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 - Grayscale Ethereum Staking ETF has made a significant distribution of staking rewards to shareholders, marking a historic moment for both Grayscale and the Ethereum community as the first U.S. spot crypto ETP to do so [1][4]. Distribution Details - Shareholders of Grayscale Ethereum Staking ETF (Ticker: ETHE) will receive a distribution of $0.083178 per share, based on staking rewards earned from October 6, 2025, to December 31, 2025 [2]. - The payout will be made on January 6, 2026, to investors who held shares as of the Record Date, January 5, 2026 [2]. Company Innovations - Grayscale has positioned itself as a leader in the digital asset space by enabling staking for its Ethereum products, with ETHE being the first Ethereum ETP to facilitate staking in the U.S. [4]. - The company aims to expand staking capabilities to additional products while focusing on education and transparent reporting for investors [5]. Company Background - Grayscale, founded in 2013, is the largest digital asset-focused investment platform with approximately $31 billion in assets under management (AUM) as of September 30, 2025 [6][7]. - The company provides various investment products, including single asset, diversified, and thematic exposure to the digital economy [6].