Core Insights - Bitcoin's price fluctuated around the $70,000 mark, ultimately closing down 5% from the previous week's highs, with a year-to-date decline of approximately 19% and sitting about 43% below its record close from October 2025 [3] - Ether's price also saw a decline of over 8% this week but remained above the $2,000 threshold for the second consecutive week, with a year-to-date drop of around 27% and approximately 55% below its record close from August 2025 [4] - XRP, launched in 2012, was once among the larger cryptocurrencies but has since been overshadowed by newer entrants in the market [5] Cryptocurrency Overview - Bitcoin is recognized as the first cryptocurrency and has evolved into a mainstream financial asset since its inception in early 2009, characterized by volatility yet also resilience [2] - Ether, launched in July 2015, operates on the Ethereum blockchain and holds the second-largest market share among cryptocurrencies [4] - An index has been developed to compare Bitcoin, Ether, and XRP, utilizing a logarithmic scale to illustrate relative percentage changes and long-term growth rather than absolute price fluctuations [6] ETF Developments - On January 10th, 2024, the SEC approved several spot Bitcoin ETFs from various issuers, including Grayscale Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund, marking a significant development in the cryptocurrency investment landscape [7] - On July 23rd, 2024, multiple spot Ether ETFs were launched, including Grayscale Ethereum Trust and Franklin Ethereum ETF, providing new investment opportunities in the Ether market [8]

Group 1: Cryptocurrency Overview - Bitcoin and Ether are highlighted as significant cryptocurrencies, with foundational differences that investors should understand [1] - XRP is included as one of the larger cryptocurrencies, although it has seen a decline in prominence [5] Group 2: Bitcoin Insights - Bitcoin's closing price has reached its highest level in six weeks, but it is down approximately 16% year-to-date and about 41% below its record close from October 2025 [3] - Bitcoin is recognized as the first cryptocurrency and has evolved into a mainstream financial asset since its inception in 2009 [2] Group 3: Ether Insights - Ether's closing price has risen sharply, reaching its highest level since January, yet it is down around 22% year-to-date and approximately 52% below its record close from August 2025 [4] - Ether operates on the Ethereum blockchain and has the second-largest market share among the discussed cryptocurrencies [4] Group 4: Comparative Analysis - An index has been created to compare Bitcoin, Ether, and XRP, utilizing a logarithmic scale to illustrate relative percentage changes and long-term growth rather than absolute price fluctuations [6] - The index indicates that Bitcoin currently leads in price changes since November 9, 2017, although all three cryptocurrencies have experienced periods of being at the top [6] Group 5: ETF Developments - On January 10, 2024, the SEC approved several spot Bitcoin ETFs from various issuers, including Grayscale Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund [7] - On July 23, 2024, multiple spot Ether ETFs were launched, including Grayscale Ethereum Trust and Franklin Ethereum ETF, providing new investment opportunities [8]

Core Insights - Bitcoin briefly surpassed the $70,000 mark before retracing, currently down approximately 20% year-to-date and 44% below its record close from October 2025 [1] - Ether's price remains around $2,000, down about 31% year-to-date and 58% below its record close from August 2025 [1] - XRP, launched in 2012, was once among the larger cryptocurrencies but has since been overshadowed by newer entrants [1] Bitcoin - Bitcoin is recognized as the first cryptocurrency and has evolved into a mainstream financial asset since its inception in 2009 [1] - The cryptocurrency is characterized by its volatility but is also viewed as resilient [1] Ether - Ether operates on the Ethereum blockchain and was launched in July 2015, holding the second-largest market share among cryptocurrencies [1] - Despite modest gains, Ether continues to struggle around the $2,000 mark [1] XRP - XRP, owned by Ripple, was significant in the cryptocurrency market since its launch in 2012 but has seen its prominence decline [1] Comparative Analysis - An index has been created to compare Bitcoin, Ether, and XRP, utilizing a logarithmic scale to illustrate relative percentage changes and long-term growth [1] - As of the writing, Bitcoin leads in price changes since November 9, 2017, with all three cryptocurrencies having previously reached the top [1] ETF Developments - On January 10, 2024, the SEC approved multiple spot Bitcoin ETFs from various issuers, including Grayscale and Fidelity [1] - A range of spot Ether ETFs launched on July 23, 2024, from issuers such as Grayscale and Franklin [1]

Core Insights - Bitcoin remains below $70,000, down approximately 23% year-to-date and 46% below its record close from October 2025 [1] - Ether's price is around $2,000, down about 33% year-to-date and 59% below its record close from August 2025 [1] - XRP, launched in 2012, was once a major cryptocurrency but has seen its market position decline [1] Bitcoin - Bitcoin is the first cryptocurrency and has become a mainstream financial asset since its inception in 2009 [1] - The cryptocurrency is characterized by volatility but is also considered resilient [1] - Bitcoin's price has remained unchanged for the week, consistently below $70,000 [1] Ether - Ether operates on the Ethereum blockchain and was launched in July 2015, holding the second-largest market share among cryptocurrencies [1] - The price of Ether has decreased this week, hovering around the $2,000 mark [1] XRP - XRP was launched by Ripple in 2012 and was once among the larger cryptocurrencies [1] - The cryptocurrency has faced increased competition from newer coins in the market [1] Comparative Analysis - An index has been created to compare Bitcoin, Ether, and XRP, utilizing a logarithmic scale to illustrate relative percentage changes and long-term growth [1] - As of the time of writing, Bitcoin leads in price changes since November 9, 2017 [1] ETF Developments - On January 10, 2024, the SEC approved several spot Bitcoin ETFs from various issuers, including Grayscale Bitcoin Trust ETF and iShares Bitcoin Trust [1] - Spot Ether ETFs launched on July 23, 2024, from issuers such as Grayscale Ethereum Trust and Franklin Ethereum ETF [1]

Core Insights - Bitcoin's price has fallen below $70,000 for the first time since November 2024, marking a nearly 10% decline this week and a year-to-date decrease of approximately 21% [1][1] - Ether's closing price has also dropped nearly 10% this week, falling below $2,000, with a year-to-date decline of around 32% [1][1] - XRP, once a major cryptocurrency, has seen its market position diminished as new coins have entered the market [1] Bitcoin - Bitcoin is recognized as the first cryptocurrency and has evolved into a mainstream financial asset since its inception in early 2009 [1] - The current price is approximately 45% below its record close from October 2025 [1] Ether - Ether operates on the Ethereum blockchain and has the second largest market share among cryptocurrencies [1] - The price of Ether is currently about 58% below its record close from August 2025 [1] XRP - XRP was launched in 2012 and was once among the larger cryptocurrencies but has since lost ground to newer entrants [1] Comparative Analysis - An index has been created to compare Bitcoin, Ether, and XRP, utilizing a logarithmic scale to illustrate relative percentage changes and long-term growth rather than absolute price fluctuations [1] - As of the latest data, Bitcoin leads in price changes since November 9, 2017 [1] ETF Developments - On January 10, 2024, the SEC approved several spot Bitcoin ETFs from various issuers, including Grayscale Bitcoin Trust ETF and iShares Bitcoin Trust [1] - Spot Ether ETFs launched on July 23, 2024, from issuers such as Grayscale Ethereum Trust and Franklin Ethereum ETF [1]

Core Insights - The ETF industry is projected to reach $1.8 trillion in inflows by 2026, having already attracted approximately $150 billion in January 2026, building on a record $1.5 trillion in 2025 [1] Group 1: Active Fixed Income ETFs - Active fixed income ETFs are leading bond flows, capturing around 40% of all fixed income inflows in 2025, with the Pimco Active Bond ETF (BOND) alone gathering over $2 billion in January 2026 [1] - Other active products such as iShares Flexible Active ETF (BINC), Fidelity Total Bond (FBND), and JPMorgan Income ETF (JPIE) also experienced strong demand [1] Group 2: Thematic ETFs - Thematic ETFs are shifting focus from artificial intelligence to defense and drones due to geopolitical concerns, with the Global X Defense Technology ETF (SHLD) attracting over $1 billion in January and showing a 20% increase for the year [1] - The Rex Drones ETF (DRNZ) has gained 29% since its launch in October 2025, holding approximately $60 million in assets [1] Group 3: Diversification Trends - Investors are beginning to diversify away from mega-cap stocks, as evidenced by the Invesco S&P 500 Equal Weight ETF (RSP) pulling in $5 billion in January 2026 after experiencing $3 billion in outflows in 2025 [1] - The State Street Financial Select Sector SPDR ETF (XLF) gained nearly $4 billion this year following $1 billion in outflows last year, indicating a sector rotation [1] Group 4: Precious Metals and Crypto ETFs - Despite silver prices rising 65% this year, the iShares Silver Trust (SLV) saw $2.5 billion in outflows, attributed to short-term trading rather than long-term investment [1] - Gold has increased nearly 25% and has attracted almost $5 billion in inflows [1] - Crypto ETFs are the only category with outflows in 2026, with the Grayscale Bitcoin Trust ETF (GBTC) outflows offsetting inflows from BlackRock's iShares Bitcoin Trust ETF (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) [1] - A recent survey indicated that 32% of advisors now allocate to crypto in client accounts, up from 22% [1] Group 5: Private Credit Market - The private credit market offers yields of approximately 15%, significantly higher than the 4.8% for investment-grade and 6.5% for high-yield options [1] - The Simplify VettaFi Private Credit Strategy ETF (PCR) utilizes business development companies and closed-end funds to provide daily liquidity with a proprietary credit hedge to mitigate drawdowns [1]

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 Insights - The article provides an overview of major cryptocurrencies, specifically Bitcoin, Ether, and XRP, highlighting their foundational differences and market performance trends [1][2][4][5]. Bitcoin - Bitcoin is recognized as the first cryptocurrency and has evolved into a mainstream financial asset since its inception in 2009 [2]. - As of the end of 2025, Bitcoin's closing price decreased by just over 6%, but it has seen a year-to-date increase of approximately 7% in the first week of the new year, remaining about 25% below its record close from October 2025 [3]. Ether - Ether operates on the Ethereum blockchain and was launched in July 2015, currently holding the second largest market share among cryptocurrencies [4]. - Ether's closing price at the end of 2025 was just below $3,000, reflecting an annual loss of 11%. However, it has risen about 11% year-to-date in the first week of the new year, sitting approximately 32% below its record close from August 2025 [4]. XRP - XRP, launched in 2012 and owned by Ripple, was once among the larger cryptocurrencies but has since faced increased competition from newer coins [5]. Comparative Analysis - An index has been created to compare Bitcoin, Ether, and XRP, utilizing a logarithmic scale to illustrate relative percentage changes and long-term growth rather than absolute price fluctuations. Currently, Bitcoin leads in price changes since November 9, 2017 [8]. ETF Developments - On January 10, 2024, the SEC approved several spot Bitcoin ETFs from various issuers, including Grayscale Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund, marking a significant development in the Bitcoin investment landscape [9]. - On July 23, 2024, multiple spot Ether ETFs were launched, including Grayscale Ethereum Trust and Franklin Ethereum ETF, providing new investment opportunities in Ether [10].

Core Viewpoint - The Grayscale Bitcoin Trust ETF (GBTC) share price has remained essentially flat over the past ten months, indicating a lack of significant movement in the market for this investment vehicle [1]. Group 1: Market Performance - The GBTC share price has not changed significantly since the last analysis, suggesting a stagnant market condition for Bitcoin-related investments [1]. Group 2: Analyst Background - The analysis is conducted by a former media research analyst with expertise in crypto, Bitcoin miners, metals, and media equities, indicating a specialized focus on these sectors [1].

Core Insights - Bitcoin is experiencing its fourth consecutive yearly decline, currently down about 7% as of December 16, 2025, following a selloff that saw prices drop to $87,000 from a peak of $126,000 in October 2025 [1][8] - Despite stronger institutional adoption and regulatory support, Bitcoin's price remains volatile, with significant ETF outflows indicating investor skepticism [2][5] - The correlation between Bitcoin and tech stocks remains high, with a beta of 2.77 for the iShares Bitcoin Trust (IBIT), suggesting that Bitcoin is perceived as a risky asset [3][8] Market Dynamics - Over $5.2 billion has been withdrawn from U.S.-listed spot Bitcoin ETFs since October 10, signaling a lack of confidence among investors [5] - The ongoing AI boom and the energy demands of data centers may impact the availability of power for Bitcoin mining, raising sustainability concerns [6][7] Political and Economic Context - The upcoming mid-term elections in the U.S. may influence Bitcoin's market dynamics, as a decline in approval ratings for President Trump's economic policies could limit Bitcoin's rebound potential [8][9] - Bitcoin is often compared to gold, with a potential market capitalization of over $500,000 if it reaches a similar valuation, currently at approximately $11.5 trillion [10] Investment Vehicles - Investors are encouraged to consider various Bitcoin-focused ETFs, including IBIT, FBTC, GBTC, BTC, BITB, ARKB, and BITO, as potential investment options in the current market environment [12]