Group 1 - The company, Graycliff Exploration Limited, plans to complete a non-brokered private placement of up to 5,000,000 units at a price of $0.12 per unit, aiming for gross proceeds of up to $600,000 [1] - Each unit will consist of one common share and one half of a common share purchase warrant, with each whole warrant exercisable at $0.18 per share for one year from issuance [1] - The net proceeds from the offering will be used for general working capital and geological data interpretation work on the recently acquired Shakespeare gold project [2] Group 2 - Graycliff Exploration is focused on mineral exploration, particularly on its 1,468 hectares of land located approximately 80 kilometers west of Sudbury, within the Canadian Shield [4] - The Shakespeare Project includes one crown patented lease, two crown leases, and 40 claims associated with the historic Shakespeare Gold Mine, with over 12,500 meters drilled and visible gold identified in several holes [4]

Group 1 - Graycliff Exploration Limited has executed an asset purchase agreement to acquire geological data and materials related to its Shakespeare Project for 2,300,000 common shares at a deemed price of $0.14 per share [1] - The acquisition is subject to customary conditions and requires approval from the Canadian Securities Exchange [3] - The Shakespeare Project consists of 1,468 hectares of land located approximately 80 kilometers west of Sudbury, with significant drilling results indicating visible gold in many holes [4] Group 2 - Upon issuance, the consideration shares will have voluntary resale restrictions, with 25% becoming available for resale at four months, six months, nine months, and twelve months after closing [2]

Core Insights - The Portland Fire and Portland Thorns have established a multi-year media partnership with Gray Media's KPDX (FOX 12 Plus) to become the regional broadcast home for both teams, emphasizing a commitment to women's sports [1][2] - The partnership with Kiswe will introduce a direct-to-consumer streaming platform for the Portland Fire, offering fans access to live games, original programming, and team storytelling [1][4] Group 1: Media Partnership - FOX 12 Plus will be the exclusive local broadcast home for the Portland Fire, airing all available games and select games simulcast on FOX 12 (KPTV) [2] - Game broadcasts will be produced in collaboration with Raycom Sports, ensuring comprehensive coverage including pregame and postgame shows [2][3] - The Portland Thorns will also benefit from expanded match clearance and storytelling segments on FOX 12 Plus [3] Group 2: Streaming and Fan Engagement - The new streaming platform powered by Kiswe will feature interactive live game streaming, exclusive content, and innovative fan experiences [3][4] - The partnership aims to create a community-centric platform that connects the team and its fans, enhancing the overall fan experience [4] Group 3: Future Developments - RAJ Sports plans to open the world's first dual-sport women's performance center in 2026, designed to support both the Fire and Thorns [9][10] - This performance center will focus on innovation, athlete development, and elite performance, further solidifying Portland's status in women's sports [9][10]

Table of Contents As filed with the Securities and Exchange Commission on January 29, 2026 Registration No. 333-291492 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Grayscale Investments, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 6221 39-2149041 (Primary Standard Industrial Classification Code Number) 290 Harbo ...

Core Viewpoint - Graycliff Exploration Limited successfully closed a private placement, raising gross proceeds of $440,000 through the issuance of 4,400,000 common shares, aimed at improving its financial position and supporting ongoing exploration activities [1][5]. Financing Details - The private placement included $113,000 in new equity financing and $327,000 in debt settlements for common shares [2]. - All securities issued are subject to a four-month hold period and applicable resale rules, with no finder's fees paid [2]. Related Party Transaction - The offering is classified as a related party transaction, with insiders subscribing for 2,220,000 common shares [3]. - The company is relying on exemptions from certain requirements of Multilateral Instrument 61-101 due to financial challenges [3]. Shareholder Changes - Following the offering, Arndt Roehlig will hold 1,500,000 common shares, representing approximately 17.04% of the issued shares on an undiluted basis [4]. Company Overview - Graycliff Exploration is focused on mineral exploration, particularly on its 1,468 hectares of land near Sudbury, associated with the historic Shakespeare Gold Mine [6]. - The company has drilled over 12,500 meters at the Shakespeare project, identifying visible gold in multiple holes [6].

Core Viewpoint - Graycliff Exploration Limited has appointed Arndt Roehlig as the new President and CEO, effective immediately, highlighting his extensive experience in the resource and technology sectors [1] Group 1: Leadership Changes - Arndt Roehlig has been appointed as President, CEO, and director of Graycliff Exploration Limited, bringing decades of corporate experience and a successful track record in raising funds for public companies [1] - James Macintosh will continue to serve on the board and has been appointed as Chairman of the Company [2] Group 2: Financial Activities - The Company has arranged a non-brokered private placement to issue up to 4,400,000 common shares at a price of $0.10 per share, aiming for gross proceeds of up to $440,000 [3] - Proceeds from the Offering will be utilized for general corporate and working capital purposes, with the closing subject to regulatory approvals [3] Group 3: Company Overview - Graycliff Exploration is focused on mineral exploration, particularly on its 1,468 hectares of land located approximately 80 kilometers west of Sudbury, associated with the historic Shakespeare Gold Mine [4] - The Shakespeare Project includes one crown patented lease, two crown leases, and 40 claims, with over 12,500 meters drilled and visible gold identified in multiple holes [4]

Core Viewpoint - Grayscale's 2026 digital asset outlook report anticipates significant structural shifts in digital asset investing, driven by macro demand for alternative stores of value and improved regulatory clarity, marking the beginning of an institutional era in cryptocurrency [4][5][9]. Market Overview - Bitcoin is currently trading at approximately $87,000, while Ether is just below $3,000, and XRP has seen a slight decline to $186 [1][2]. - The cryptocurrency market is experiencing slight downturns, coinciding with declines in tech stocks, particularly affecting companies like Nvidia and Meta Platforms [2]. Regulatory Landscape - Grayscale emphasizes the importance of regulatory clarity for the growth of the cryptocurrency market, noting that comprehensive regulations are necessary to protect consumers and integrate blockchain technology into the mainstream financial system [8][10]. - The anticipated bipartisan market structure legislation in the U.S. is expected to provide clearer guidelines for various digital assets, potentially categorizing many as digital asset securities [15][21]. Investment Trends - The report suggests that the demand for alternative stores of value, driven by economic factors such as debt and fiat currency risks, will continue to attract new capital into the cryptocurrency market [6][18]. - Grayscale forecasts that Bitcoin may reach a new all-time high in the first half of 2026, supported by macroeconomic conditions and regulatory advancements [17][20]. Product Development - Grayscale expects an increase in the availability of crypto assets through exchange-traded products (ETPs) in 2026, facilitated by regulatory clarity from the SEC [23][25]. - The company has recently launched several ETPs, including those for Solana, XRP, and Dogecoin, and anticipates further product expansion with features like staking rewards [26][27]. Digital Asset Treasuries - Grayscale believes that digital asset treasuries will not significantly influence crypto markets in 2026, viewing them as relatively stable and less dynamic compared to previous years [28][30].

Group 1 - The Grayscale Zcash Trust (ZCSH) experienced a significant price rally of 300% since the beginning of the year [1] - The article reflects the author's insights as a former media research analyst with a focus on crypto, BTC miners, metals, and media equities [1] - The author shares personal investment strategies and insights without being an investment advisor [1] Group 2 - The author holds a beneficial long position in BTC-USD, ETH-USD, ZEC-USD, and ZCSH through various financial instruments [2] - The article emphasizes that the author's opinions are independent and not influenced by any business relationships with mentioned companies [2] - There is a clear disclaimer that past performance does not guarantee future results, and no specific investment advice is provided [3]

Core Insights - The Grayscale Ethereum Trust ETF (ETHE) has experienced significant developments in the past eight months, prompting a reevaluation of its investment potential [1]. Company Analysis - The fund's performance and developments are critical for investors interested in cryptocurrency, particularly Ethereum [1]. Industry Context - The article highlights the importance of monitoring developments in cryptocurrency funds, as they can present both opportunities and risks for investors [1].

Core Insights - The crypto industry's IPO window may be closing, prompting Grayscale Investments to act strategically by pursuing a public listing now [1][3] - Grayscale's revenue has decreased by 20%, with net income for the first nine months of 2023 reported at $203.3 million on revenue of $318.7 million, down from $223.7 million and $397.9 million respectively in the same period last year [2][5] Group 1: Financial Performance - Grayscale reported a net income of $203.3 million and revenue of $318.7 million for the nine months ending September 30, 2023, reflecting a decline from the previous year's figures of $223.7 million in net income and $397.9 million in revenue [2] - The company's revenue has declined by 20% compared to the same period last year [1] Group 2: Strategic Considerations - The timing of Grayscale's IPO filing is seen as a strategic move to navigate potential political uncertainties ahead of the 2026 midterm elections [3] - Analysts expect a revival in the IPO market following the end of the longest government shutdown in U.S. history, creating a narrow window for companies like Grayscale to go public [3] Group 3: Market Position and Regulatory Environment - Grayscale manages approximately $35 billion in assets and has established itself as a significant player in the crypto industry [5] - The company achieved a landmark court victory against the SEC in 2023, which facilitated the approval of spot bitcoin ETFs, marking a regulatory milestone for the industry [5] - Grayscale is among several crypto companies, including Circle and Gemini, that have taken advantage of the regulatory environment shaped under the Trump administration to go public [4]