Investors must arrange primary-market in-kind subscriptions through an authorized participant or approved intermediary, incurring facilitator fees and market risk exposure.

From the articleGrayscale Opens 10 Crypto Products to Direct Swaps With $80K MinimumAlso in Grayscale expands in-kind subscriptions to 10 crypto ETFs and trusts, Grayscale Opens 10 Crypto ETFs to Investors, But There's a Catch, Grayscale Opens In-Kind ETF Access With Six-Figure Entry Minimums