Terms of Service

Last Update 04/11/2024

Acceptance of the Terms of Service

These terms of service (“Terms of Service”), together with our Privacy Policy and Social Media Disclosures, govern your access to and use of the websites and our social media (the “Grayscale Sites” or the “Sites”) of Grayscale Investments, LLC, and those of its subsidiaries and affiliates, including its sponsored and managed trusts and funds (collectively, “Grayscale”, “we”, “our”, or “us”), and your use of any of the services provided through these Sites. Additional terms and conditions may also apply to specific portions, services, or features of the Sites. Any of our additional terms and conditions, policies, agreements and disclosures mentioned herein or to which you have agreed are incorporated into these Terms of Service, and are hereafter referred to collectively along with the Terms of Service as the “Agreement.” Any additional components of the Agreement are hereby incorporated by reference into these Terms of Service. Please read these Terms of Service carefully. 

By using the Sites, you accept and agree to be bound and abide by these Terms of Service and the Agreement. If you do not want to agree to this Agreement or the Privacy Policy, you must not access or use the Sites. Please also note that the terms and conditions of these Terms of Service are in addition to any other agreements between you and Grayscale and/or its affiliates and agents, including any customer agreements, and any other agreements that govern your use of products, services, content, tools, and information available on the Grayscale Sites.

The Sites are offered and available to users who are 18 years of age or older. By using the Sites, you represent and warrant that you are of legal age to form a binding contract with us. If you do not meet all of these requirements, you must not access or use the Sites.

Changes to the Terms of Service

Your use of a Grayscale Site is governed by the version of the Terms of Service in effect on the date of use. Grayscale may modify the Terms of Service at any time and without prior notice in our sole discretion. All changes are effective immediately when we post them. By using and accessing any Grayscale Site, you acknowledge and agree to review the most current version of these Terms of Service prior to each such use. 

Your continued use of and access to any of the Grayscale Sites constitutes your acknowledgement of, and agreement to, the then current Terms of Service. You are expected to check this page each time you access the Sites, so you are aware of any changes, as they are binding on you. 

Accessing the Sites and Account Security

Grayscale reserves the right, in its sole discretion, without any obligation and without any notice requirement, to change, improve or correct the information, materials and descriptions on the Grayscale Sites and/or to suspend and/or deny access to any Grayscale Site for scheduled or unscheduled maintenance, upgrades, improvements or corrections. The information and materials on the Grayscale Site may contain typographical errors or inaccuracies. Any dated information is published as of its date only, and Grayscale does not undertake any obligation or responsibility to update or amend any such information. Grayscale may discontinue or change any product or service described in or offered on Grayscale Sites at any time without prior notice. Grayscale further reserves the right, in its sole discretion, to block or otherwise discontinue your access and use of Grayscale Site at any time and for any reason. You agree that Grayscale and its subsidiaries and affiliates will not be liable to you or to any third party for any such modification, suspension or discontinuance.

You are responsible for both:

  • Making all arrangements necessary for you to have access to the Sites.
  • Ensuring that all persons who access the Sites through your internet connection are aware of these Terms of Service and comply with them.

To access the Sites or some of the resources they offer, you may be asked to provide certain registration details or other information. It is a condition of your use of the Sites that all the information you provide is correct, current, and complete. You agree that all information you provide to register through these Sites or otherwise, including, but not limited to, through the use of any interactive features on the Sites, is governed by our Privacy Policy, and you consent to all actions we take with respect to your information consistent with our Privacy Policy.

Some of our services, and certain pages of the Grayscale Sites, are available only to clients or users who have been authorized by us to access those services and web pages. Such authorization may require completion of an accredited investor questionnaire and satisfactory background information screening. Information provided on these pages is unaudited unless otherwise described and may reflect estimates. If you choose, or are provided with, a username, password, or any other piece of information as part of our security procedures, you must treat such information as confidential, and misuse or sharing of passwords or misuse of any other information, is strictly prohibited. You also acknowledge that your account is personal to you and agree not to provide any other person with access to this Sites or portions of it using your username, password, or other security information. Unauthorized use of any Grayscale Site and/or our systems, including, but not limited to, unauthorized entry into and/or any attempted access of Grayscale’s systems and/or any restricted areas of any of the Grayscale Site, is strictly prohibited. You agree to notify us immediately in the event that you learn or suspect that the security of your password may have been compromised, or if you learn of or suspect any other breach of security regarding any of the Grayscale Sites or your use thereof. You further agree that you are responsible for any unauthorized use of your password that is made before you have notified us, and we have had a reasonable opportunity to act on that notice. You also agree to ensure that you exit from your account at the end of each session. You should use particular caution when accessing your account from a public or shared computer so that others are not able to view or record your password or other personal information.

We have the right to disable any username, password, or other identifier, whether chosen by you or provided by us, at any time in our sole discretion for any or no reason, including if, we suspect that it is being used in an unauthorized or fraudulent manner or if in our opinion, you have violated any provision of these Terms of Service.

Notwithstanding the above, you are responsible for monitoring your use of the Grayscale Sites and should promptly report any unauthorized or suspicious activity to us at [email protected]

Intellectual Property Rights

The Sites and their entire contents, features, and functionality (including but not limited to all information, software, text, displays, images, video, and audio, and the design, selection, and arrangement thereof) are owned by Grayscale, its licensors, or other providers of such material and are protected by United States and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws.

You must not reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store, or transmit any of the material on our Sites, except as follows:

  • Your computer may temporarily store copies of such materials in our computer memory systems incidental to your accessing and viewing those materials.
  • You may store files that are automatically cached by your web browser for display enhancement purposes.
  • You may print or download one copy of a reasonable number of pages of the Sites for your own personal, non-commercial use and not for further reproduction, publication, or distribution.
  • You may circulate or redistribute screenshots or screengrabs of publicly-available materials on our Sites, provided that any such circulation or redistribution is accompanied by attribution or citation recognizing Grayscale as its source, and, where reasonable, a link to where those materials were provided on the Sites.
  • If we provide social media features with certain content, you may take such actions as are enabled by such features.

You must not:

  • Modify copies of any materials from the Sites.
  • Use any illustrations, photographs, video or audio sequences, or any graphics separately from the accompanying text.
  • Delete or alter any copyright, trademark, or other proprietary rights notices from copies of materials from the Sites.

If you wish to make any use of material on the Sites other than that set out in this section, please address your request to: [email protected].

If you print, copy, modify, download, or otherwise use or provide any other person with access to any part of the Sites in breach of the Agreement, your right to use the Sites will stop immediately and you must, at our option, return or destroy any copies of the materials you have made. No right, title, or interest in or to the Sites or any content on the Sites is transferred to you, and all rights not expressly granted are reserved by Grayscale. Any use of the Sites not expressly permitted by these Terms of Service is a breach of these Terms of Service and may violate copyright, trademark, and other laws.

Trademarks

All trademarks, service marks and/or trade names (e.g., BITCOIN INVESTING BEGINS HERE, DROP GOLD, G, GRAYSCALE, GRAYSCALE CRYPTO SECTORS, and GRAYSCALE INVESTMENTS) are owned and/or registered by Grayscale Investments, LLC or its affiliates or licensors. You must not use such marks without our prior written permission. All other names, logos, product and service names, designs, and slogans on the Sites are the trademarks of their respective owners.

Prohibited Uses

You may use the Sites only for lawful purposes and in accordance with the Agreement. You agree not to use the Sites:

  • In any way that violates any applicable federal, state, local, or international law or regulation (including, without limitation, any laws regarding the export of data or software to and from the US or other countries). 
  • To transmit, or procure the sending of, any advertising or promotional material without our prior written consent, including any “junk mail,” “chain letter,” “spam,” or any other similar solicitation.
  • To impersonate or attempt to impersonate Grayscale, a Grayscale employee, another user, or any other person or entity (including, without limitation, by using email addresses associated with any of the foregoing).
  • To engage in any other conduct that restricts, inhibits, or interferes with anyone's use or enjoyment of the Sites, or which, as determined solely by us, may harm Grayscale or users of the Sites, or expose them to liability.
  • For the purpose of exploiting, harming, or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information, or otherwise.

Additionally, you agree not to:

  • Use the Grayscale Sites in any manner that could disable, overburden, damage, or impair the any Grayscale Site or interfere with any other party's use of the Sites, including their ability to engage in real time activities through the Sites.
  • Screen-scrape, data scrape and/or use any robot, spider, or other automatic device, process, or means to access the Sites for any purpose, including monitoring or copying any of the material on the Sites.
  • Use any manual process to monitor or copy any of the material on the Sites, or for any other purpose not expressly authorized in the Agreement, without our prior written consent.
  • Use any device, software, or routine that interferes with the proper working of the Sites.
  • Introduce any viruses, Trojan horses, worms, logic bombs, or other material that is malicious or technologically harmful.
  • Attempt to gain unauthorized access to, interfere with, damage, or disrupt any parts of the Sites, the servers on which the Sites are stored, or any server, computer, or database connected to the Sites, through hacking, password mining or any other means. 
  • engage in any activities related to any Grayscale Site that are contrary to these Terms of Service and/or any applicable laws or regulations.
  • Attack the Sites via a denial-of-service attack or a distributed denial-of-service attack.
  • Otherwise attempt to interfere with the proper working of the Sites.

Monitoring and Enforcement; Termination

We have the right to:

  • Take appropriate legal action, including without limitation, referral to law enforcement, for any illegal or unauthorized use of the Sites. 
  • Terminate or suspend your access to all or part of the Sites for any or no reason, including without limitation, any violation of these Terms of Service.

Without limiting the foregoing, we have the right to cooperate fully with any law enforcement authorities or court order requesting or directing us to disclose the identity or other information of anyone submitting any materials on or through the Sites. YOU WAIVE AND HOLD HARMLESS GRAYSCALE AND ITS AFFILIATES, LICENSEES, AND SERVICE PROVIDERS FROM ANY CLAIMS RESULTING FROM ANY ACTION TAKEN BY ANY OF THE FOREGOING PARTIES DURING, OR TAKEN AS A CONSEQUENCE OF, INVESTIGATIONS BY EITHER SUCH PARTIES OR LAW ENFORCEMENT AUTHORITIES.

We assume no liability for any action or inaction regarding transmissions, communications, or content provided by any user or third party. We have no liability or responsibility to anyone for performance or nonperformance of the activities described in this section.  

Reliance on Information Posted

The information presented on or through the Sites is made available solely for general information purposes and is not to be relied upon as a projection or forecast. We do not warrant the accuracy, completeness, or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Sites, or by anyone who may be informed of any of its contents.

The Sites include content provided by third parties, including materials provided by other users, bloggers, and third-party licensors, syndicators, aggregators, and/or reporting services. All statements and/or opinions expressed in these materials, and all articles and responses to questions and other content, other than the content provided by the Grayscale, are solely the opinions and the responsibility of the person or entity providing those materials. These materials do not necessarily reflect the opinion of Grayscale. We are not responsible, or liable to you or any third party, for the content or accuracy of any materials provided by any third parties.

Linking to the Sites and Social Media Features

You may link to our homepage or other pages on our Sites, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval, or endorsement on our part without our express written consent. 

This Sites may provide certain social media features that enable you to:

  • Link from your own or certain third-party websites to certain content on the Sites.
  • Send emails or other communications with certain content, or links to certain content, on the Sites.
  • Cause limited portions of content on the Sites to be displayed or appear to be displayed on your own or certain third-party websites.

You may use these features solely as they are provided by us, solely with respect to the content they are displayed with, and otherwise in accordance with any additional terms and conditions we provide with respect to such features. Subject to the foregoing, you must not:

  • Establish a link from any website that is not owned by you.
  • Cause the Sites or portions of it to be displayed on, or appear to be displayed by, any other site, for example, framing, deep linking, or in-line linking, without our written permission.
  • Otherwise take any action with respect to the materials on the Sites that is inconsistent with any other provision of these Terms of Service.

You agree to cooperate with us in causing any unauthorized framing or linking immediately to stop. We reserve the right to withdraw linking permission without notice.

We may disable all or any social media features and any links at any time without notice in our discretion. You acknowledge and agree that our and our related persons’ social media activities, and your interactions with us on social media, are subject to the Grayscale Social Media Disclosures.

Links from the Sites

If the Sites contains links to other sites and resources provided by third parties, these links are provided for your convenience only. We have no control over the contents of those websites or resources and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access any of the third-party websites linked to on the Sites, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.

Geographic Restrictions

The owner of the Sites is based in the State of Connecticut in the United States. We make no claims that the Sites or any of its content is accessible or appropriate outside of the United States. Access to the Sites by certain persons or in certain countries may not be technically possible or legal. If you access the Sites from outside the United States, you do so on your own initiative and are responsible for compliance with local laws. No security, derivative, crypto-asset, or other financial instrument discussed on the Sites shall be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the laws of such jurisdiction. Circumventing any geographical or individual restrictions placed on the Sites via technologies such as via IP spoofing, VPN, TOR, or other similar technologies, or using a different device or IP address to circumvent any of the Sites’ geographical or individual restrictions, is strictly prohibited. 

Disclaimer 

You understand that we cannot and do not guarantee or warrant that files available for downloading from the internet or the Sites will be free of viruses or other destructive code. You are responsible for implementing sufficient procedures and checkpoints to satisfy your particular requirements for anti-virus protection and accuracy of data input and output, and for maintaining a means external to our site for any reconstruction of any lost data. 

Information presented on the Sites may reflect estimates, be unaudited, and be subject to change unless otherwise noted and should not be relied upon to make investment decisions. All investing involves risk, and we make no guarantee that any investment discussed on the Sites will not lose value. You agree to read any prospectus, offering documents, or other similar materials related to any investment before acquiring any shares of any investment fund. You agree that you are substantially knowledgeable in and informed on any crypto-assets or related technologies, and we will not be liable for any unexpected behaviors or failures of, or related to, those technologies.

TO THE FULLEST EXTENT PROVIDED BY LAW, WE WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE CAUSED BY A DISTRIBUTED DENIAL-OF-SERVICE ATTACK, VIRUSES, OR OTHER TECHNOLOGICALLY HARMFUL MATERIAL THAT MAY INFECT YOUR COMPUTER EQUIPMENT, COMPUTER PROGRAMS, DATA, OR OTHER PROPRIETARY MATERIAL DUE TO YOUR USE OF THE SITES OR ANY SERVICES OBTAINED THROUGH THE SITES OR YOUR DOWNLOADING OF ANY MATERIAL POSTED ON THEM, OR ON ANY WEBSITE LINKED TO THEM.

YOUR USE OF THE SITES, THEIR CONTENT, AND ANY SERVICES OBTAINED THROUGH THE SITES IS AT YOUR OWN RISK. THE SITES, ITS CONTENT, AND ANY SERVICES OBTAINED THROUGH THE SITES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. NEITHER GRAYSCALE NOR ANY PERSON ASSOCIATED WITH GRAYSCALE MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE SITES. WITHOUT LIMITING THE FOREGOING, NEITHER GRAYSCALE NOR ANYONE ASSOCIATED WITH GRAYSCALE REPRESENTS OR WARRANTS THAT THE SITES, THEIR CONTENT, OR ANY SERVICES OBTAINED THROUGH THE SITES WILL BE ACCURATE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT OUR SITES OR THE SERVER THAT MAKES THEM AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. 

THE FULLEST EXTENT PROVIDED BY LAW, GRAYSCALE HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR PARTICULAR PURPOSE.

THE FOREGOING DOES NOT AFFECT ANY WARRANTIES THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

Limitation on Liability

TO THE FULLEST EXTENT PROVIDED BY LAW, IN NO EVENT WILL GRAYSCALE, ITS AFFILIATES, OR THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, OR DIRECTORS BE LIABLE FOR DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, THE SITES, ANY WEBSITES LINKED TO THEM, ANY CONTENT ON THE SITES OR SUCH OTHER WEBSITES, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, LOSS OF LIFE, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE. 

The limitation of liability set out above does not apply to liability resulting from our gross negligence or willful misconduct.

THE FOREGOING DOES NOT AFFECT ANY LIABILITY THAT CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

Investment-Related Disclosures

Grayscale products are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation, or any other government agency, bank, or party (including us). Investments in digital assets are speculative investments that involve high degrees of risk, including a partial or total loss of invested funds. Investments in digital assets are not suitable for any investor that cannot afford loss of the entire investment. You are highly encouraged to closely consider any investment product’s investment objective, risks, fees, and expenses before investing.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any investment in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. This content does not constitute an offer to sell or the solicitation of an offer to sell or buy any security in any jurisdiction where such an offer or solicitation would be illegal. There is not enough information contained in this content to make an investment decision and any information contained herein should not be used as a basis for this purpose.

This content does not constitute a recommendation or take into account the particular investment objectives, financial situations, or needs of investors.

Investors are not to construe this content as legal, tax or investment advice, and should consult their own advisors concerning an investment in digital assets. The price and value of assets referred to in this content and the income from them may fluctuate. Past performance is not indicative of the future performance of any assets referred to herein. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.

Certain of the statements contained on the Sites may be statements of future expectations and other forward-looking statements that are based on Grayscale’s views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements that are forward-looking by reason of context, the words “may, will, should, could, can, expects, plans, intends, anticipates, believes, estimates, predicts, potential, projected, or continue” and similar expressions identify forward-looking statements. Grayscale assumes no obligation to update any forward-looking statements contained on the Sites and you should not place undue reliance on such statements, which speak only as of the date hereof. Although Grayscale has taken reasonable care to ensure that the information contained herein is accurate, no representation or warranty (including liability towards third parties), expressed or implied, is made by Grayscale as to its accuracy, reliability, or completeness. You should not make any investment decisions based on these estimates and forward-looking statements.

There is no guarantee that the market conditions during the past period will be present in the future. Rather, it is most likely that the future market conditions will differ significantly from those of this past period, which could have a materially adverse impact on future returns. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. We selected the timeframe for our analysis because we believe it broadly constitutes the most complete historical dataset for the digital assets that we have chosen to analyze.

Indemnification

You agree to defend, indemnify, and hold harmless Grayscale, its affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys' fees) arising out of or relating to your violation of these Terms of Service or your use of the Sites, any use of the Sites’ content, services, and products other than as expressly authorized in the Agreement, or your use of any information obtained from the Sites.

Governing Law and Jurisdiction

All matters relating to the Sites and these Terms of Service, and any dispute or claim arising therefrom or related thereto (in each case, including non-contractual disputes or claims), shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

Any legal suit, action, or proceeding arising out of, or related to, these Terms of Service or the Sites shall be instituted exclusively in the federal courts of the United States or the courts of the State of New York, in each case located in the County of New York, although we retain the right to bring any suit, action, or proceeding against you for breach of these Terms of Service in your country of residence or any other relevant country. You waive any and all objections to the exercise of jurisdiction over you by such courts and to venue in such courts.

Arbitration

At Grayscale’s sole discretion, it may require you to submit any disputes arising from these Terms of Service or use of the Sites, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the American Arbitration Association applying New York law.

Limitation on Time to File Claims

ANY CAUSE OF ACTION OR CLAIM YOU MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OF SERVICE OR THE SITES MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.

Waiver and Severability

No waiver by Grayscale of any term or condition set out in these Terms of Service shall be deemed a further or continuing waiver of such term or condition or a waiver of any other term or condition, and any failure of Grayscale to assert a right or provision under these Terms of Service shall not constitute a waiver of such right or provision.

If any provision of these Terms of Service is held by a court or other tribunal of competent jurisdiction to be invalid, illegal, or unenforceable for any reason, such provision shall be eliminated or limited to the minimum extent such that the remaining provisions of the Terms of Service will continue in full force and effect. 

Entire Agreement

These Terms of Service, our Privacy Policy, and any other relevant portion of the Agreement constitute the sole and entire agreement between you and Grayscale regarding the Sites and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the Sites. 

Your Comments and Concerns

The Sites are operated by Grayscale Investments, LLC.

All other feedback, comments, requests for technical support, and other communications relating to the Sites should be directed to: