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Grayscale DeFi Fund (the Fund) provides investors with exposure to a selection of industry-leading DeFi protocols through a market-capitalization weighted portfolio designed to track the CoinDesk DeFi Index. The Grayscale DeFi Fund is Grayscale's fifteenth investment product, and its second diversified fund offering.

"Grayscale continues to focus on creating opportunities for investors to access new, exciting parts of the digital asset ecosystem," said Grayscale Investments CEO Michael Sonnenshein. "The emergence of decentralized finance protocols provide clear examples of technologies that can redefine the future of the financial services industry. We're proud to offer investors exposure to DeFi through Grayscale's trusted, secure, and industry-leading investment product structures."

The CoinDesk DeFi Index (the Index) aims to provide a broad-based, benchmark representation of DeFi protocols. The Index methodology includes liquid DeFi assets on a market cap-weighted basis. Additional information on the Index methodology can be found at https://tradeblock.com/markets/dfx/.

"This partnership underscores our leadership in creating institutional-grade digital currency indexes," said Managing Director of CoinDesk Indexes Jodie Gunzberg. "With increasing attention on the innovations within decentralized finance, it's critical for the investment community to have tools that deliver calculated exposure to this exciting area of innovation. This collaboration offers investors the data and tools they need to gain exposure to decentralized finance into their portfolios."

The Fund is now open for daily subscription by eligible individual and institutional accredited investors.

As is the case for its other products, Grayscale intends to attempt to have shares of this new product quoted on a secondary market. However there is no guarantee this will be successful. Although the shares of certain products have been approved for trading on a secondary market, investors in this new product should not assume that the shares will ever obtain such an approval due to a variety of factors, including questions regulators such as the SEC, FINRA or other regulatory bodies may have regarding the product. As a result, shareholders of this product should be prepared to bear the risk of investment in the shares indefinitely.