risk of loss is remote. While management has based its estimate of the allowance for current expected credit losses on the best information available, future adjustments to the allowance may be necessary because of changes in the economic environment or variances between actual results and original assumptions. The Company's revenue is primarily the Revenue from Related Parties, which is comprised of fees related to the Company's distribution and marketing services, operational services, compliance services, and authorized participant services to the Grayscale Products. There was no allowance for current expected credit losses recorded as of December 31, 2025. #### Segment Reporting The Company is a registered broker-dealer serving as authorized participant and distribution and marketing agent of the Grayscale Products. The Company was formed for the purpose of supporting the private placement, ETP and ETF business of the Parent and affiliates. Accordingly, the Company represents a single operating segment. The Company's Chief Executive Officer is the Company's chief operating decision maker ("CODM"). The CODM monitors the Company's net capital requirements and decides how to allocate capital and resources based on total equity that is reported as Member's Equity on the Statement of Financial Condition. In addition, segment assets are reflected on the accompanying Statement of Financial Condition. 2024-03"). ASU 2024-03 amends FASB ASC Topic 220, Comprehensive Income, to expand #### Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures ("ASU income statement expense disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses. The effective date for ASU 2024-03 is for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on the Financial Statements. {10}------------------------------------------------ #### 3. Investments, at Fair Value Investments consist of shares of a money market fund and shares of the Grayscale Products. The following table presents information about the Company's assets and liabilities measured at fair value as of December 31, 2025: | | | Grayscale Securities, LLC
Notes to Financial Statements | | | | | |--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--------------|-----------------------------------------------------|-------------------|----------------------------| | | 3. Investments, at Fair Value | | | | | | | | Investments consist of shares of a money market fund and shares of the Grayscale Products. The
following table presents information about the
value as of December 31, 2025: | | Company's | assets and liabilities measured at fair | | | | | | | | Fair Value Measurement Using | | | | | | | | | Net Asset | | | | December 31, 2025 | Level 1 | Level 2 | Level 3 | Value | Total | | Assets | Investment in Money Market Fund(1)
Investment in Grayscale Products(2) | \$
1,849,249
582,667 | \$
-
- | \$
-
- | \$
-
37,029 | \$
1,849,249
619,697 | | (1) | Included in
"Cash
and Cash | \$
2,431,916
Equivalents" | \$
- | \$
-
in the Statement of Financial Condition. | \$
37,029 | \$
2,468,946 | - - secondary market price. Grayscale Products not yet quoted on a secondary market as of December 31, 2025 are recorded using net asset value and are shown for purposes of reconciling to the Statement of Financial Condition. #### 4. Related Party Transactions #### Accounts Receivable to Related Parties, Net The Company has payables due to and receivables due from the Parent associated with the Expense Allocation Agreement and Revenue from Related Parties, respectively. The Company also reflects payables due to the Parent associated with any expenses of the Company paid for by the Parent. The net amount of these payables and receivables due to/from the Parent is recorded as Accounts Receivable to Related Parties, Net on the Statement of Financial Condition. The details of Accounts Receivable to Related Parties, Net for the year ended December 31, 2025 are as follows: Accounts Receivable from Related Parties \$ 127,792 Accounts Payable to Related Parties (67,696) Accounts Receivable from Related Parties, Net \$ 60,096 | | December 31, 2025 | | |--|-------------------|--| | | | | | | | | | | | | {11}------------------------------------------------ #### Investment in Shares of Grayscale Investment Products | Investment in Shares of Grayscale Investment Products | | | | | | |-------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|------------|--|--| | | | | | | | | | As an authorized participant of the Grayscale Products, the Company is required to purchase
shares of the Grayscale Products during the year ended December 31, 2025. As of December 31,
2025, the Company held investments in shares of Grayscale Products as follows: | | | | | | Name | Total Shares | | Fair Value | | | | Grayscale Aave Trust (AAVE) | 1,152 | \$ | 16,220 | | | | Grayscale Avalanche Trust (AVAX) | 1,676 | | 9,989 | | | | Grayscale Basic Attention Token Trust (BAT) | 1,079 | | 1,716 | | | | Grayscale Bitcoin Cash Trust (BCH) | 6,588 | | 28,460 | | | | Grayscale Bittensor Trust (TAO) | 2,942 | | 27,949 | | | | Grayscale Chainlink Trust ETF | 4,221 | | 45,967 | | | | Grayscale Decentraland Trust (MANA) | 998 | | 1,038 | | | | Grayscale Decentralized AI Fund LLC | 387 | | 871 | | | | Grayscale Decentralized Finance (DeFi) Fund LLC | 171 | | 1,920 | | | | Grayscale DeepBook Trust (DEEP) | 105 | | 215 | | | | Grayscale Dogecoin Trust ETF | 118 | | 1,625 | | | | Grayscale Filecoin Trust (FIL) | 3,007 | | 5,924 | | | | Grayscale Horizen Trust (ZEN) | 907 | | 753 | | | | Grayscale Lido DAO Trust (LDO) | 384 | | 1,079 | | | | Grayscale Litecoin Trust (LTC) | 7,023 | | 41,014 | | | | Grayscale Livepeer Trust (LPT) | 145 | | 345 | | | | Grayscale Near Trust (NEAR) | 1,903 | | 6,451 | | | | Grayscale Optimism Trust (OP) | 606 | | 788 | | | | Grayscale Pyth Trust (PYTH) | 490 | | 1,343 | | | | | | | | | | | Grayscale Smart Contract Fund LLC | 389 | | 3,400 | | | | Grayscale Solana Staking ETF | 21,059 | | 191,637 | | | | Grayscale Space and Time Trust (SXT) | 326 | | 727 | | | | Grayscale Stacks Trust (STX) | 1,397 | | 3,227 | | | | Grayscale Stellar Lumens Trust (XLM) | 2,761 | | 50,940 | | | | Grayscale Story Trust (IP) | 407 | | 2,080 | | | | Grayscale Sui Trust (SUI) | 2,120 | | 41,573 | | | | Grayscale Walrus Trust (WAL) | 136 | | 318 | | | | Grayscale XRP Trust ETF | 2,699 | | 95,815 | | | | | 1,155 | | 36,313 | | | | Grayscale Zcash Trust (ZEC) | | | | | | Investments in the Grayscale Products quoted on a secondary market are restricted by a six to twelve month lock-up period. Thus, there is inherent risk in the valuation of those shares based on the market movement of the underlying digital asset. Grayscale Products quoted on a secondary market as of December 31, 2025 are recorded using the secondary market price. {12}------------------------------------------------ Grayscale Products not yet quoted on a secondary market as of December 31, 2025 are recorded using net asset value. #### 5. Commitments and Contingencies #### Indemnifications In the normal course of business, the Company enters into certain contracts that provide a variety of indemnities in favor of third parties, such as engagement letters with advisors and consultants. In certain cases, the Company may have recourse against third parties with respect to these indemnities. The Company has had no claims or payments pursuant to these arrangements, and it believes the likelihood of a claim being made is remote. Utilizing the methodology in FASB ASC Topic 640, Guarantees, the Company's estimate of the value of such guarantees is de minimis, and therefore, no accrual has been made in the financial statements. The Company is subject to the SEC's Uniform Net Capital Rule, Rule 15c3-1 under the defined, equal to the greater of \$100,000 or 6-2/3% of the Company's aggregate indebtedness. #### Occupancy The Company shares office space under a cancelable Expense Allocation Agreement between the Company and the Parent, which expires when terminated by any party as set forth in the agreement. #### 6. Net Capital Requirements and Exemption from SEC Rule 15c3-3 Securities Exchange Act of 1934, which requires the maintenance of minimum net capital. As of November 19, 2021, FINRA approved the Company to maintain minimum net capital, as At December 31, 2025, the Company had net capital of \$2,703,925, which was \$2,603,925 in excess of its minimum requirement of \$100,000. The Company is approved to rely on the exemptions from SEC Rule 15c3-3 pursuant to the exemptive provisions under paragraphs (k)(2)(i) and (k)(2)(ii). Pursuant to paragraph (k)(2)(i) of Rule 15c3-3, the Company is permitted to receive and promptly transmit customer funds in connection with private placements of trusts and funds sponsored and managed by Grayscale. The Company maintains a "Special Account for the Exclusive Benefit of Customers of Grayscale Securities, LLC" for such customer funds received. Pursuant to paragraph (k)(2)(ii) of Rule 15c3-3, the Company is authorized to act as an introducing broker-dealer on a fully disclosed basis. The Company relied on the paragraph (k)(2)(i) exemption from Rule 15c3-3 as of and for the year ended December 31, 2025. #### 7. Subsequent Events Subsequent events have been evaluated through February 24, 2026, the date the financial statements were available to be issued. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.