Grayscale Basic Attention Token Trust (BAT) GBAT Strategy

The investment seeks to provide investors a cost-effective and convenient way to invest in BAT tokens (“BAT”), while avoiding the complication of directly holding BAT. The Trust’s investment objective is for the Shares (based on BAT per Share) to reflect the value of the BAT held by the Trust, determined by reference to the index Price, less the Trust’s expenses and other liabilities.